Charles Schwab StreetSmart Edge - Detailed Review
Finance Tools
Charles Schwab StreetSmart Edge - Product Overview
Charles Schwab’s StreetSmart Edge
StreetSmart Edge is a comprehensive trading platform that has been a key tool for traders, although it is now being phased out in favor of the thinkorswim platform.
Primary Function
StreetSmart Edge is designed to provide traders with a sophisticated and flexible trading environment. It allows users to manage their trades, monitor market performance, and access various trading tools and features.
Target Audience
The platform is targeted at a diverse range of investors, including individuals, families, and businesses. It caters to both novice investors seeking basic guidance and experienced traders looking for advanced strategies.
Key Features
Order Types and Execution
StreetSmart Edge introduces new order types such as the Walk Limit order, which adjusts the limit price at specified intervals until the order is filled or reaches a set end price. It also supports Market On Close (MOC) orders, which are executed during the market’s closing auction, though these are not available for single-leg options or conditional orders.
Watch List Syncing
Users can sync their watch lists across StreetSmart Edge, Schwab.com, and the Schwab Mobile application, ensuring consistent access to their preferred symbols and settings.
Order Verification and Management
The platform includes enhanced order verification features, such as displaying associated brackets, color-coded edits, and the ability to accept or decline edits before placing orders. It also streamlines the process by eliminating duplicate edits.
Portfolio Performance and Risk Analysis
StreetSmart Edge offers tools for portfolio performance reporting, allowing users to view metrics, risk-and-return analysis, and compare their returns to market benchmarks.
Global Trading
Traders can access their Schwab Global Account, enabling them to trade in 12 non-U.S. equity markets and in their local currencies.
Media Integration
The platform provides access to CNBC Video On Demand, allowing users to view important video clips and search the network’s video library.
While StreetSmart Edge has been a valuable tool for traders, Charles Schwab is transitioning its users to the thinkorswim platform, which offers similar and expanded features.
Charles Schwab StreetSmart Edge - User Interface and Experience
User Interface Overview
The user interface of Charles Schwab’s StreetSmart Edge is crafted to be intuitive, flexible, and highly customizable, making it an effective tool for active traders.Customization and Layout
StreetSmart Edge allows users to personalize their trading environment extensively. You can create multiple layouts, each serving a different purpose, such as a research layout or a trading layout. These layouts are displayed in a tabbed format, allowing you to switch between them easily. You can add, remove, and configure tools within each layout using the “Launch Tools” menu, and resize or move these tools to fit your needs.Ease of Use
The platform is designed to be approachable and user-friendly. The main menu at the top of the window provides easy access to global tasks, such as managing layouts and general settings. It also includes links to Schwab.com and help resources, making it simple to find the information you need. The interface is laid out in a way that minimizes the time spent figuring out how tools work, allowing you to focus more on your trading strategies.Multi-Monitor Support
For users with multiple monitors, StreetSmart Edge can be stretched across several screens, or individual layout tabs can be undocked and placed on different monitors. This feature enhances the ability to view multiple layouts simultaneously, which can be particularly useful for traders who need to monitor various types of data at once.Alerts and Notifications
The platform includes a comprehensive alert system that allows you to set up custom alerts based on specific market conditions or events. These alerts can be configured to notify you through various methods, ensuring you stay informed and can react promptly to market changes.Demo Mode
For those who want to try out the platform without committing to live trading, StreetSmart Edge offers a demo mode. This mode allows you to use the software with real-time data, helping you get familiar with the tools and features before transitioning to live trading.Overall User Experience
The overall user experience of StreetSmart Edge is characterized by its flexibility and adaptability. The platform is intuitive, making it easier for traders to organize their workspace according to their specific needs. The ability to customize layouts, use multiple monitors, and set up alerts contributes to a seamless and efficient trading experience. This makes StreetSmart Edge a valuable tool for traders looking to streamline their trading activities and make informed decisions quickly. Charles Schwab StreetSmart Edge - Key Features and Functionality
Key Features of StreetSmart Edge
Customization
StreetSmart Edge allows deep customization of the trading environment. Users can personalize the user interface, layout, and color schemes to fit their trading style and preferences. This customization helps traders organize their tools and data in a way that is most efficient for them.Integrated Tools
The platform integrates various tools within easy reach, streamlining common workflows. This integration enables traders to quickly move from identifying opportunities to taking action. The tools are designed to be accessible and user-friendly, facilitating swift decision-making.Real-Time Insights
StreetSmart Edge provides real-time insights, which are crucial for active traders. These insights include market data, news, and other relevant information that help traders make informed decisions. The real-time nature of these insights ensures that traders are always up-to-date with market conditions.Advanced Trading Functions
The platform offers advanced trading functions, including the ability to place various types of orders, such as stop orders and custom orders. Similar to thinkorswim, StreetSmart Edge allows traders to place trades directly from charts or other areas of the platform, making the trading process more efficient.Charting and Analysis
StreetSmart Edge includes advanced charting and analysis tools. While the specific details on StreetSmart Edge’s charting capabilities are not as extensively outlined as those for thinkorswim, it is known that the platform provides tools for technical analysis and other forms of market analysis. These tools help traders analyze market trends and make strategic decisions.Scripts and Customization
Although the detailed use of scripts is more prominently featured in thinkorswim, StreetSmart Edge also allows for some level of customization through scripts or similar tools. This feature enables traders to automate certain tasks and create custom trading strategies, though the specifics of how this works in StreetSmart Edge are not as well-documented as in thinkorswim.AI Integration
There is limited information available on the specific integration of AI within StreetSmart Edge. Unlike thinkorswim, which has features like thinkScript that allow for advanced algorithmic trading and strategy testing, the AI-driven aspects of StreetSmart Edge are not clearly outlined in the provided sources. It appears that while StreetSmart Edge is a powerful trading platform, the detailed AI-driven features are more prominently developed in thinkorswim.Conclusion
In summary, StreetSmart Edge is a versatile trading platform that offers significant customization, integrated tools, real-time insights, and advanced trading functions. However, the specific AI-driven features and their integration into the platform are not as clearly detailed as those in thinkorswim. Charles Schwab StreetSmart Edge - Performance and Accuracy
Performance
StreetSmart Edge is known for its advanced tools and real-time insights, making it a viable platform for active traders. Here are some of its performance highlights:
- The platform provides accurate and up-to-date information, which is crucial for making informed trading decisions.
- It offers features such as Walk Limit orders, Market On Close (MOC) orders, and synchronized Watch Lists across different Schwab applications, enhancing the trading experience.
- The Order Verification window has been streamlined to include color-coded edits and the display of associated brackets, which helps in reducing errors and improving order placement efficiency.
Accuracy
The accuracy of StreetSmart Edge is supported by several features:
- The platform ensures that orders are executed within the National Best Bid/Offer (NBBO) spread, ensuring that trades are made at the best available market prices.
- Real-time data and streaming quotes are provided, allowing traders to make decisions based on the most current market information.
Limitations and Areas for Improvement
Despite its strengths, there are some limitations and areas where StreetSmart Edge is being phased out or improved upon:
- Platform Retirement: Charles Schwab has announced that StreetSmart Edge will be retired in 2024, with users having 60 days to transition their accounts and data to the thinkorswim platform once futures trading becomes available on thinkorswim.
- Feature Restrictions: Certain order types, such as MOC orders, are not available for single-leg options or conditional orders, and cannot be placed on OTC securities.
- User Experience: Some users have reported issues with the platform, such as malfunctions and difficulties in closing positions, which may impact overall user satisfaction.
Transition to thinkorswim
Given the impending retirement of StreetSmart Edge, it is important to note that Charles Schwab is transitioning users to the thinkorswim platform, which offers a range of advanced trading tools, real-time insights, and educational resources. thinkorswim is known for its customizable trading environment, robust charting and analysis tools, and extensive educational content.
In summary, while StreetSmart Edge has provided reliable performance and accuracy for its users, its eventual retirement and the transition to thinkorswim highlight the need for users to adapt to a new platform. The thinkorswim platform, with its comprehensive features and continuous innovation, is positioned to meet the evolving needs of traders.
Charles Schwab StreetSmart Edge - Pricing and Plans
The Pricing Structure of Charles Schwab’s StreetSmart Edge
The pricing structure of Charles Schwab’s StreetSmart Edge is designed to cater to the various needs of traders and financial advisors, with different tiers and features available.
Free Version
For those who need the informational capabilities without the trading features, StreetSmart Edge is available for free. This version includes access to the Cboe Equities One Feed, which provides real-time reference quotes from all Cboe U.S. equities exchanges. This feed is sufficient for market information and does not incur any monthly costs.
Basic Trading Version
To trade using StreetSmart Edge, users need to subscribe to at least the Level I quotes package. Here are the key components:
- Level I Quotes: This package provides a unified view of the National Best Bid and Offer (NBBO). The costs include:
- NYSE Pro: $45.00 per month
- AMEX Pro: $23.00 per month
- NASDAQ Level I: $22.00 per month
- Total: $90.00 per month per user (reduced to $27/user for three or more users per firm for NYSE Pro).
Advanced Trading Version
For more advanced traders, additional quote packages are available:
- Level II Quotes: These offer a view into the full book for equities in addition to the NBBO. The costs are:
- NYSE ArcaBook: $60.00 per month
- Nasdaq TotalView: $60.00 per month
- Total: $120.00 per month per user (additive to Level I quotes)
- Combined Level I and II: $210.00 per month per user.
Options Trading Version
For traders who need options quotes, an additional package is available:
- Options Quotes: This includes a view into the full book for option products.
- OPRA Pro: $31.50 per month
- Combined Level I, II, and Options: $241.50 per month per user.
Key Features by Plan
- Free Version:
- Access to Cboe Equities One Feed for real-time market information.
- No trading capabilities.
- Basic Trading Version (Level I Quotes):
- Real-time Level I quotes for equities.
- Trading capabilities on Schwab Advisor StreetSmart Edge.
- Advanced Trading Version (Level II Quotes):
- Real-time Level II quotes for equities.
- Full book view for equities.
- Trading capabilities.
- Options Trading Version:
- Real-time options quotes.
- Access to execute single and multi-leg options trades.
- Automatic electronic access to execute trades via all primary listed options exchanges.
In summary, StreetSmart Edge offers a flexible pricing structure that allows users to choose the level of market data and trading capabilities they need, with options ranging from free informational access to comprehensive trading packages.
Charles Schwab StreetSmart Edge - Integration and Compatibility
Integration with Other Tools
StreetSmart Edge integrates seamlessly with other Charles Schwab trading platforms. If you place an equity or option order in StreetSmart Pro, Schwab.com, or StreetSmart Edge, you will be able to view and manage these orders across all of Schwab’s trading platforms. This ensures that your trading activities are synchronized and accessible from any platform you choose to use.
For options trading, StreetSmart Edge offers advanced features such as Options Participant Top of Book quotes, options charting, and the ability to trade basic and multi-leg options. It also includes tools like Recognia for chart pattern recognition, which can support your decision-making with automated pattern recognition and real-time technical analysis.
Compatibility Across Different Platforms
StreetSmart Edge can be used on various platforms, including Windows and Mac computers. For Mac users, there are two primary options:
- You can use a Windows emulator like Parallels Desktop to run StreetSmart Edge on your Mac.
- Alternatively, you can access StreetSmart Edge through a cloud-based solution, which allows you to use the program via the internet without the need for a Windows emulator. To access the cloud-based version, you can contact a Schwab Client Services Specialist.
Device Compatibility
In addition to desktop compatibility, StreetSmart Edge does not have a mobile-specific app, but users can transition between different platforms seamlessly. However, if you are looking for a mobile trading experience, Charles Schwab also offers the thinkorswim platform, which includes a mobile app that provides many of the features available on the desktop version, allowing you to stay connected to the market on the go.
System Requirements
To ensure smooth operation, it is important to check the system requirements for running StreetSmart Edge. Schwab provides recommended system specifications to ensure that your computer has the necessary resources to run the platform efficiently, especially if you plan to run both StreetSmart Edge and StreetSmart Pro simultaneously.
Conclusion
In summary, StreetSmart Edge is well-integrated with other Schwab trading tools and offers flexibility in terms of platform and device compatibility, making it a versatile option for traders.
Charles Schwab StreetSmart Edge - Customer Support and Resources
Customer Support
Trade Desk Assistance
StreetSmart Edge Support
Additional Resources
Educational Resources
Platform Guides and Manuals
Technical Analysis Tools
Order Types and Management
Customizable Layouts
Accessibility
Charles Schwab StreetSmart Edge - Pros and Cons
Advantages of Charles Schwab StreetSmart Edge
Customizable Workspace
StreetSmart Edge offers a highly customizable trading interface, allowing users to configure their workspace according to their individual needs. This includes adding or removing tabs and windows, and resizing or repositioning elements to create an efficient and ergonomic workspace.
Advanced Charting Tools
The platform is equipped with a plethora of technical indicators, drawing tools, and the capability to compare multiple charts simultaneously. This enables traders to perform in-depth technical analysis, spot trends, and identify potential trading opportunities with precision.
Real-Time Market Data
StreetSmart Edge provides users with access to up-to-the-minute market data, including quotes, charts, and news updates. Traders can create and save custom watchlists to closely monitor their preferred assets and securities.
Enhanced Research and Analysis Tools
The platform includes enhanced research and analysis tools that provide information at the user’s fingertips, reducing the need to switch between different applications or websites. This includes features like chart pattern recognition provided by a third-party program from Recognia.
User-Friendly Interface
StreetSmart Edge has an approachable and intuitive design, which helps users spend less time figuring out how the tools work and more time using them effectively.
Disadvantages of Charles Schwab StreetSmart Edge
Comparison to thinkorswim
While StreetSmart Edge is a strong platform, it is generally considered to be less superior to TD Ameritrade’s thinkorswim platform, especially in terms of charting and options trading analytics. Thinkorswim, now integrated into Schwab, offers better charting capabilities and superb options analytical tools.
Mobile App Limitations
The StreetSmart Edge mobile app does not match the breadth of trading features available on the desktop version. Active traders may find it more beneficial to use the computer-based trading platform for more complex trading activities.
Learning Curve
Although the platform is intuitive, it still requires some time to get familiar with all its features, especially for less sophisticated investors. However, this is somewhat mitigated by the availability of comprehensive tutorials and guides.
In summary, while StreetSmart Edge is a powerful and customizable trading platform with advanced charting and real-time market data, it may not offer the same level of sophistication as thinkorswim, particularly in mobile trading and certain analytical tools. However, it remains a valuable tool for active traders looking for a user-friendly and feature-rich trading environment.
Charles Schwab StreetSmart Edge - Comparison with Competitors
When Comparing Charles Schwab’s StreetSmart Edge
When comparing Charles Schwab’s StreetSmart Edge with other finance tools in its category, several key points and alternatives come into focus.
Unique Features of StreetSmart Edge
- Walk Limit Order Type: StreetSmart Edge introduces the Walk Limit order type, which is particularly useful for option orders. This order type adjusts the limit price at set intervals until it reaches a specified end price, ensuring it stays within the National Best Bid/Offer (NBBO).
- Market On Close (MOC) Orders: StreetSmart Edge allows for MOC orders, which are executed during the market’s closing auction. These orders must be placed or modified before 3:45 PM ET and are subject to exchange rules regarding cancellations.
- Watch List Syncing: Users can sync their watch lists across StreetSmart Edge, Schwab.com, and the Schwab Mobile app, ensuring consistent and updated information across all platforms.
- Order Verification Enhancements: The platform has streamlined the order verification process with features like displaying associated brackets, color-coded edits, and the ability to accept or decline edits before placing an order.
- Customizable Layouts: StreetSmart Edge offers a highly customizable trading environment, allowing users to organize their workspace with multiple layout tabs and configurable tools.
Comparison with TD Ameritrade’s thinkorswim
- Trading Platform: TD Ameritrade’s thinkorswim platform is often considered superior to StreetSmart Edge, especially for active traders. Thinkorswim offers better charting capabilities, superior options analytical tools, and the ability to trade complex options, futures, and forex on both desktop and mobile.
- User Experience: While both platforms are user-friendly, thinkorswim is more geared towards advanced traders with its extensive customization options. StreetSmart Edge, however, is more approachable for less sophisticated investors.
Other Alternatives
- Fidelity Active Trader Pro: Fidelity’s Active Trader Pro offers advanced trading tools, including real-time data, customizable charts, and the ability to trade multiple asset classes. It is known for its ease of use and comprehensive research tools.
- E*TRADE Pro: E*TRADE Pro provides advanced trading features, including streaming quotes, customizable charts, and the ability to trade options and futures. It is particularly strong in its mobile trading app.
AI-Driven Financial Tools
While StreetSmart Edge itself is not primarily an AI-driven tool, it is part of a broader ecosystem where AI can be integrated through other financial platforms:
- AI Tools for Financial Analysis: Tools like ChatGPT, Claude, and Gemini, though not directly integrated with StreetSmart Edge, can be used in conjunction with trading platforms for financial data analysis, forecasting, and reporting. These AI tools can help finance professionals streamline workflows and enhance decision-making.
Conclusion
In summary, StreetSmart Edge stands out with its unique order types, watch list syncing, and customizable layouts, but it may not match the advanced trading features and analytical tools of TD Ameritrade’s thinkorswim. For those looking for AI-driven financial analysis, separate tools like ChatGPT, Claude, or Gemini can be valuable additions to their financial toolkit.
Charles Schwab StreetSmart Edge - Frequently Asked Questions
Frequently Asked Questions about Charles Schwab’s StreetSmart Edge
What is StreetSmart Edge?
StreetSmart Edge is a trading platform offered by Charles Schwab, designed to optimize and align its tools with the user’s trading strategy. It provides features such as custom screeners, watchlists, high/low tools, and advanced charting to help users find and research trade opportunities.
What new order types are available on StreetSmart Edge?
StreetSmart Edge introduces several new order types, including the Walk Limit order and the Market On Close (MOC) order. The Walk Limit order adjusts the limit price at specified intervals until the order is filled or reaches the selected end price, all within the National Best Bid/Offer (NBBO). The MOC order is executed during the exchange’s closing auction and must be placed or changed before 3:45 PM ET.
Can I sync my watchlists across different platforms?
Yes, you can sync your watchlists across StreetSmart Edge, Schwab.com, and the Schwab Mobile application. When a watchlist is in the ‘Sync On’ state, changes to symbols and titles are saved and replicated across all these platforms.
What are the market data pricing options for StreetSmart Edge?
Charles Schwab offers various levels of market data pricing for users of StreetSmart Edge. The minimum requirement is Streaming Level I quotes, which provide a unified view of the National Best Bid and Offer (NBBO). Additional options include Streaming Level II quotes, which offer a view into the full book for equities, and options quotes. The costs vary depending on the level of data required, with Level I quotes starting at $90 per month and Level II quotes adding an additional $120 per month.
How does the Order Verification process work on StreetSmart Edge?
The Order Verification window on StreetSmart Edge has been streamlined to include several enhancements. It displays brackets associated with the current order entry, uses color-coded edits, and allows users to accept or decline edits before placing the order. This process eliminates duplicate edits and ensures that users have the most current information before submitting their orders.
Can I use Market On Close (MOC) orders for all types of securities?
No, MOC orders are not available for Single Leg options and Conditional orders. Additionally, MOC orders cannot be placed on Over-The-Counter (OTC) securities.
How do I organize my workspace on StreetSmart Edge?
StreetSmart Edge allows you to organize your workspace using layout tabs. You can create up to 8 layout tabs, each customizable to fit your trading needs. For example, you can have one layout for research and another for trading, making it easier to manage different aspects of your trading activities without cluttering a single screen.
Are there any specific requirements or restrictions for trading options on StreetSmart Edge?
Yes, trading options on StreetSmart Edge involves certain requirements and risks. Options carry a high level of risk and are not suitable for all investors. Multiple leg options strategies will involve multiple commissions, and users must meet specific requirements to trade options through Schwab. It is recommended to read the “Characteristics and Risks of Standardized Options” document before trading options.
Is there a setup fee for using StreetSmart Edge?
No, there is no setup fee for using StreetSmart Edge. Users can start using the platform without any initial setup costs.
What kind of support and education resources are available on StreetSmart Edge?
While StreetSmart Edge itself may not offer the same level of educational resources as other Schwab platforms like thinkorswim, users can still access various trading tools, research, and analysis features. However, for more comprehensive educational resources, users might find the thinkorswim platform, also offered by Schwab, more beneficial as it includes expert commentary, live-streaming news, and on-demand education via the Learning Center.
Charles Schwab StreetSmart Edge - Conclusion and Recommendation
Final Assessment of Charles Schwab StreetSmart Edge
Charles Schwab’s StreetSmart Edge is a comprehensive trading platform that caters to the needs of active investors and traders. Here’s a detailed assessment of who would benefit most from using it and an overall recommendation.
Key Features and Benefits
- User-Friendly Interface: StreetSmart Edge is created to reduce the learning curve, allowing traders to focus on their workflow rather than figuring out the tools. It offers an intuitive design with integrated tools and common workflows that help users transition quickly from opportunity to action.
- Real-Time Data and Orders: Users can access real-time balance information, streaming quotes, and real-time charting. The platform supports various order types, including Market, Limit, Stop Limit, Trailing Stop, and Trailing Stop Limit orders, as well as options trading with customizable quote functions and technical indicators.
- Customizable Layouts: The platform allows for extensive customization of layouts, enabling users to set up multiple tabs for different trading strategies, such as research, trading, and account information. This flexibility helps in organizing the workspace efficiently.
- Advanced Tools and Analysis: StreetSmart Edge includes features like chart pattern recognition provided by Recognia, which automates the recognition of over 60 chart patterns, indicators, and oscillators. Users can also set up custom screens and email alerts for real-time technical analysis.
- Order Management and Alerts: The platform offers streamlined order verification, color-coded edits, and the ability to accept or decline edits before placing orders. It also includes alert systems that can be customized to meet specific trading needs.
Who Would Benefit Most
- Active Investors: StreetSmart Edge is ideal for active investors who need a platform that combines sophistication with ease of use. It supports a wide range of trading activities, including stocks, options, and futures, making it versatile for various investment strategies.
- Options Traders: The platform is particularly beneficial for options traders due to its support for Options Participant Top of Book quotes, options charting, and customizable quote functions. It also allows for the placement of various types of options orders.
- Technical Analysts: Traders who rely on technical analysis will appreciate the chart pattern recognition tools and the ability to set up custom screens and alerts. This helps in making informed trading decisions based on real-time data.
Overall Recommendation
StreetSmart Edge is a solid choice for traders seeking a comprehensive and user-friendly trading platform. Its intuitive design, real-time data capabilities, and customizable features make it an excellent tool for managing trading strategies efficiently. While it may not offer the exact same depth as some other platforms like thinkorswim (also offered by Schwab), it provides a balanced blend of sophistication and ease of use that can cater to a wide range of trading needs.
If you are an active investor or trader looking for a platform that is easy to use yet powerful enough to support complex trading strategies, StreetSmart Edge is definitely worth considering. However, if you are looking for even more advanced features and a broader range of technical indicators, you might want to explore thinkorswim as well, which is also part of the Schwab trading suite.