As a trader, observing the currency movements is vital to being a successful trader. Having these movements in a chart is the easiest way of interpreting price movements. For effective interpretation of market information, we make use of charting software. Forex Charting Software collects prices from one or many sources, and then the same information is plotted on a chart. These tools will enable you to see price moves and note changes in real time.
In this article, we have handpicked a list of 7 forex charting software that will revolutionize the way you trade, and of course your trading experience.
Why we need charting software
Most traders make use of these tools to enhance their trading platform. If for example, your trading platform lacks sufficient analytical and charting capabilities, then what you will need is forex charting software. Charting software allows users to access more advanced analytical tools in their trading.
Top 7 Charting Software for Forex Traders
Here we will present a list of 7 Charting Sofware for Forex Traders. Hopefully you will find your favorite among these 7 charting software. We have also added helpful videos for each of the software, so you can see how they work for real.
Meta Trader 5 charts
If you have a reputable broker, then chances are that Meta trader is among the trading platforms provided by the broker. With a Meta trader platform, you have the ultimate solution as it comes with highly advanced charting tools. You will not need to add any charting tool as the platform is all around. It has many indicators as well as multiple time frames. You also have the option of customizing and adding your own indicators to suit your trading style. The only disadvantage of this platform is that it’s not readily available for Mac users.
Launched not so long ago, Trading view provides the users with advanced charting and forex analysis tools. With this app, no download is required and comes free for all stock and currency traders. What truly distinguishes this charting software from the rest is the quality of price feed. Secondly, it has a very wide variety of indicators which makes it a darling to most manual traders. This tool doesn’t just provide great analytics and powerful charting; it gives traders a platform to discuss the market.
This software not only provides its users with technical analysis and advanced charting tools; eSignal will offer you with educational materials. eSignal gives you a reach to global markets without foregoing on affordability, reliability, and versatility. They pride themselves on having one of the most sophisticated market data infrastructures around the globe. eSignal has over 100 indices constituting of futures, stocks, options, and currencies. When it comes to back-testing eSignals will provide you with a comprehensive market history across all markets.
This web-based forex tool has an inbuilt auto-psyching engine that ensures your analysis is not lost. It is both available on your mobile as well as your PC. You can do mirror trading ideas for beginners or even experienced traders. Here are some of the advanced features of Smart trader:
- Smart Fibonacci: This feature will enable you to automatically find support and resistance points without the need of doing any technical analysis. This feature will be best for inexperienced traders.
- Smart support The charting software comes with full-time support. Don’t be left in the dark, their dedicated support will be there with a ready answer and solutions.
- Smart scripts: This feature allows you to customize your various strategies.
- Smart Ideas: Smart trader lets you interact with the best traders. Unlimited support as well as a shared workspace. There is also a Facebook community where one can socialize with fellow traders.
This charting tool is freely available and will not require any registration or credit card attachment. They provide over 31 million charts to over 300,000 traders a month. Free stockcharts.com provides its users with free video tutorials, pdf, and PPT allowing you to learn at your own pace. There are tutorials to organize watch list, customize charts as well as how to utilize drawing tools. You can put interactive charts on blogs with free charts.com. Its design makes it easy for users to embed in their own sites. You are able to access quick reports giving you snapshots, news and price quotes.
Stockcharts.com gives traders the power to create custom yet high-quality charts in just a few clicks. You annotate your charts, save them and access them from the web. Whether tracking an individual commodity or a broader market, you will definitely have an edge in the market. You are able to access your portfolio, organize charts and save right at the comfort your phone. Stock charts will also provide potential investment opportunities thanks to their scanning and alert features. You can scan thousands of market scenarios and find commodities that fit your technical trading method in seconds. Other resources include expert commentaries and pdf guides.
NinjaTrader is an online trading software that focuses on providing high-performance trading software for active traders looking to trade stocks, options, futures and Forex products.
NinjaTrader is free to use for advanced charting, backtesting & trade simulation. Use order flow, volumetric bars & market depth to confirm movement in a specific direction.
Alerts allow you to define custom triggers based on various conditions in the Market Analyzer, Hot List Analyzer, or Charts. Unique and complex conditions can be built around existing market data components, indicators, or drawing tools. The configuration of an Alert in NinjaTrader 8 are completely achieved through a point and click interface, requiring no programming experience of any kind.
Conclusion – Which is the best Forex charting software?
In a nutshell, there are many other forex charting tools available to traders. This Top 7 list of Charting Software for Forex Traders was meant as an essential help for new and experienced traders out there. We have just highlighted the most popular and the ones that offer the most advanced features. Adopting these charting tools will not only make you more profitable but also more consistent. Your analysis will improve in terms of quality and speed. It is worth noting that, adopting a good charting tool will not solely make you a good trader. These tools must be used with other underlying factors highlighted in our other articles. One should carefully analyze each tool to see which best fits his/her case. Remember, do not just rely on reviews, what works for another person may not necessarily work for you.
When choosing the most appropriate charting tool, I would recommend that you work with the ones freely given. You only pay for the extra features. Assess your strategy to see what features are most important for your case. Choose a tool that has the most features in line with your strategy. For technical traders, research on the available indicators and the possibility of having custom indicators.
Then you will need to check the amount of history availed. This again depends on your trading strategy and style. If you are a scalper, then the history will not be a very important factor to consider. Last and not the least, look for a tool whose interface is easy to use, navigate and appealing to you as a user.