TRADING SOFTWARE - SIERRA CHART REVIEW

This article reviews the Sierra Chart software and provides insights to their comprehensive features. Sierra Chart is a professional trading software enabling real-time charting, chart analysis as well as order flow tools and direct trading.

Features of the Sierra Chart Software​

• Full charting and analysis functions

• Supports order flow tools (footprint chart, volume profile, market profile)

• Advanced TPO charting

• Fast platform performance

• Chart replay function

• Own data feed (CQG routing)

• Spreadsheet function with a direct connection to Microsoft Excel

• Almost unlimited opportunities with regards to programming options

• Strong price/performance structure

• Extensive Sierra Chart support board

CHARTING & ORDER FLOW TRADING​

When it comes to charting and order flow trading, Sierra Chart represents an advanced and complete software solution illustrating charts for all available trading instruments such as stocks, futures, currencies, bonds etc. Chart windows can be organised individually in chartbooks providing great flexibility in their design. Tools such as the candle stick chart, volume profile, TPO chart as well as various types of order flow charts can be arranged with regards to the trader’s personal preferences. Chartbooks can be switched via shortcuts ensuring fast navigation within the platform and between the chosen instruments.

Sierra Chart provides almost limitless opportunities in designing their charts. Pre-defined templates illustrate an easy way to setup a fully functioning trading platform while having clear chart windows that are easy to overview as illustrates in this sample trade.

Popular Sierra Chart templates linked to order flow trading are:

• Candle Stick Chart + Volume Profile

• Market Profile / TPO Chart

• Bid x Ask Order Flow Chart

• Total Volume Order Flow Chart

• Delta Chart

• Heatmap

• and much more​

Templates provide large flexibility in their underlying settings and can be adjusted to the trader’s individual needs and wants.

TRADING

​Sierra Chart allows trading from the order book but also from within the charts directly. Providing all major order types, Sierra Chart also enables braked orders making it easier for the trader to manage their orders. Also, amending an order, closing the position and deleting an order can be done quickly and easily at any time with one click or shortcut. ​ Further, specific order templates can be configured individually following a pre-defined making an automated trading strategy possible. ​ All active orders and trades are displayed in an overview list.

BROKER & DATA

​Sierra Chart can be connected to a large selection of different brokers ranging from futures brokers to CFD brokers and cryptocurrency brokers while making it possible to trade a variety of different trading instruments. Often in-house trading platforms illustrate very basic trading platforms and Sierra Chart represents a professional alternative. ​ See selection of brokers below: ​

FUTURES​

• AMP Futures

• Interactive Brokers

• TD Ameritrade

FOREX​

• Forex.com

• FXCM

• Interactive Brokers

• TD Ameritrade

CRYPTO CURRENCY

• BitMEX

​ Data for CFDs and cryptocurrencies are taken from their respective original platform and do not require an external data feed. Futures markets, however, are traded globally and require an extra data feed which can also easily be connected to Sierra Chart. ​ See selection of futures data feed providers below:

• CQG

• Denali

• Rithmic Trading

PRICING

Sierra Chart is very reasonably priced offering two different software packages. The Standard Service Package costs $24 / month and contains all basic functions except order flow tool features. The Advanced Features Packages costs $33 / month includes all basic functions plus the order flow tool features which includes: ​

• TPO Chart Study

• Numbers bars

• Numbers Bars Calculated Values

• Market Depth Historical Graph

• Volume Profile Interactive Drawing Tool

Sierra Chart also offers their own data feed “Denali” which can, optionally, be included in the package. There are different subscription periods available making it cheaper the longer the subscription period. A lifetime licence is not offered by Sierra Chart.

SUPPORT

​Sierra Chart provides an extensive platform manual as well as a comprehensive support board where questions are answered promptly. In addition, there is also telephone and remote support available, however, that service comes at $0.75 / minute. ​

CONCLUSION

​Sierra Chart represents the most comprehensive and advanced trading platform available at the moment providing almost endless opportunities of individualisation while maintaining an unbeatable pricing structure. On the contrary, the platform requires some time to get familiar with but it is definitely worth it when looking for a professional long-term solution. Sierra Chart templates help in that respect overcoming the entry hurdles and setting up a fully functional trading platform with extensive opportunities. A comprehensive set of charting templates is also included in the UC Trading day trading mentoring.