Sierra Chart is actually a great “value for money” trading platform. It is one of those hidden gems that most of the retail public doesn't know about. I remember going to the website and being highly skeptical.
I’m not going to lie – the website is pretty amateur looking as if a high school student made it after learning some html in a computer science class.
Nevertheless, I tried it out and actually
thoroughly enjoyed the experience.
Other than the HUGE variety of features, the main thing that I was impressed with was the availability of TPO charting which is essentially a market profile charting technique. This is used primarily by traders basing their trading strategy on auction market theory. It was the only platform I could find that offered an affordable alternative to getting market profile.
Yes, the site is ghetto looking but I believe it's because a group of very intelligent engineers/programmers made it without hiring a creative mind for the marketing. All the content is there...but they could use a few more images to help visualize things.
The services they are offer are extremely robust - depending on what you want, it could take some time learning all the features.
Simply put, the out-of-the-box experience looks ghetto, but under the hood it is an amazing piece of software. It's like the girl that on the outside looks meh but all she needs is a wardrobe makeover, a hair stylist and a touch of make up and she is actually super pretty with a smoking body.
Asset Classes All
Ease of Use 3 / 5
Charting 5 / 5
Value for Money 5 / 5
Customer Support 1 / 5
Sierra Chart is not a day trading platform that you can buy. The only option is to lease it.
You will need to add data cost from your broker plus the Sierra Chart package cost in order to determine your total costs to trade. Fortunately, a lot of the popular big broker names provide a data feed at no charge when you set up an account with them.
PACKAGE MONTHLY COST*
*Nope - I did not miss package #4...not sure what these guys were smoking when implementing their cost structure. There simply is no #4 package.
All packages offer standard features and trading functionality (even all offer Bitcoin Trading/Data Services if interested). Package #2 is the bare minimum offering just these items. Below are the main add-ons included in the other packages.
In brief go with Package #1 or #5. Try out package #1 if you just need regular platform functionality. If you find you need more historical data upgrade to #3. Or if you want to trade market profile charts go with #5.
I find the value for money really comes from package #5 with the TPO/Market profile charts. Other platforms have excessive costs for this type of charting.
Same as package #2 but also has:
Bare minimum - don't see a point in getting the platform if you will just be leasing this package.
Same as Package #1 but also includes:
In my opinion, a lot of these additional features are not a make it or break it decision (i.e. might as well stick with Package #1)
Sierra Chart Historical data service
This feature adds additional historical data support to limited historical data provided by external trading services. This depends on the broker but if your broker provides enough historical data then this feature is not that useful to you either.
Package #3 does not therefore seem to provide that much more added benefit from Package #1. Then again its only $7/month more expensive. If you wish to save money, package #1 could be better for you.
Comprehensive list of services offered.
Same as Package #3 but includes the following:
The big selling point for this package is the TPO charts
and volume profile charts provided. This option is great if you want an
affordable alternative to getting access to market profile charts. MarketDelta
which offers leading software in market profile charting costs over
$100/month. Sierra Chart was the best option I found without paying sizable fees.
This platform amazing features and is very cutomizable. However, these guys have not put any money into marketing and making their product known. It is often overlooked due to how antiquated it looks.
For those that have have been with Sierra Charts I have only heard good things when it comes to the stability and functionality of the platform.
The customer support sucks. You can figure things out through their site and the forum but you will have to dedicate some time. The functionality is worth it.
That being said, I would only consider such a trading platform if you actively trade and need advanced tools/charting. If you are just doing basic stock/option trading it's not worth it - just use the interface/platform that comes free with your broker.
If you don't need all that functionality, really the only reason you might want to consider Sierra Chart is its super cheap pricing for TPO charting. It is really the only platform I've discovered with such a good value on TPO charting. MarketDelta is known for a fantastic TPO charting platform however you have to pay $100+/month which is killer on the wallet. I found a random third party provider offering TPO charting for Ninjatrader but that was $1,000.