Refinitiv Eikon Excel Add-in Vs MarketXLS

Table of Contents

• Introduction
• Facts you should know about Refinitiv Eikon’s Excel add-in
• Top 10 reasons to pick MarketXLS as a substitute for Refinitiv Eikon’s EXCEL add-in
• Conclusion: Choosing the Right Tool for You

Introduction

In the world of financial data analysis, Excel is one of the most widely used tools for managing and analyzing vast amounts of market data. Platforms like Refinitiv Eikon provide robust Excel add-ins that integrate real-time market data directly into spreadsheets. However, for many financial analysts, traders, and portfolio managers, the cost of such premium solutions and their complexity can be a barrier. MarketXLS, a rising star in financial data integration, is a strong alternative that offers many of the same capabilities but at a fraction of the cost.

In this article, we’ll take a deep dive into Refinitiv Eikon Excel Add-In to explore its features, then look at MarketXLS as a potential substitute, highlighting its key strengths and why it might be an effective choice for users looking for simpler, more affordable solutions.

Facts you should know about Refinitiv Eikon Excel add-in

Refinitiv Eikon is a premium financial analysis platform offering real-time data, analytics, news, and insights across multiple asset classes. Its Excel Add-In enhances its utility by allowing users to directly pull live market data, time series, financial reports, and other critical information into their spreadsheets. This integration provides a seamless workflow, enabling financial professionals to:

1. Streamline Data Retrieval: Eikon Excel Add-In gives access to real-time financial data such as stock prices, economic indicators, FX rates, commodities, and more.
2. Customizable Functions: Users can leverage a vast library of Excel functions that are custom-built for financial data, making it easier to create sophisticated models and analyses.
3. Advanced Analytics: With access to historical data and powerful charting capabilities, users can perform in-depth technical and fundamental analysis.
4. Real-Time Data Updates: Users can get real-time updates on financial instruments, enabling timely decisions for trading and investment.
5. Integration with Other Refinitiv Tools: Eikon works seamlessly with other Refinitiv services, ensuring that users have access to a complete suite of market intelligence and data solutions.

While Refinitiv Eikon Excel Add-In is highly regarded in the industry, it can be expensive and may come with a steep learning curve. It is often used by large financial institutions and institutional traders who require cutting-edge features and deep market insights.

Top 10 reasons to pick MarketXLS as a substitute for Refinitiv Eikon EXCEL add-in

MarketXLS is a robust and versatile investment research tool that offers several distinct advantages. Here are some top reasons why you might choose MarketXLS:

1.Cost-effectiveness: MarketXLS is more affordable than Refinitiv Eikon.MarketXLS offers various subscription tiers. For many users, particularly individual investors, small businesses, or beginners in financial analysis, it provides good value. The pricing is typically more approachable compared to Refinitiv’s premium-level subscriptions, which can be quite expensive.

Refinitiv Eikon licenses are only intended for individual use and cannot be shared across multiple machines. Basically Refinitiv Eikon Excel add in -is costly and this adds to this cost. Firms, Institutions… find difficult to cope up with this pricing strategy as one license is only permissible for one user. This is where MarketXLS becomes a more affordable & versatile choice.

The Floating Licensing of MarketXLS helps to apply one license to multiple machines, but only one machine can be active with the license at any given time. If you’re using the license on one machine (let’s say Machine 1) and you want to switch to another machine (Machine 2), you can simply apply the license key to Machine 2 to activate it there. Consequently, the software on Machine 1 will become inactive. To switch back to using MarketXLS on Machine 1, you would need to reapply the license key on it again.

2.MarketXLS offers real-time stock and option data directly in Excel, enabling quick decision-making and enhancing investment strategies.

3.MarketXLS offers a range of comprehensive tools and features. It includes options filtering and scanning, historical stock and options data, and analysis functions, such as Put/Call Ratios and Average Volume Options. Additionally, it has a stock screener and a variety of technical analysis indicators that can be used directly within Excel.

4.MarketXLS offers customizable templates for various investment scenarios. This allows users to tailor their spreadsheets to fit their specific investment strategies.

5.Broker Integration: MarketXLS integrates with brokerage services like Interactive brokers, Tradier, Thinkorswim. This allows users to execute trades directly from Excel, enhancing functionality right where you manage your research.

6.AI-driven Features: MarketXLS includes AI-powered search to quickly sort through thousands of functions and templates. This makes it easier to find and use data effectively.

7.MarketXLS provides accessible customer support and a wide range of educational resources, including tutorials and webinars alongside tools like the Options Profit Calculator for simulating trade scenarios. This is especially helpful for users who are new to financial data analysis or Excel modeling. While Eikon offers comprehensive support, MarketXLS’s user-friendly approach ensures that even novice traders and analysts can get up to speed quickly.

8.Performance and Speed: MarketXLS offers institutional-grade functionality. Most data requests are processed in under 86 milliseconds.

9.Charting and Visualization: With MarketXLS, users can create customized stock charts directly within Excel. The software provides features like annotation of candlestick patterns and the ability to share charts across platforms like Twitter and StockTwits.

10.Focused on Excel Users: MarketXLS is tailored specifically for Excel users, ensuring seamless integration and functionality within Excel. This focus may provide a more intuitive and user-friendly experience for those who are already comfortable with Excel.

These features highlight MarketXLS as a flexible, powerful tool for investment research and execution, developed with user feedback and geared towards meeting the needs of both individual investors and professionals.

Here is the template you might want to checkout and marketxls has 100s of templates to get you started easily and save you time:

MarketPulse Dashboard – This template is great for portfolio analysis and provides in-depth examination to make strategic decisions.

Conclusion: Choosing the Right Tool for You

Ultimately, the choice between Refinitiv Eikon’s Excel Add-In and MarketXLS comes down to your specific needs and budget. If you’re an institutional player with complex data requirements and advanced analytics needs, Eikon is likely the better fit. However, for small businesses, independent analysts, registered investment advisors and retail traders. MarketXLS provides a powerful, user-friendly, and affordable alternative that covers all the essential features without the financial burden of more expensive platforms.

Both tools integrate seamlessly with Excel, empowering users to perform detailed financial analysis with real-time data. So, if you’re looking for a cost-effective and simple-to-use Excel add-in, MarketXLS might be the perfect substitute to Refinitiv Eikon—offering robust capabilities without the high price tag.