Ease of Use
Setting up the right trades takes the right technical analysis, and that’s where StockConsultant claims to help. StockConsultant is a technical analysis platform focused on momentum, breakout, and bottom setups. This platform is ideal for swing traders and uses support and resistance analysis as well as leading indicators to help users find promising trades.
StockConsultant is a technical analysis platform designed to help you find promising trade setups. It focuses on momentum, breakout, and bottom setups, making it an ideal tool for swing traders. The platform uses support and resistance analysis and leading indicators to help you stay one step ahead of trades.
StockConsultant can be overwhelming at first, so it’s best suited for advanced traders who already have a firm grasp on technical analysis.
So, can StockConsultant help you trade more effectively? Find out if this trading service is right for you in our full StockConsultant review.
StockConsultant Pricing Options
StockConsultant costs $29 per month, $79 per quarter, $139 per six months, or $239 per year.
You can try out many of the features of the software, including stock consultant reports, for free. However, the stocks to watch list is limited to 3 bullish and 3 bearish ideas per day.
Support and Resistance Analysis
StockConsultant offers detailed support and resistance area analysis for all US stocks, including penny stocks and ETFs. Support and resistance lines are annotated on 8-month daily charts. For each line, the platform provides information about how many times a stock’s price has paused at that support or resistance area and rates trading volume around that are on a 1-10 scale.
Support and resistance analysis forms the basis for trade recommendations in StockConsultant. A trade quality indicator shows the progression of a stock’s price down towards a support area and back up. When a stock’s price reaches support, trade quality is considered to be 100%. A short trade quality indicator offers similar tracking for a stock’s price relative to resistance areas.
For every trade, StockConsultant offers two price targets that are based on resistance areas (long trades) or support areas (short trades).
StockConsultant uses a series of leading trade indicators to identify setups as bullish or bearish and to assign a quality score to each setup. Indicators include 1-day moneyflow, 3-day candlestick patterns, and 3-day accumulation/distribution. The platform also considers intermediate-term trends by analyzing whether prices are trending upwards, downwards, or sideways. Lagging indicators like RSI and MACD are not considered by StockConsultant.
Stock Consultant Reports
Stock consultant reports offer a deep dive into a single stock. You can see StockConsultant’s support and resistance analysis, get a full rundown of bullish and bearish indicators, and get more details on potential bullish and bearish trade setups. Helpfully, these reports offer a calculator that you can use to determine your profit/loss ratio based on StockConsultant’s price targets and a stop-loss of your choosing.
Stock consultant reports also include candlestick charts from ZingCharts and TC2000. These offer more detail than StockConsultant’s support and resistance charts for finding intraday entry points, but they’re not very customizable. Most traders would be better off using a dedicated trading platform for this type of intraday analysis.
Stocks to Watch
One of the best features of StockConsultant is the stocks to watch list. This offers 25-30 bullish trade ideas and another 5-15 bearish trade ideas each day. Trade ideas are hand-picked by StockConsultant’s founder, Dan Chapman, based on the platform’s integrated support and resistance analysis and trade indicators.
StockConsultant also offers a stock screener to help you find your own trade ideas. The screener comes packed with more than 60 preset long and short screens, all of which can be customized and saved to your account (you can have up to 25 saved custom screens).
The preset screens are focused on specific chart patterns such as uptrending prices just above support or short-term pullbacks that are forming possible bottoms. You can sort screener results based on stock price, target price, support or resistance strength, and more.
The screener customization options are very detailed, enabling you to set filters for everything from price and average volume to positioning relative to support and accumulation/distribution strength. StockConsultant’s screener is a very powerful tool for specifying trade setups and finding stocks before they trigger a trade.
Customization and Layout
StockConsultant lets you create an unlimited number of watchlists and portfolios with up to 100 ticker symbols each. You can easily scroll through trade analysis for all of the stocks in your watchlists, making this useful for monitoring potential setups from day to day.
The biggest thing working against StockConsultant is the platform’s layout. The StockConsultant website is not well-designed and can be immensely confusing when you first get started. The main menu is hard to navigate and the analysis displays are crowded. StockConsultant also uses many unnecessary abbreviations and unlabeled numbers, making it hard to know exactly what you’re looking at.
The platform does have a trading guide that clears up some of the confusion around how to make the most of the support and resistance analysis, trade indicators, and reports. However, it’s not a comprehensive guide.
With some practice using the platform, it’s easy enough to get over the way StockConsultant is laid out. Still, the platform could be vastly improved by making the information it offers more readily accessible.
StockConsultant Platform Differentiators
StockConsultant takes a different approach to technical analysis than most other trading services. It focuses heavily on support and resistance bands and leading indicators like money flow instead of lagging indicators like RSI and MACD. Combined with the trade quality indicators, which show how a stock’s price is positioned relative to a potential trade, this makes StockConsultant ideal for spotting setups ahead of time rather than after the fact.
The platform is made more actionable thanks to the daily stocks to watch list and the highly customizable screener. The screener is especially useful for advanced traders who are comfortable specifying their own setups, and who want to look for stocks that have specific characteristics in the lead-up to a trigger.
What Type of Trader is StockConsultant Best For?
StockConsultant is best suited for experienced swing traders and momentum traders. The platform’s tools are focused around short- to medium-term trades based on support and resistance zones. While there is some intraday analysis, StockConsultant will be of only limited usefulness for day traders.
Beginner traders can use StockConsultant as a learning tool, especially since the stocks to watch list offers opportunities to analyze promising setups on a daily basis. However, the platform can be confusing and requires that you bring a strong knowledge of technical analysis to make the most of it.
- Annotated support and resistance lines
- Trade quality indicators for long and short trades
- Daily stocks to watch list
- Powerful and highly customizable stock screener
- Relatively inexpensive pricing
- Confusing layout leaves a lot of room for improvement
- Very limited charting tools