3-star brokerage rating

Ally Invest LIVE (2024)

Ally Invest LIVE platform cost, trading software requirements, pricing, fees, charting features. Is Ally Invest LIVE good and free?

Overview of Ally Invest LIVE

Traders at Ally Invest have access to a trading platform that includes a lot of useful features. Called Ally Invest LIVE, the program is browser-based and offers charting, market indices, funds transfer, quotes, and more. Let’s check it out and see how it compares to other free platforms.

Ally Invest LIVE Cost

Naturally, investors are wondering whether Ally LIVE platform is free. There is nothing to worry about—there are no requirements or any cost for Ally LIVE platform.

Navigating Through LIVE

Launching Ally’s trading platform is fairly straightforward. After logging into the broker’s website, ‘Ally Invest LIVE’ is displayed at the top of the screen. Clicking on this generates a new browser tab where the web-based platform is displayed. The trading environment is organized by tiles. Each tile has a subject, such as account information, global indices, market clock, funds transfer, the year’s gain or loss, and working orders.

Ally Invest trading platform

At the top of the platform is a row of options, one of which is ‘Dashboard’. Clicking on this choice produces a slightly different arrangement, with balances, watchlists, a small chart, and option chains. Any of these windows can be edited by clicking on a gear icon. For example, chart settings is one of the drop-down options under the chart window’s gear icon. Clicking on chart settings produces several customizations that can be made to a graph.

There are two color themes available for LIVE: light and dark. Tiles in the platform can be removed and added. They also can be moved around. The width of LIVE can be modified, spacing can be changed, and the number of columns can be adjusted.

Ally LIVE Review

Security Research

Stock and market research can be performed on Ally Invest LIVE. The platform includes market news articles from Briefing.com, PRNewswire, and Benzinga. There is no video news incorporated into the software.

A stock’s profile page includes general trade information, such as bid-ask spread, and the day’s volume. There is also a chart and dividend information. Important metrics are shown as well, including EPS and P/E ratio.

News articles related to the company under investigation are also shown. Despite the information on the platform, the regular Ally Invest website is a better place to conduct security research. More information is available, including a free stock report in pdf format from CFRA. A chart on the regular website shows a stock’s performance history against many of its competitors. This chart isn’t available on LIVE. More information on a stock’s option contracts is also on the website. Buy, hold, and sell analyst ratings from several third parties are shown for a stock. Detailed financial analysis is on the website, but not on the platform. Because there is so much data on the website compared to LIVE, it doesn’t make much sense to conduct research on the platform.

Ally Invest LIVE does show several important indexes, including not just the standard stock indexes, but also VIX, the volatility index, and TNX, the rate on the 10-year Treasury bond. Major stock movers can be shown for the New York Stock Exchange, Nasdaq, and the NYSE MKT, formerly known as the American Stock Exchange. These stocks can be sorted by the day’s greatest dollar gain, the most volume, the greatest percent loss, and other criteria.

Placing Trades on Ally Invest LIVE

One of the selections in the top menu of the platform is ‘Trading.’ Clicking on this link produces a drop-down menu for stocks, ETF’s, options, mutual funds, and fixed-income. Selecting the last security produces a bond search and trade page. Choosing one of the other items generates a trade ticket that can be used for any of the securities.

Orders for stocks and ETF’s can be either long or short. Besides market and limit orders, stop, stop limit, trailing stop, and market on close can be selected. An order’s duration can be set to day or good until cancelled (GTC).

Mutual fund orders have several types, including buy, sell, sell all, full exchange, and partial exchange. The platform provides selections for dividends and capital gains to be reinvested or paid into the core account.

Ally trading platform review

Selecting the options order form produces a few selections for action, such as buy to open, expiration date, strike price, and call or put. There are no chains here, although chains are available elsewhere on LIVE. An order for the underlying stock can also be inserted here.

Selecting fixed income from the ‘Trading’ menu produces a different page within LIVE. There are advanced search engines for various bond types on this page. Ally provides a search engine for municipals bonds, along with agencies, corporate debt, STRIPS and Zeros, CD’s, and Treasuries. There are many criteria that can be selected while searching for fixed-income products. These variables include CUSIP, yield to worst, call protection, bond rating, call status, payment frequency, and many more.

Ally LIVE Platform Review

Ally Invest LIVE Charting

Ally’s platform offers Java-based charting with several nice features. First is the ability to display a graph the width of the monitor. A chart can also be detached into its own separate window, although this really isn’t necessary since a chart can already be shown full screen.

There are about 90 technical studies that can be used in LIVE. Some of them will be shown below a chart’s price history, while others will overlay the graph. The colors of these studies can be changed. There are also some handy drawing tools, including ellipses, horizontal lines, and Fibonacci tools. Available graph styles include line, mountain, candlestick, hollow candlesticks, and OHLC bars.

Ally Invest LIVE Platform

Right-clicking on a chart does not produce a trading menu. However, there is a ‘QuickTrade’ button at the top of a graph. Clicking on it produces a trading ticket on the right-hand side of the screen. Here, an order can quickly be submitted for a stock, ETF, or option contract. A chart can also be saved within Ally.

LIVE shows the ability to display price histories out to 20 and 30 years, but no price history of any stock goes beyond 2004 for some reason. The tick interval can be anywhere from 1 minute to monthly.

Ally Invest LIVE Option Tools

Underneath the ‘Research’ tab is ‘Option Tools.’ Selecting this produces several features to help derivative traders. Option chains are first on the list. Typing in the underlying equity symbol generates several contracts. The number of contracts can be multiplied by increasing the number of expiration dates and strike prices.

Clicking on an empty box next to a contract produces a buy signal. Clicking on it again produces a red letter S for sell. Multiple contracts can be selected. Clicking on the trade button below the chain will trade all of these contracts on the same ticket. The underlying stock can be added to the order as well.

Ally LIVE Options Trading

The option strategy workbench displays the various contracts and stocks that have been selected. Here, more detailed information is shown, such as net delta, and the middle of the bid-ask spread.

There is a probability calculator that looks at the odds of hitting a certain price between high and low parameters. A target date is inserted, and the calculator estimates the likelihood of finishing at, below, or above a price on that date.

A profit/loss graph shows the amount of gain or loss that will be incurred with an option order, based on the underlying stock’s possible price in the future.

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Ally Invest LIVE Review Judgment

Ally Invest (read brokerage review) is a budget brokerage firm, and it has a decent platform that carries no account minimums or trading requirements. But better platforms are out there.

About the Author
Chad Morris is a financial writer with more than 20 years experience as both an English teacher and an avid trader. When he isn’t writing expert content for Brokerage-Review.com, Chad can usually be found managing his portfolio or building a new home computer.