Contents
About Chartmill
Chartmill.com is on online stock research platform with sophisticated in-depth scanning, charting and analysis tools. Unlike many similar platforms, Chartmill prudently does the legwork and provides daily trading candidates that meet its pre-built filters ranging from pattern breakouts to fundamentally cheap stocks. Users can customize the filters and settings as they get acclimated, but I really find it refreshing being able to literally hit the ground running, plug-n-play style with trading ideas from the get-go. The software provides technical analytics and fundamental analysis for over 6,000 stocks complete with trading tools that provide a ton of useful probability stats. It also has its own Chartmill ratings to simplify and streamline underlying filters.
Chartmill Pricing Options
Chartmill has a unique credit system that let’s you use the site tools until you run out. Every registered member receives 6,000 credit per month. Every action taken on Chartmill costs credits. For example, viewing at chart costs 10-credits while running an Analyzer report costs 500-credits. Storing a watchlist costs 1-credit per-day, so a 100-stock watchlist costs 100-credits per-day.
Users can opt to buy credits for $10-per 10,000 credits or opt for a subscription plan with unlimited access.
Subscription plans include unlimited access to Analyzer reports, screens, watchlists and saved settings and all tools. The subscription plans are Monthly at $29.97 per-month or Yearly at $259.97-per year. All payments are recurring and billed through PayPal.
Chartmill Features Breakdown
Here’s some of the notable features and indicators on the platform.
Charts
The charting is very similar to the format seen at barcharts.com. Users can select from candlesticks, bar and line charts for any number of time frames intraday to wider daily, weekly and monthly. There are also overlays for trade management like Chandelier Exit, Moving VWAP, Pocket Pivots, Alligator and Fractal Exits.
Technical Indicators
Chartmill has all the basic indicators from moving averages, pivot points to MACD, stochastic and Bollinger Bands. It also has more exotic and custom indicators like CMMB AAII Bullish/Bearish, Average True Range, Chartmill Value Indicators, Twiggs Money Flow and the Aroon Oscillator.
Scanners
The scanner is extremely flexible as users can combine technical and fundamental based scans to find those rare needles in the haystack stocks under the radar. The format is similar to FinViz. Technical filters based on candlesticks to patterns like flags and pennants. Fundamental scans with various qualitative metrics filters including revenue growth, EPS, Operating Margin as well as custom Chartmill filers like FA Rating and Profitability rating are available. Keep an eye on those credits as they can drain very quickly as you scan and pull charts.
Alerts
Chartmill enables users to place alerts directly on the charts and watch lists. Alerts are very flexible and precise as users can input triggers by price, set-up or condition. Alerts can be pop-ups, sounds and even e-mail notifications.
Drawing Tools
From trend lines to Fibonacci plots and Gann Fans, there are tons of drawing tools to use to mark-up charts along with comment boxes. Be sure to save to your watch list to keep the changes.
Watch Lists
This is where everything comes together. Watch lists can be created and maintained with alerts, indicators and drawings on the charts. I like to keep multiple watch lists based on swing candidates, sectors/themes and current (today’s) candidates. Chartmill provides pre-built watch lists updated daily so users can check out the strongest breakouts/breakdowns and various patterns from the get-go.
Analyzer
Chartmill provides a very comprehensive function that will analyze a stock complete with technical and fundamental analysis and their proprietary ratings with set-ups for consideration. While all this information is algorithmically generated, I’m constantly amazed at how customized the content appears. Keep in mind these reports take up serious credits (500) per report, so budget wisely if not on a subscription plan.
Platform Differentiators
Chartmill makes the on-boarding and acclimation process very easy. I like how it gives you stocks with high probability patterns right from the get-go and updates with new candidates daily. Newbies can start from there and see just how effective the results are and monitor the action. I found the selections compelling enough to delve forward. The Analyzer reports are in-depth with technical entry, exit and support/resistance and inflection price levels along with comparative metrics and ratings. The Position Sizing tool is a great way to quantify your risk and reward metrics along with optimal sizing and stops. Notably, comparing the ATR to your stop is a great way to avoid getting wiggled on trends.
Is Chartmill a Good Value?
Chartmill is a great value with the subscription plans. The credit system is a good way for users to trial the software, but it becomes evident quickly that the subscription is the way to go. The credit system really makes you appreciate the value of every tool, especially the Analyzer.
What Type of Trader Chartmill is Best For
Chartmill is suitable for swing traders and self-directed investors of all levels. The on-boarding is painless, and you get credits and ideas right away just for registering. While all quote data is 15-to-20 minutes delayed, intra-day traders can still fully utilize the scans to find rare pattern formations for trading opportunities throughout the day. The natural fit is for swing traders and active investors with a solid knowledge base of technical patterns and a methodology to manage triggers.
Pros
- Powerful scanner enables technical, fundamental and pattern-based stock scans
- Custom and exotic chart indicators and trade management overlaps
- Free watch lists of stocks triggering pre-built filters like breakouts and cheap value
- Flexible and highly customizable charts and watch lists
- Easy flexible-text language enables users to program their own filters and indicators
- Very responsive customer service
- Great value on monthly and annual subscription plans
Cons
- Delayed quotes can be irritating for intra-day traders
- Credit system can be prohibitive for heavier users of Chartmill tools
ABOUT THE AUTHOR
Romain is an independent trader and investor specializing in financial market analysis and trading systems. He worked as a professional long/short equity trader for a trading firm in New York and has a passion for building mechanical trading strategies. He has been in the industry since 2008.
DISCLAIMER
This post expresses the opinions of the writer and is for information, entertainment purposes only. Romain is not a registered financial advisor or certified analyst. The reader agrees to assume all risk resulting from the application of any of the information provided. Past performance is not a reliable indicator of future returns and financial trading is full of risk.) Please read the Full Disclaimer