This MetaStock review covers everything you need to know about this industry-leading charting and screening software. It’s charts, indicators, stock screener, forecaster, and system tester, as well as a close look at the Refinitiv Xenith real-time data feed and news service.
I’ve been using MetaStock for the last 8 years – to the point where I can’t imagine my life without it. It’s one of the first things I open in the morning and a key pillar of my investment process.
So, if you want to get an expert’s opinion of this software, and learn some tricks along the way, you’re in the right the place.
MetaStock Review Features
| Features | Charts, Screening, Backtesting, Optimization, Forecasting |
| Operating System | PC |
| Subscription | Monthly, Yearly |
| Regions | Global |
| Data Provider | Refinitiv (End of Day or Real Time) |
| Designed For | Stock, FX, Commodity, & Options Traders |
MetaStock Pros
- Clean, crisp charts with over 80 fully customizable templates
- Robust and reliable data supplied by Refintiv, covering a broad range of stocks, bonds, commodities, Forex, options, indices, ETFs, and mutual funds, globally.
- Extensive suite of indicators, line studies, drawing tools, and trading systems
- Backtest any of the 118 built-in systems, or program your own with intuitive coding language and optimization capabilities
- Unique “Forecaster” tool uses pattern recognition to predict where share prices are heading next
- MetaStock R/T and Refintiv Xenith create a synergistic work-flow between fundamental and technical analysis
- Fantastic customer support – stood the test of time since 1985
MetaStock Cons
- No broker integration, so you need a separate trading platform to place trades
- Some Mac users have reported problems, as the system is principally designed for Windows PCs
MetaStock Price
MetaStock offers a basic and premium version of its software. In addition, you have to subscribe to the data feeds separately, which vary in price depending on the asset class and region they represent.
As such, the price you pay depends on the combination of MetaStock and data package you choose.
As a partner of MetaStock, The Sovereign Investor offers 2 deals that lets you try different combinations of these. This will help you find the right package for your needs.
Or, alternatively, you can opt for a 30-day free trial instead by clicking the link below.
What is MetaStock?
MetaStock is a charting software and technical analysis platform that helps traders make better decisions about when to buy and sell stocks.
It has over 300 different types of charts and indicators, with industry-leading backtesting, screening, and forecasting features.
MetaStock obtains its data from Refinitiv, which is the gold-standard in financial data solutions.
As such, MetaStock has one of the broadest range of stocks, currencies, bonds, options, indices, ETFs, and mutual funds for technical analysts to pore over.
MetaStock 18 Software
MetaStock runs locally on your PC, which can be downloaded from their website in about 5 minutes.
You can purchase the package as a monthly subscription, or pay a one-off license fee to save tons of money long-term.
The latest version of the software is MetaStock 18, which includes updates to OptionScope and the Power Console.
It also includes MetaStock’s best selling trading system ever, Performance Systems Plus, and the Daryl Guppy ATR indicators for free.
MetaStock was designed for Windows PCs, although many report that its works just fine on a Mac. However, for best results, you may have to run the Windows operating system through a Mac application called “Boot Camp”. If this doesn’t work, Mac users get a 30-day money back guarantee.
MetaStock D/C (Daily Charts) vs. MetaStock R/T (Real Time)
There are 2 different versions of MetaStock to choose from: MetaStock Daily Charts and MetaStock Real Time.
Ultimately, your choice depends on your trading style and how much you’re willing to spend.
Everybody knows that the quality of your stock market analysis is only as good as your data. With MetaStock this isn’t a worry, because Refinitiv supplies the stock market data feeds for both products. This means you can be confident you’re using the most accurate data the financial industry has to offer.
Regarding data history, North American coverage begins in 1980 for equities, indices, & mutual funds and as far back as 1973 for some futures. International data goes back at least 5 years, and in most cases much longer.
MetaStock D/C
MetaStock Daily Charts is for traders who only require end of day data for their stock trading decisions.
Any combination of daily, weekly, monthly, quarterly, or yearly bars can be displayed. As such, it is better suited for longer-term traders/investors who hold positions for weeks and months, instead of days.
The data source for Daily Charts is Refinitiv DataLink, which you have to purchase as a separate subscription alongside MetaStock.
DataLink provides the following data fields for a symbol: Date, Open, High, Low, Close, Volume, and Open Interest.
It also sends stock split information automatically, which adjusts your historical data, resulting in smooth price charts and accurate analytics.
The reliability of DataLink means you get highly accurate trading signals, giving you an edge over traders with lower-quality data.
MetaStock R/T
MetaStock Real Time is the premium version of MetaStock. Unlike Daily Charts, MetaStock R/T includes live, intraday prices for securities, making it more suitable for active investors and day traders. For those looking for a specially dedicated day trading scanner, checkout my Scanz review.
Refinitiv Xenith provides the real time data for this product, which has to be purchased separately in order for MetaStock Real Time to work. You subscribe for this data on a recurring monthly or yearly basis.
Other than tick by tick bars, the real-time version of MetaStock can display any intraday time frame in the range of 1 minute to 1439 minutes.
MetaStock Refinitiv Xenith
Refinitiv Xenith is essentially a slimmed-down version of Refinitiv’s famous Eikon platform – the main competitor to Bloomberg.
Just like a Bloomberg terminal, Xenith provides a “one-stop shop” for cross-asset data analytics and global news coverage.
This includes economic, stock market, and individual company news from Thomson Reuters. It also includes a broad range of economic indicators and fundamental data on stocks, from financials, to earnings estimates, and much more.
In addition, the fundamental screener lets you perform screens across a wide range of fundamental metrics, before importing the stocks into MetaStock R/T for further technical analysis.
You can purchase Xenith on its own, however you will miss out on the charting prowess of MetaStock. While Xenith does have some charting functionality, it is pretty basic and pales in comparison to what you can do with MetaStock.
MetaStock R/T provides the advanced, real-time charting and analysis software for Xenith. Together, they make a powerful combination for traders looking to marry fundamental and technical analysis together.
With the MetaStock/Xenith combo, you essentially become your own mini hedge fund for a fraction of the cost that institutional investors pay.
Note, while you can purchase Xenith as a standalone product, you can’t do this with MetaStock Real Time. MetaStock R/T requires a separate Xenith subscription to work.
The Sovereign Investor offers 2 deals for Xenith:
MetaStock Add-Ons
MetaStock add-ons are proprietary indicators and systems that you can purchase as extra trading tools.
In many cases, other expert traders have developed these systems, which they then sell through MetaStock’s market place.
There are over 90 add-ons that you can bolt-on to your MetaStock subscription and enhance your stock trading strategies.
A popular system is the Rahul Mohindar Oscillator ATM 3.0.
How to Use MetaStock
Technical Analysis Software
MetaStock is first and foremost a charting and technical analysis software.
As such, you have a wide range of chart templates, drawing tools, and technical indicators at your disposal.
And what’s more, everything is fully customizable, so you can get your charts looking exactly the way you want them.
Charts
MetaStock gives you six of the most widely-used price charting styles:
- Bars
- Candlesticks
- Candlevolume
- Equivolume
- Heikin-Ashi
- Line
There are also over 80 different chart templates, including Elliott Wave and Bollinger Band setups.
To open a pre-defined chart template, simply select one from the drop-down menu and click “Open Chart”.
For example, here is what the Elliott Wave theme looks like for Apple.
In addition, there’s an extensive suite of drawing tools, ranging from Gann fans, Fibonacci retracements, standard deviation channels, and Andrews’ Pitchfork.
All of these studies can be accessed from the bar on the left-hand side of the screen.
Read this article if you want to learn how to spot cup and handle patterns in MetaStock.
Indicators
If you’re looking to finesse the entry and exit points of your trades, MetaStock has over 150 technical indicators to help you achieve that. While this is more than enough, TradingView has over 100,000 community-built indicators and strategies. However, sifting through them is a challenge and there is some garbage amongst them.
MetaStock’s indicators range from the more well-known studies such as the MACD and RSI, to the more obscure, such as the Rainbow Oscillator and MESA Sine Wave.
You can open multiple windows in the same chart and have as many indicators as you like in each window.
All of the indicators can be accessed from the drop-down menu at the top. Simply drag-and-drop an indicator into your panel of choice.
For more advanced users, you can also programme custom indicators with MetaStock’s intuitive coding language.
Simply click the f(x) button in the top toolbar to open the “Indicator Builder”.
Now you can see all of the indicators available in MetaStock. If you highlight any indicator and click “Edit”, you can view and modify its formula – provided it’s not behind a paywall.
Some of the indicators are password protected because they require an add-on purchase.
By clicking “New”, you can now create your own technical indicator. Below are 2 examples of custom indicators that I made myself.
The first is called “Trend Deviation”, which measures the percentage difference between the 40-period moving average and the closing price of a security.
The second just measures the ratio of a security’s closing price against the S&P 500. This is otherwise known as the “Relative Strength”.
The chart below shows these 2 indicators plotted.
The relative strength line in the top panel shows that Apple has impressive momentum vs. the benchmark. It’s actually breaking out to new highs, in fact.
In the bottom window, I superimpose standard deviation channels over the trend deviation line to detect oversold and overbought regions.
This article shows you how to programme the historical volatility indicator into MetaStock, along with a corresponding trading system.
Expert Advisor
Confused about how to interpret a certain indicator or system?
That’s where the “Expert Advisor” comes in.
The Expert Advisor plots trading signals, flags trends, and even provides commentary on current trading conditions.
You access this function by clicking the man’s head in the top toolbar.
This brings up the “Expert Advisor” window, where you can select any of the pre-programmed trading systems in MetaStock. Simply highlight a system and click “Attach”.
This is where you can also create your own trading systems, and attach buy or sell signals to charts based on your custom formulas.
For example, the chart below shows the PS (Power Systems) Aroon Reversal expert system. As you can see, it automatically plots green candles for bullish trends and red candles for bearish trends.
It also plots buy and sell signals to show you where to enter and exit trades.
Let’s say I also want to know what the MACD indicator is telling me for this stock.
All I need to do is select MACD from the list and click “Commentary”.
Screening & Scanning
The downside to having so much data at your disposal, is figuring out how to filter through all the possibilities and find winners. Nice problem to have if you ask me.
Anyway, that’s where MetaStock’s “Explorer” comes into play.
Explorer is MetaStock’s powerful stock screening tool, and comes with approximately 250 built-in “explorations”.
Find stocks that have:
- An RSI below 30
- Any one of 32 candle stick patterns
- Crossed above their 200-day moving average
- Bounced off points of support or resistance
The possibilities are endless.
For exaple, these articles show you how to find a morning doji star and evening doji star pattern with MetaStock.
Explorations are found in the “Explore” tab of the Power Console. Select 1, or multiple screens to run at the same time. Choose the list of stocks you want to perform them on. Then, modify the screen parameters, such as the number of periods to load, the date, and the time interval.
The image below shows you how to run one of my favourite screens in MetaStock: Deel – New Highs Screen, on the Nikkei 225 constituents.
Here’s the list of stocks that passed the screening criteria.
As you can see, this screen is great for detecting huge breakouts.
Read this article for a more in-depth look at how to identify breakout stocks with this screen.
Backtesting
Ok, so you’ve seen how the Explorer identifies stocks meeting certain rules.
But out of all the potential trading strategies, which rules generate the best results?
This is where MetaStock’s “System Tester” comes in handy.
The System Tester is MetaStock’s back testing function, and allows you to answer the question: “If I had traded this security using these trading rules, how much money would I have made or lost over this period of time?”
With the System Tester, you can simulate actual trading scenarios over long periods of time and customize variables such as entry & exit timing, commissions, order sizes and more.
Not only that, but you can also perform optimizations, which helps you fine-tune your systems even further.
You can test a single security against a single system, multiple systems against a single security, a single security against multiple systems, or multiple systems against multiple securities (up to 5000).
Adaptive Cycle Toolkit (ACT)
For example, let’s say I want to see which one of the Adaptive Cycle Toolkit (ACT) systems worked best on S&P 500 stocks over the last 3 years.
The image below shows you how to do this.
This test took about 10 minutes to complete.
You can then sort and rank the results based on Net Profit, % Gain, Number of Trades, Profit/Loss, or Average Profit/Loss.
Sorting by average net profit shows that the best system across S&P 500 stocks was the ACT – Adaptive EMA.
By clicking “View” on any one of the systems, you can see how each individual stock performed.
Sorting by net profit again reveals that Tesla performed the best under this system.
When you click “View” on any individual stock, you can see the system results in more detail, such as profit vs. “buy and hold” profit, trade efficiency, profitable trades vs. unprofitable trades, and much more.
Clicking “Plot on Chart” opens up a chart of the security displaying all of the trading signals, as well as the all important equity line.
Admittedly, the symbols look quite messy, which is one of the things I don’t like about the System Tester.
Instead, I prefer to clear the symbols and plot the Expert Advisor.
To do this, press “Alt + Del” and tick the symbols box.
Then, open the Expert Advisor and attach the corresponding system.
Now you have a much clearer picture of the buy and sell signals.
As you can see, the backtester is seriously advanced, which sets it apart from competitors with no backtesting capabilities, like TC2000. The best alternative in terms of technical backtesting is probably TrendSpider, closely followed by Finviz. However, MetaStock is still king in my opinion.
Forecaster
The last feature I want to cover in this MetaStock review is the “Forecaster”.
Essentially, the Forecaster uses historical data to predict how a security will react to certain chart patterns, or “events”.
It plots a “probability cloud” based on any of the 67 built-in event recognizers or a custom pattern drawn by you.
You can use the Forecaster to:
- Read a detailed analysis of an event’s past performance
- See the probable outcome of current events
- Discover to which events a security reacts best
- Draw custom patterns for recognition analysis
I don’t know many other platforms that offer a feature like this, so it’s definitely a unique selling point in my view.
Having said that, I personally don’t use it because you run the risk of “data mining”.
FAQs
It depends whether you buy MetaStock D/C or MetaStock R/T, and what data packages you subscribe to.
Click here to see current prices on all these products.
MetaStock Review Summary
This MetaStock review has shed light on some of the key features available in this industry-leading charting platform. Whether you choose Daily Charts or Real Time, the scope of tools at your disposal are second-to-none.
From the endless list of chart setups, drawing tools, and indicators, through to the effortless screening and backtesting of trading systems, you will never need any other technical analysis software.
However, my recommendation would be the MetaStock R/T and Xenith combo, for an unrivaled, all-in-one solution for fundamental and technical analysis.
