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There’s no doubt that Forex trading is one of the most lucrative ways to trade in financial markets. However, it’s not as easy as some people think it is. It takes a lot of time, money and effort to invest and research in currencies before one becomes a good trader. There are several ways traders can measure and analyse the movement of the value of currency pairs. However, the most popular methods are via charts. These charts record several prices for a specified time frame, making it easier for trades on future price movements.
Trading methods can differ, but all of them use charts to find entries and stop levels. Traders need to evaluate their own preferences and personal needs before they go for particular charting software. They should evaluate what kind of technical analysis they would require the chart to support. The kind of devices the trader will use the chart on will also dictate his/her decision.
There are many charting software programs available, each having its own pros and cons.
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Let’s take a look at 5 forex charting software programs that can help out a trader immensely in 2021.
MetaStock Charting Software
MetaStock is a charting software program that comes with several charts and indicators which can be applied to stocks, bonds, ETFs and Forex trading. With excellent back-testing and forecasting tools present, MetaStock also provides an excellent trading systems marketplace. Users can also access a large library of add-on professional strategies. Although the program is only compatible with Windows OS, it can be used on a Mac via PC emulation software.
TradingView is probably the most used charting software that works both as a screener and stock-picking software. It applies extensive cloud-based charting tools for research. Traders can collaborate and share with other active traders using the software. Started back in 2012 as a charting software that provided vast customisation features, it quickly became a popular charting software due to its versatility.
Quote Tracker is a forex charting software that also streams stock prices, news and other trade-related information in real-time. It provides dynamic historical charts, real-time intraday charts and even supports major subscription data feeds and alerts. Users can configure it to display information for many chart styles, including OHLC and candlesticks.
eSignal is an advanced charting platform that provides customizable charts and analytical tools for easy references while trading. It provides a bulletproof stock scanner, market profile, advanced volume analysis and automated systems besides being a comprehensive charting software. Users can also access hundreds of technical indicators and also function as quasi-trading platforms. Users can connect to more than fifty different brokers and execute trades directly from its terminal.
AmiBroker is not just a charting platform but a full-fledged technical analysis platform catering to advanced traders. The host of technical charts are highly versatile, letting users easily add several technical analysis parameters. They can also switch between multiple timeframes and fully customise the charts to their liking. Compared to a lot of other charting platforms, AmiBroker is remarkably fast.
Many of the forex platforms and brokerages suggest that their traders use charts for their trades. By combining real-time quotes and historical data, charts can help traders identify a profitable investment opportunity. Because of the role they play in technical analysis, traders should be careful while selecting a particular charting software. The above five are some of the best and most used charting software that can turn your trading into a pleasurable and profitable experience.
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