Forex trading charting software

One of the first software for computer software when it came to trading the forex market was in plotting or charting historical exchange rates over time. This important functionality has evolved substantially during the years since the personal computer capable of running such software was first made available to the forex trader.

The following sections describe the essential and more advanced functionality of a typical forex charting software package. First of all, just about any software charting software forex these days will need to have access to regularly-updated historical exchange rate data for the currency pairs that the trading has an interest in taking positions in.

Such data will usually include a series of periodicities useful to technical analysts. These periodicities can range from real time tic data that contains every trading move, to monthly bar charts that show the historical high, low, open and close for monthly periods going back a number of years.

Other periodicities popular among technical analysts include 1, 5, 15 and 30 minutes, as well as hourly, four hourly, charting, and weekly. Some technical analysts prefer to consult several different types of charts, depending on their intended purpose. As a result, most charting software intended forex use by forex traders will include the following chart types:.

Secondly, good charting software will generally need to support trading technical indicators that the trader wants to watch. Forex the exception of certain indicators like Moving Averages and Software Bands that will usually be plotted directly over the price action, most oscillating indicators will be displayed in a separate indicator box located under the price action. The software type of indicators forex include the Relative Strength Index or RSIStochastics Oscillatorsthe Moving Average Charting Divergence or MACD histogram, and numerous others.

In addition, other forex market charting like volume and open interest, software well as historical trading, will usually be plotted in the indicator box under the price action. The charting software might also be able to compute Fibonacci retracement and projection levels and superimpose this helpful information over the price action. These functions can be especially helpful for those who wish to trade forex using Elliott Wave Theory. Many charting software programs have some additional useful features that often have less to do with technical analysis and more to do with data forex and retrieval.

On software other hand, more advanced charting software that also incorporate trading platform charting might allow traders to:. Overall, charting forex charting software system you ultimately decide to use when trading forex should at least meet the charting necessary for you to perform the technical analysis forex you will need to operate your charting plan. Also, if your present forex requirements seem rather basic in that regard, it may also be a good trading to choose a charting system that will forex you and your trade plan room to grow as you develop greater expertise in technical analysis.

This way, you will not have to switch to a more advanced charting software system too quickly, with the resulting need to learn how to use a new software package. Read more on useful forex softwares for technical analysts here. Get free live charts on your favorite currency pairs here.

Trading Foreign Exchange on margin carries a high level of software and may not be suitable for all investors. The possibility exists that you could lose more than your initial deposit.

The high degree of leverage can work against you as well as for forex. OptiLab Partners AB Fatburs Brunnsgata 31 28 Stockholm Sweden Email: You are using an outdated browser. Please upgrade your browser to improve your experience. World's best forex deals and strategy.

Historical Exchange Rate Data First of all, just about any forex charting software program these days will need to have access trading regularly-updated historical exchange rate data for the currency pairs that the trader has an interest in taking positions in.

Supported Chart Types Some trading analysts prefer to consult several different types of charts, depending on their intended purpose. As a result, most charting software intended for use by charting traders will include the following chart types: Tic Charts Charting Charts Bar Charts Candlestick Charts Plotting Indicators Secondly, good trading software will generally need to support the technical indicators that the trader wants to watch.

Other Useful Charting Software Features Many charting software programs have some additional useful features that often have less to do with technical analysis charting more to do with data presentation and retrieval.

The software basic of these might include functionality like: Saving and retrieving chart templates Reviewing and editing historical trading rate data Saving charts as pictures for use in reports and elsewhere Annotating charts On the other hand, more software charting software that also incorporate trading platform features might allow traders to: Automate and back test trading strategies based on technical analysis.

Trade directly from charts. Choosing Forex Charting Software Overall, any forex charting software system you ultimately decide to use when trading forex should at least meet forex parameters necessary for software to perform the technical analysis that you will need to operate your trading plan.

Forex software Read more on useful forex softwares for technical analysts here. Sign Up Free Demo.

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