From the April 01, 2007 issue of Futures Magazine • Subscribe!

QuoteTracker

QuoteTracker

T2 API Technologies/

TD AMERITRADE

6940 Columbia Gateway Drive

Columbia, MD 21046

E-mail: sales@quotetracker.com

Web: www.quotetracker.com

Overall Rating: ****

Level: Beginner to Advanced.

Price: Free with ads. Without ads: $7 per month, $35 for six months or $60 per year. Free with funded TD Ameritrade account.

Recommended System: Pentium III; 1 GB. Requires data feed from either a data vendor or broker that is supported by QuoteTracker. Many data feeds are already provided.

QuoteTracker can be used to track bonds, forex, futures, options and stocks. It is a software program that integrates with many data feeds from commercial data vendors, brokers and financial sites. It offers a generic software interface to many platforms to provide real-time intraday quotes. The software includes technical indicators, Level II quotes, time and sales, alerts and news. Depending on the data feed, the software can back-fill intraday and daily data depending on what is available.

Because QuoteTracker ties to numerous brokers, the trader is able to make trades through the QuoteTracker program. If a trader has more than one broker, the trader can use this single platform so that he does not have to use a cumbersome front-end supplied from the broker. This is a great feature. Some brokers’ front-ends are burdensome, but often they provide the cheapest commissions. So having a user-friendly front-end trading platform that can be used to place trades from more than one broker is a real plus. In addition, the QuoteTracker software provides a front-end that is very easy to use. It is pleasant on the eyes because it is uncluttered.

TECHNICAL SUPPORT: ***

Technical support is provided by e-mail. Presently, there is no message board officially supported by the company. As a registered user of the software and a trader, I can attest to Quote Tracker’s excellent technical support. Over the several years that I have used the product, the company has provided excellent support and has quickly responded to questions. However, there is no phone support for the software. For questions regarding your brokerage account, the trader is directed to contact the broker.

INSTALLATION AND DATA: ****

The steps for getting started are few and simple. To install QuoteTracker you have to go to its Web site and download the software.

After the software is installed, the user will be asked to choose who will provide the data feed. There are many providers from commercial data vendors to numerous brokers and free financial Web sites. Next you select the broker you will make trades from. To place trades you will have to provide your broker information, such as name, user identification and password. Finally, you enter the symbols that you will be watching or trading.

However, initial setup can take some time, because Quote Tracker needs to interface with the Trader’s data feed for market data. Periodically, the software needs to be updated when the trader’s data feed changes or is upgraded.

With QuoteTracker you are able to set up alerts for such things as high price, low price, etc.

USING QUOTE TRACKER: ***

Quote Tracker is very easy to use. However, the setup requires the trader to configure the interface for the data feed to track symbols and the brokerage account that will be traded from. The initial setup can be easy or difficult, depending on your brokerage account and your comfort level with new software. After the setup of the data feed and brokerage account, the daily use of QuoteTracker is intuitive and very straightforward.

Here is the caveat: the software is dependent on the Internet, your data provider and your broker. When the data provider or broker changes their software, changes may be required from QuoteTracker to allow the software to display the quotes supplied from the data feed. As such, there are updates provided by QuoteTracker.

These updates are provided very quickly and if there is a problem, you can just contact QuoteTracker’s technical support and they can make the changes necessary to get you back up.

One issue is that each data feed, provides its own syntax for each symbol traded. So you have to learn what symbols you are trading and manually put them into the portfolio manager provided by QuoteTracker.

This can be difficult. There is no direct import of symbols from your broker to QuoteTracker for the symbols themselves. They have to be manually input into Quote Tracker. Once this is done, the software works great.

If you trade futures and options, where the symbols can change from month to month, then it is necessary to update the portfolio screen in QuoteTracker whenever this occurs.

QuoteTracker provides interfaces for free data from financial Web sites, so you don’t have to purchase data from commercial vendors. You can either use your broker’s data feed for real time intraday quotes or use the data feed from free sources on the Web.

SUMMARY

Quote Tracker provides a free version with ads or an inexpensive price with no ads. The software provides a very nice interface to broker accounts, so that you can use the same software interface for different brokers and not have to switch interfaces for each broker that you trade.

The software has many nice features, but is not designed to provide back-testing or the wide range of indicators that other charting packages provide.

Recently, TD Ameritrade purchased QuoteTracker, so there are incentives to use this combination. However, QuoteTracker will continue to provide interfaces to other brokers, commercial data vendors and financial Web sites.

Lawrence M. Seldin, CPC, CMC, has been involved with trading futures, options and currencies since 2002. He trades both long term and short term for his own trading accounts. He can be reached at larry@seldin.net or www.seldin.net.

Comments
comments powered by Disqus