Best Charting Software for Forex Trading
When you start Forex trading online you will soon come to understand that observing the movements of currencies is vital. The best way to observe such movements is when they are plotted on a chart. Generally speaking, there are many options for Forex charting software that are available to traders.
This article we will examine the most useful and the most accessible ones, in order to help you decide which software is best for your Forex trading, we will explain what charting software is, why you need it, and how to choose the right application that meets your needs.
What is Forex Charting Software?
Forex (FX) charting applications collect the feed of prices from one or more sources, plotting the price changes on a chart, as well as providing some additional benefits for traders. If there is more than one provider for the price feed, the software may either aggregate the prices and display only the average quotes, or alternatively, they might display the quotes from different providers without any aggregation. Charting software enables you to see the price moves, to observe the changes in real time, and to use additional tools for further analysis.
Why is This Software Needed?
In most cases, this software is particularly useful for Forex traders when their trading platform does not provide sufficient charting capabilities, analytical tools, or other important features that a trader might find useful. There are many Forex brokers out there that can supply you with a platform, but often they will have very limited functionality - where you can only open the orders, modify them, and preview the pricing. This is where charting software comes in handy, as it allows traders to use more advanced software for their analysis.
Another reason why traders may find Forex chart software useful is when their platform is not available on a certain device that they use. For example, you might find it difficult to observe the FX prices and charts if you are on a Chromebook and your trading platform is MetaTrader 4. This way you can use an alternative software that displays the charts as a web application.
How to Choose Your Software for Charts
It is difficult to say what the best software for charting is, as it depends entirely on individual styles and needs. It should be understood that we are not looking for the best one, rather, we are looking for the most fitting one. In order to choose a piece of software, it is vital to understand what your requirements are.
Ideally, most of your chart analysis should be performed on your trading platform, especially if you are a day trader. This is why it is important to choose a trading platform that supplies you with a wide range of tools and indicators, while allowing you to plot the chart over your favourite time frames.
Of course, not every professional trader has a powerful trading platform, so its quite important to find charting software that allows you to perform everything you need, as it would be somewhat difficult to accommodate the use of more than two applications simultaneously.
Pricing makes a big difference for many traders. You will be choosing between premium and free Forex charting software. It is important to know that if you are going to choose premium software, you need to make sure it has the premium features you require. In most cases, you can access an abundance of great charting software for free, but there are also pieces of software that can carry out advanced levels of analysis. This type of software will usually come at a price.
It can be hard to find cheap premium charting software, so be prepared to pay a price if you need a good tool for scouting patterns or for performing advanced analysis. If you will be spending a lot of time outside, you are going to need an application that allows you to access Forex charts on the go. This is where mobile apps come in handy. Nevertheless, you will need an application that is designed especially for your device - because accessibility should be one of the key priorities when choosing your charting application.
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Best Forex Charting Software
Charts From MetaTrader
If you are trading with a reputable broker, the chances that you are on MetaTrader 4 (MT4) or MetaTrader 5 (MT5) are pretty high. If you are on one of these platforms and you are looking for an advanced charting solution - you need not look further. MetaTrader platforms are great because they are available with a great number of indicators attached to them, along with a lot of time frames for your analysis. What's more, customising your charts' look and adding your own indicators is simple to do.
However, the disadvantage for most MetaTrader 4 users on Mac is that it is nearly impossible to find an available native application. With Admiral Markets you can trade on MetaTrader 4 without bothering with the 'Wine' application, Admiral Markets enables traders to trade on a native app for Mac.
Web Forex Charts Software
If your platform isn't as good as MetaTrader 4, or you have a Mac and you are not trading with Admiral Markets, you might find that web charting services are a useful option for your FX trading charts. We are not going to examine every single service available, we will simply review the best one - TradingView.
Launched a few years ago, this app has grown into one of the most advanced tools for FX charting and FX analysis, and has even become a social network for traders. This piece of software comes with no download required, it is quite fast, and best of all, it provides stock and Forex charting software for free.
There are a number of things that make this platform truly useful. First of all, the quality of the feed. The prices supplied with this service are somes of the best available. In addition to this, it has a wide range of available indicators and tools, which makes it one of the best options for manual Forex chart analysis software.
The main beauty of this platform is that it is vivid. There are thousands of traders and analysts that are frequently publishing their forecasts and ideas, providing comments, and assessing the content. You are not just provided with powerful charting and great analytics - you are also supplied with a chance to discuss a certain topic or a certain trading idea.
This web application is such a powerful charting tool for illustrating graphs that you can generally substitute your trading platform with it, but only for charting purposes, as it is not possible to trade using TradingView. Nevertheless, you can use the charts across multiple devices, with all of your settings saved in the cloud, and you can simply execute the trading orders on your mobile platform.
These qualities certainly make this application a solid choice for your charting app. This service works on a freemium model, meaning you can sign up and use quite a large share of the services without paying a single penny. However, you would need to get a paid membership if you want to extend the scope of the possible services.
Mobile Charting Platforms
Many people are curious about using a certain charting software on their mobile. Unfortunately, even though the FX Industry is one of the most developed technically speaking, it still doesn't own great charting software for smartphones. As we do not want to recommend you a software that is not considered to be one of the best Forex charting softwares, we will only suggest that you consider going for MT4 and MT5 mobile phone apps.
These applications are available for Android and iOS, so you can make good use of them. You are supplied with an interface that is similar to your desktop charting, and there are also some indicators available. Currently, mobile apps from MetaQuotes appear to be the best choice for Forex traders aiming to get a decent charting app for their mobiles.
It is also important to state that some desktop trading platforms can now be easily substituted with a mobile app, as it is quite easy to execute a trade by clicking just a few buttons. When it comes to charting and analysis, it is vital to understand that charting and analysis should be still be performed on a desktop.
Forex charts software is vital for technical analysis, so you should choose the one that can supply you with the largest amount of necessary features. It is advised not to use more than two different applications, including your trading platform. If you would like to learn more about Forex trading software, make sure to read the following related article:
Trade With MetaTrader 5
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About Admiral Markets
Admiral Markets is a multi-award winning, globally regulated Forex and CFD broker, offering trading on over 8,000 financial instruments via the world's most popular trading platforms: MetaTrader 4 and MetaTrader 5. Start trading today!
This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.