Best charting software forex
There are complete trading platforms on the market which offer everything a trader needs, such as charting tools, different types of charts, technical indicators, and the ability to directly open orders on the market. Good examples of complete trading platforms are the MetaTrader 4 and MetaTrader 5 platforms, which have found their place in our list of the best free pieces of Forex charting software.
Many respectable brokers offer MetaTrader as a free Forex charting software download for their clients. Besides free charting software, there are also premium versions of these programs which offer certain additional benefits for traders. However, before you decide to invest in a paid version, make sure that the additional features are worth the money.
For most traders, MetaTrader will do just fine. Why is Forex charting software important? Forex charting software is a vital tool for technical traders. Technical analysis relies on the analysis of price charts, chart patterns, technical indicators, or price action trading, which makes stable and reliable charting software extremely important for these types of traders. Even if you trade using fundamental analysis, chances are that you will use charts to identify entry and exit points for your trades.
Scalpers, day traders, swing traders, and position traders can all benefit from Forex charting software to make well-informed trading decisions. An important consideration when choosing charting software is its availability on different platforms. Best Forex charting software The list below showcases some of the best examples of Forex charting software with tons of features.
However, bear in mind that there is no single best program for this purpose, as it all depends on your personal preferences and needs. MetaTrader 4 MetaTrader 4 is still the undisputed king of retail traders. The platform features advanced charting tools, different types of price charts, dozens of built-in technical indicators, and a range of timeframes from the 1-minute TF to the monthly TF.
Since MetaTrader 4 has been around for quite some time, there is a large online community which you can ask for help any time you have a question. In addition, you can easily customise the look of your charts and you can have a large number of charts simultaneously open in multiple tabs.
This is a welcome feature, as you can switch between currency pairs and their respective price charts quite quickly when using MetaTrader. Charts on MetaTrader 4 can be easily resized and you can also add various technical tools in a single click, such as trend lines, channels, Fibonacci retracements, or horizontal support and resistance lines.
There are also thousands of plugins available for this platform, many of which are free, so you can rest assured that all your charting needs will be fulfilled. If you want to trade on the go, there is a mobile version of MetaTrader available for iOS and Android-based devices. Without the currencies, trading would have no difference to gambling.
Here are the things you should look out for when choosing the best forex charting tools to use: Instant access— if the charts will be based on browsers, they should give instant access without many troubles. They should also not have extra software to install or have complicated logins. They should be readily available when you want to create several instant screenshots for journaling purposes.
Customizable— the chart you use for your forex trading should allow you to zoom both in and out, draw objects and even save templates among others. It should also let you customize several program indicators and also test the available trading systems. All these features should be free, and should not come as an added paid option.
The charts should be intuitive and pretty. You should be able to log in and out without any issues using your online trading account. A multitude of traders consider it as their favorite, thanks to its free version and multiple features. For the forex market specifically, TradingView provides a calendar, currency indices and cross rates for the most traded currencies. It also acts as a trading commodity with thousands of analysts and traders publish their opinions and comments concerning the market performance.
The tool is suitable for both new and the experience forex traders, and that why it has managed to attract, any users. TradingView can be assessed on your desktop, smartphone or even tablet provided that you have synced and saved it in a cloud to ensure a seamless transition of devices. NinjaTrader This platform provides advanced charting to all the web surfers. It also offers trade simulations and started back testing.
If you need a charting tool which will offer string charts for your forex traders, then this would be a perfect choice.
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