eSignal FOREX Trading Platform Review

The author has a long and happy history with eSignal. I used one of the first versions in 1990 when it came with its own modem card. They've come a long way!

eSignal has been in this space for more than 20 years; they have had the time to get things right. The platform is feature-rich, well thought out, and well designed. Service, a weak link in the past, has become truly excellent in the past two years. Installation and setup is similar to NinjaTrader -- it is a bit tricky -- but the platform is a pleasure to use once installed.

eSignal's scripting language, EFS2, while easy to use, appears to be weaker than either MQL4 or NinjaScript, or Multicast's onboard scripting tool, which, in fact, is a superset of TradeStation's EasyLanguage.

eSignal has more than 100 third-party programmers and companies that build indicators for the platform or can create custom platforms to your own specifications. The company has a solid cadre of brokers who have integrated the platform at various levels, but for the FOREX trader, it is still a little more limited than both MetaTrader and NinjaTrader. Full support, including integrated order entry, just came to eSignal in 2010.

Similar to NinjaTrader, eSignal offers trading in not only currencies but futures and equities as well. Its data feed is probably the most comprehensive, robust, and stable in the business.

Educational resources such as documentation, online help, and webinars is first class.

The downside: a longer learning curve than MetaTrader and a somewhat rudimentary scripting tool.

The upside: service, stability, data feed. The ergonomics of eSignal are the best of any platform, in my humble opinion; it is a pleasure to use on a day-to-day basis.

eSignal report card: broker support: B; features: A; stability: A+; vendor support: A; ergonomics and ease of use: B+; third-party support: B. See Figure .

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By Michael Duane Archer
Michael Duane Archer has been an active futures and FOREX trader for more than 35 years. He has worked in various advisory capacities, notably as a commodity trading advisor, registered SEC investment advisor, and branch manager for Heinold of Hawaii. He currently trades FOREX and futures and is involved in several technical analysis research projects.

Copyrighted 2020. Content published with author's permission.

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