Choosing the Right EOD Software Tool

If you are a proficient investor, then you would certainly like to see and also analyze various kinds of end of day financial data from a variety of financial markets all in one place without having to watch multiple channels or visit multiple websites in order to see this information.  Fortunately for many Australians, there is a great choice of software tools for EOD data  to choose from which can offer them up to date information on the Australian stock exchange (ASX) as well as numerous other stock markets from around the world.

eod data

An EOD data software tool enables the investor to aggregate all the end of day information from the stock markets that matter and present them on a single interface. Once you have such a tool, you can download multiple EOD stock data for ease of analysis so that you can do better technical analysis, get better insights into the markets and trade the following day with a sense of assuredness.

Free is not necessarily the best

If you would like a free EOD data access, you could easily get it from the news or visit the ASX website to access this information. However, free is not always the best. With news, you have to wait for the business news or tune in for delayed updates on the end of day data. Besides, the news is unlikely to give you all the technical indicators that you need in order to make a full market analysis or even the all-important historical data.

There are other demerits that come with relying on the news or the information relayed by the brokerage houses that you are subscribed to. The information which they offer you could be of very little value to you as a trader. You could be getting information that is news-based and not real-time or you could be getting information that is too technical that you are unable to use it in order to carry out effective market analysis.

When such kind of information hits your inbox, it could be too late for you that you are unable to act on it and make the buy-sell call. If you are a beginner, the EOD data relayed by a user-friendly software is going to be of great importance for your trading.

Here are some tips on how you can choose a suitable EOD software for your needs –

Make sure it is cross-compatible

Traders use anything from their laptops to iOS and Android power devices to trade in the fast-paced world of finance. When choosing an EOD data software tool, it is important to choose one that has cross-compatibility with Windows, Linux/Ubuntu, iOS and OSX amongst others.

Do they offer live intra-day charts?

While you will be buying your software tool for the EOD data, you should never discount the importance of the live intra-day trading charts. A good trading software tool should have the capability to track the real-time market movements and also carry out market analysis. Live data should be relayed almost instantaneously.

Stock Exchanges Tracked

How many stock exchanges does the EOD software allow you to track? If you are looking for EOD data in QLD, will you be able to get it for all the countries that you wish to track. Some EOD data tools such as BodhiGold allow you access to EOD data for up to 150 markets globally.

Historical data

Find EOD data software that can also give you access to historical data on the markets that you wish to track. This kind of information will help you in making more prudent trading decisions.

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