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Day trading software is computer software intended to facilitate day trading of stocks or other financial instruments. Day trading software falls into three main categories: Data, Charting , and Trade Execution. In the case of stocks and futures, those prices come from the exchange where they are traded. Forex is a little different as there is no central exchange. The vast majority of day traders will chart prices in some kind of charting software.
Many charting vendors also supply data feeds. Charting packages all tend to offer the same basic technical analysis indicators. Advanced packages often include a complete programming language for creating more indicators, or testing different trading strategies. Once traders have their data and can see and analyze it on a chart, they will at some point want to place a trade. To do so, they need to use some kind of trade execution software or electronic trading platform.
Most stock brokerage firms will provide proprietary software linked directly to their in-house systems, but many third party applications are available through Independent software vendors ISV.
The advantage of third party programs is that they allow the trader to trade through different brokers whilst retaining the same interface. They may also offer a number of advanced features such as automatic trade execution.