Multicharts
Encyclopedia
Introduction
MultiCharts is a Windows-based applicationApplication software
Application software, also known as an application or an "app", is computer software designed to help the user to perform specific tasks. Examples include enterprise software, accounting software, office suites, graphics software and media players. Many application programs deal principally with...
which is designed, sold and distributed by MultiCharts, LLC. The company is based in Columbus, Ohio, in the United States. MultiCharts is technical analysis software
Technical analysis software
Technical analysis software automates the charting, analysis and reporting functions that support technical analysts in their review and prediction of financial markets .-Features:...
for analyzing the financial markets and trading. It uses a proprietary programming language
Programming language
A programming language is an artificial language designed to communicate instructions to a machine, particularly a computer. Programming languages can be used to create programs that control the behavior of a machine and/or to express algorithms precisely....
called PowerLanguage
PowerLanguage
PowerLanguage is a proprietary programming language that was developed by MultiCharts, LLC. This language is used into MultiCharts, which is a professional trading platform. PowerLanguage is an advanced programming environment for creating technical analysis indicators and trading strategies for...
. In the period spanning from 2008 to 2010 the program received several awards from the Trade2Win community, including “Best Professional Trading Platform and “Best Software for US Intra-Day Traders”.
Overview
MultiCharts is a professional electronic trading platformElectronic trading platform
In finance, an Electronic trading platform is a computer system that can be used to place orders for financial products over a network with a financial intermediary. This includes products such as shares, bonds, currencies, commodities and derivatives with a financial intermediary, such as a...
for individual and corporate traders. The platform provides the means to receive market data, perform technical analysis, and send orders automatically to a broker. MultiCharts supports multiple data feedshttp://www.multicharts.com/market-data-feeds/ and brokershttp://www.multicharts.com/brokers/, and provides the ability “mix-and-match” data providers and brokers (i.e. the broker does not also have to be a data provider). The platform comes with a number of publicly available technical indicators and trading systems, which are written in PowerLanguage
PowerLanguage
PowerLanguage is a proprietary programming language that was developed by MultiCharts, LLC. This language is used into MultiCharts, which is a professional trading platform. PowerLanguage is an advanced programming environment for creating technical analysis indicators and trading strategies for...
. PowerLanguage is very similar to EasyLanguage
EasyLanguage
EasyLanguage is a proprietary programming language that was developed by TradeStation built into its trading platform. It is used to create custom indicators for financial charts and also to create algorithmic trading strategies for the markets...
, which was created and produced by TradeStation
TradeStation
TradeStation is a Windows-based application, designed, sold and distributed by TradeStation Securities, Inc. It is technical analysis software that is used for analyzing and trading the financial markets. It uses a built-in proprietary programming language named EasyLanguage.TradeStation is a...
. The platform is capable of “understanding” EasyLanguage files, meaning that the files do not need to be converted to another format prior to being used in the platform. Users may write their own indicators and trading systems, copy and paste EasyLanguage script from another source, or import EasyLanguage files (supported file extensions are ELD, ELA and ELS). Protected EasyLanguage files cannot be imported, unless they are unlocked first.
The platform provides an organizational tool for data management called the QuoteManager, which saves any loaded data to the local hard drive. This allows the user to examine the data, edit it, delete it, or add to it from some other data source. The database files can be copied to another drive for backing up, or other purposes.
The platform supports different modes of backtesting
Backtesting
Backtesting is the process of evaluating a strategy, theory, or model by applying it to historical data. Backtesting can be used in situations like studying how a trading method would have performed in past stock markets or how a model of climate and weather patterns would have matched past...
, which is a method used for testing theories about market behavior by applying them to historical data. It is possible to apply a technical indicator or a trading strategy to only one instrument or to a portfolio of instruments at the same time. For portfolio analysis users must use a separate module called the Portfolio Backtester, which comes with the platform.
The platform is capable of algorithmic trading
Algorithmic trading
In electronic financial markets, algorithmic trading or automated trading, also known as algo trading, black-box trading or robo trading, is the use of electronic platforms for entering trading orders with an algorithm deciding on aspects of the order such as the timing, price, or quantity of the...
, which means the orders are sent to a broker
Stock broker
A stock broker or stockbroker is a regulated professional broker who buys and sells shares and other securities through market makers or Agency Only Firms on behalf of investors...
after being generated by a PowerLanguage script. The platform currently does not allow the user to generate an order manually (outside of writing, compiling and applying a script to an instrument). According to the official MultiCharts blog, this feature has either already been introduced, or will be introduced in the near future.
Add-ons
A large number of third-party developers sell add-on extensions for MultiCharts. Since MultiCharts is a development platform, a custom script can be written, called a trading system or trading strategyTrading strategy
In finance, a trading strategy is a predefined set of rules for making trading decisions.Traders, investment firms and fund managers use a trading strategy to help make wiser investment decisions and help eliminate the emotional aspect of trading. A trading strategy is governed by a set of rules...
. If a trader has an idea that needs to be developed, he/she can either write his/her own strategy in PowerLanguage
PowerLanguage
PowerLanguage is a proprietary programming language that was developed by MultiCharts, LLC. This language is used into MultiCharts, which is a professional trading platform. PowerLanguage is an advanced programming environment for creating technical analysis indicators and trading strategies for...
or have his trading system developed by third-party developers.
Release Versions
- MultiCharts 6.01 (August 9, 2010)
- MultiCharts 5.5 (September 10, 2009)
- MultiCharts 5.0 Gold (May 23, 2009)
- MultiCharts 4.0 (October 22, 2008)
- MultiCharts 3.1 (June 25, 2008)
- MultiCharts 3.0 (April 15, 2008)
- MultiCharts 2.1 (September 18, 2007)
- MultiCharts 2.0 (February 18, 2007)
- MultiCharts 1.9 (March 11, 2006)
- MultiCharts 1.8 (November 15, 2005)
- MultiCharts 1.7 (September 16, 2005)
- MultiCharts 1.6 build 50328 (June 28, 2005)
- MultiCharts 1.5 build 50309 (May 9, 2005)
- MultiCharts 1.1 build 40713 (July 13, 2004)
Complete release history along with details for each release can be found herehttp://www.multicharts.com/multicharts/new/