ChartMill Review 2023
|By: Jeremy Biberdorf||Jan 22, 2023|
In a nutshell: ChartMill is a stock screen and analysis service designed to provide day traders and swing traders with vital trading data.
The platform allows users to perform stock scans using a variety of technical indicators and provides various analysis tools to identify trends throughout the stock market. It even gives each stock a fundamental rating (in addition to other proprietary ratings).
These features sound great on the surface, but is the platform worth your time & money? Find out in this ChartMill review!
ChartMill is best for…
Day traders and swing traders who want to keep a close eye on the stock market. Using ChartMill will allow them to track stocks—both individually and by sector—while viewing all relevant market data to see and act upon accordingly.
It’s important to note that ChartMill doesn’t offer real-time data. Instead, it offers 15-minute delayed data. This is true for both free and paid users. This may make the platform more attractive to swing traders, who work across longer time frames.
- Offers various technical indicators
- Unique credit system
- Supports multiple stock exchanges
- No forex or crypto support
- 15-minute data delay
- Lacks trading support
Compare to Other Investment Platforms
$259.97/yearStarts at $84/month
Fees$39 - $119/month
What is ChartMill?
ChartMill is primarily a collection of powerful stock screeners, but it can also be used as a stock analysis tool or even a stock research platform. This makes it an invaluable tool for traders who are trying to create a profitable investment strategy.
Users can view various lists of stocks across multiple exchanges, sorting through them across various time frames and searching by specific fundamental or technical criteria. Like many other popular stock screeners, ChartMill supports watchlists and alerts.
There are five main features of ChartMill: Stock Screener, Stock Charts, Analyzer, Watchlists, and Alerts.
As the name implies, the stock screener allows users to screen through the general market to find individual stocks that—based on the available data—should be potentially profitable. Users can run stock scanners using a wide range of fundamental criteria and technical filters (such as trading volume).
The high level of customization in these filters makes ChartMill perfect for custom technical screening criteria since the filters can be adjusted to produce the exact stocks one’s searching for.
Stock charts allow traders to view chart patterns, which offer a visual representation of a stock’s performance over time. Charts can be viewed using various technical indicators, and traders can add as many as they’d like to a chart. ChartMill even allows traders to view multiple charts side-by-side for streamlined comparisons.
The analyzer allows traders to go more in-depth on individual stocks, moving beyond stock prices and other basic information offered in stock screening. Instead, the analyzer is primarily used to read reports alongside the charts.
These reports—which cover both fundamental and technical data—provide Chartmill ratings and documentation to support the platform’s analysis of the stock.
The watchlist and alert features work in tandem. While the latter allows traders to save stocks they’re following to a dedicated list, the alerts feature sends them a notification when there’s a major update—such as a price shift—about stocks in their watchlist.
Pricing & Plans
Unlike many competing services, ChartMill does offer its services for free (to an extent). However, there are some limitations in place that you’ll need to be aware of.
The free version of ChartMill uses a credit-based system. Every month, each user is allotted 6,000 credits which they can use to perform tasks on the site (such as running a scan or adding items to their watchlist).
Although 6,000 credits may seem like a lot, many functions cost hundreds of credits to use, which makes opting for a membership more appealing. Still, the credits don’t expire, so a trader who only needs to perform one or two actions per month may be able to enjoy ChartMill without needing to pay.
ChartMill allows users to purchase an additional 10,000 credits for $10. However, traders can also switch over to a premium membership, which will give them unlimited use of all the tools on Chartmill. Memberships are available for $29.97 per month, or $259.97 for an entire year’s worth of access.
Is ChartMill Right for You?
This online stock scanner is an excellent option for day and swing traders alike. Although it may be more useful to swing traders (due to the delayed data), day traders can still use ChartMill for advanced charts, watchlists, and stock screening.
The credit-based system offers a great alternative to a free trial, although anyone who is routinely using this platform will surely need to upgrade to a premium plan. That said, the monthly price is fair, and—given the multitude of features that ChartMill offers—we think it’s worth the sticker price.
Interested in learning more about ChartMill? Click here to try it out for yourself!