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E*Trade Pro Review

Although E*Trade is better known for its browser-based platform Power E*Trade, the firm’s clients can nevertheless use E*Trade Pro, the broker’s desktop software. It’s a little harder to get, though. Keep reading. We will show you how to get it.


Downloading the E*Trade Pro Platform

E*Trade requires a $1,000 account balance to use this desktop software. So the first thing you need to do is deposit this amount into your account.


E*Trade Pro Market Data Subscription

You will probably need to subscribe to real-time quotes. The data is free for non-professionals. Just go to the market data subscription page (have to login to access link) on broker’s website and make your selection.


Etrade Pro Market Data


You’ll notice that while NYSE-ARCA data is free, quotes for Nasdaq Total View and NYSE Open Book are not. You don’t need to subscribe to these latter two services to gain access to Pro; but not subscribing will limit the amount of Level II data on the platform.


Launching Etrade Pro


Layout

E*Trade Pro comes in three themes: dark, light, and market trader. These can be adjusted by clicking on ‘Themes’ under ‘Settings’ in the upper-left menu. By default, the software uses dark; it will also present a few windows with various functions. These can be moved around, removed, and new ones added. Then a layout can be saved by clicking ‘Layout’ in the same top menu and choosing ‘Save Layout.’


Etrade Pro Layout


In the Layout menu, there are many predefined layouts, such as multiple charts and futures trading. During our testing, we found it easy to switch in between layouts.


Tools Menu

Underneath the layout and settings menus is the ‘Tools’ menu. Clicking on it shows a drop-down window with several functions with icons next to them.

Some of the choices include Bloomberg TV (streaming for free), the day’s market movers, a watch list, an economic calendar, a time & sales window, market depth (Level II quotes), charting, a money transfer tool, option chains, options tools, futures chains, a margin tool, and more.


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Bottom Menu

At the bottom of the Pro platform is another menu with a row of screen choices. These will allow the client to quickly shuffle between different layouts. You can quickly change layouts using these buttons. For example, you can build a layout for Bloomberg and charting, and another one for news and the platform’s economic calendar.


Charting

By default, a small window with a chart is displayed on E*Trade Pro. This window can be enlarged, deleted, or expanded to fill the computer monitor. Expanding it full-screen allows for better viewing.


Etrade Pro Charting Review


With the window in full-screen mode, we found many useful tools. There are roughly 120 technical studies and 30 drawing tools. Price history can be shown in any of 6 chart styles, including Heikin Ashi, colored bar, and mountain. There are 3 company events (dividends, splits, and earnings), and comparisons can be made to any stock or fund.


Trading Options

By default, Pro offers an options trading layout. Clicking on this layout (in either the bottom or top menu) produces a new environment with some helpful derivative trading tools. These include option chains, which deliver Greek values and multi-leg strategies. Some of the highlights include butterflies, calendar spreads, and condors.

In the ‘Tools’ menu at the top of the platform there is a very useful gizmo aptly named ‘Options Tools.’ We highly recommend it as the tool contains Pro’s profit-loss diagrams. On the Options Tools window, clicking on the ‘Options Analyzer’ tab produces the P&L diagram. The software presents different strategies, such as short iron butterfly, long put, or short call. After choosing one, E*Trade Pro will generate a profit-loss diagram based on this hypothetical trade.


How To Submit Order on E*Trade Pro

Pro has two order tickets. Both of them can be found under the ‘Tools’ menu. The first is entitled ‘Order Entry’ (easy enough), while the second is under ‘Option Chains.’ The second is designed for trading options and is integrated within the chains window. The first has an options tab on it, where derivatives can also be traded.

Stock and ETF orders on the Order Entry tool come with a few order types, including trailing, hidden stop, and market-on-close. More advanced order types include one-triggers-all, contingent, bracketed, and one-triggers-OCO. Direct-access routing is possible. The default choice is AUTO. Other choices include Nasdaq, ARCA, and NYSE.

For option orders, it’s possible to build your own strategy or use E*Trade’s pre-defined choices. Calls and puts come with direct-access routing, but not multi-leg plays.


Etrade Pro Review


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E*Trade PRO Review Judgment

E*Trade has done an excellent job with Pro. For some odd reason, the online broker doesn’t advertise the software nearly as much as Power E*Trade platform, which seems like a terrible idea to us. E*Trade Pro has many more advanced features than E*Trade Power, and we consider Pro a must for any serious trader.


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Updated on 7/23/2022

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