Rockwell Trading PowerX Optimizer Alternative
In this article I want to talk about my top two favorite trading tools that have helped me make money with far less work. I think that finding these two tools has had the biggest impact on my trading in years.
Disclaimer: There are affiliate links on this page. This means that if you click through and purchase anything, I might earn a commission for the introduction with no extra cost to you.
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PowerX Optimizer vs GPS Trader
Here are the two trading tools I am currently using and comparing in this review.
1. Rockwell Trading PowerX Optimizer by Markus Heitkoetter (Check it out here for a 33% discount)
2. GPS Trader by Steven Brooks (Check out the webinar here)
I consider these two programs to be the best in the industry. I’ve been looking at trading programs for years and I am convinced that PowerX and GPS Trader offer the best value for money.
Here is a brief overview of these programs.
Rockwell Trading PowerX Optimizer
Summary of the PowerX features…
- Swing trading stocks and options.
- No day trading tool.
- Selling options for premium included.
- Back tested results shown on the daily time frame only.
- Easy to use dashboard.
PowerX is a fantastic suite of tools that include a scanner and full trade management system. It takes all the work out of swing trading by giving you the stocks to trade, buy price, stop loss and a variety of profit targets depending on your risk/reward tolerance.
The PowerX gives you useful information about each ticker you are looking at. This includes a full back-tested track record with the strategy for a variety of exit strategies.
You can get a 33% discount on this PowerX here!
This lets you pick how you want to trade the stock with real actionable information. It also gives you a variety of options contracts to choose from to make your life very easy if you prefer to trade options on the selected stock.
It really is the only tool you need for swing trading!
I did a full detailed review of the PowerX software here. It gives ALL the details including example trades etc. If you are considering PowerX Optimizer then I would highly recommend reading that review.
Here is my overview video of PowerX Optimizer.
Lastly, PowerX Optimizer offers The Wheel Analyzer that scans for options contracts to sell for premium.
This is only available on the PowerX and is a very helpful tool – it basically gives you a complete wheel strategy in a box!
I wrote an article all about the Wheel Analyzer aspect of the PowerX here.
PowerX Optimizer Alternative: GPS Trader
The PowerX Optimizer alternative (the best one!) is the GPS Trader. The GPS Trader is quite different from the PowerX. Here is an overview.
- Scanner for 10min, 2hr and daily time frames.
- Strategies are added to ThinkorSwim or TradingView. No other broker is supported.
- Good for day and swing trading.
- The charts are annotated with everything from the buy signal to the trailing stop loss.
- Tickers show full back-tested track records for multiple time frames.
The GPS Trader is the PowerX Optimizer alternative if you also want to have day trading signals and trades. The program annotated ThinkorSwim charts….like the one below.
These signals appear on your charts. In the case below you can see that the signal is to short $SPY. GPS Trader includes little trailing stops to help you manage the trade.
You can learn more about GPS Trader in my full review where I show example trades and give a full details. I’ve also made a series of videos about GPS Trader.
Here is my interview with the founder, Steven Brooks.
The main limitation with GPS Trader is that it is only available for ThinkorSwim and TradingView. The PowerX can be used with any brokerage.
Rockwell Trading PowerX Optimizer Alternative: Costs
PowerX Optimizer costs $2,997 but it is sometimes reduced to $1,997. That is a one-time payment.
GPS Trader costs $1,499 per year.
Both are worth the cost in my opinion.
PowerX Optimizer Alternative: Conclusions
It’s so hard to say which one of these programs is better! They are just different. However, if you want to day trade you won’t find PowerX useful. It has no day trading features.
Both programs have a scanner and trade management included. However, the intra-day scanner for GPS isn’t working properly and I’d say that the PowerX scanner is far better.
The GPS Trader does scan for swing trades quite effectively though.
Rockwell Trading PowerX Optimizer by Markus Heitkoetter (Check it out here for a 33% discount).
GPS Trader by Steven Brooks (Check out the webinar here).
Good Luck!
Russell
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Rockwell Trading PowerX Optimizer Alternative
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