MultiCharts FOREX Trading Platform Review

If you have ever used TradeStation, you will take to MultiCharts easily. For what appears to be a relatively small company, MultiCharts 7 is remarkably stable and robust. Broker integration is a bit cloudy to me, but full integration and automated trading are new features in version 7. It has some very clever and useful tools not available on any other platforms I have reviewed.

The scripting language, Power Language, is almost identical to TradeStation's EasyLanguage. It is a good trade-off between robust and simple to learn and use.

Almost all code written for TradeStation will run in MultiCharts, and you can edit code on the fly.

The MultiCharts platform for FX is MCFX. It has been customized to meet the needs of currency traders. They offer FXCM only as a broker at this time. However, FXCM has one of the largest liquidity pools of all retail FOREX dealers. As we go to press, MultiCharts may add PFGBest to their provider list. This would be a big arrow in their quiver.

The downside: broker integration is still weaker than MetaTrader, NinjaTrader, and eSignal.

The upside: if you like TradeStation, you will love MultiCharts. Service is excellent although documentation and learning tools need to be embellished. The platform is very feature-rich and has some nice touches unavailable elsewhere.

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

[caption id="attachment_12987" align="aligncenter" width="550"]MultiCharts 7 -- MultiCharts 7 --[/caption]

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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