Forex is usually represented by foreign currency pairs and an intricate chart that makes no sense to those who have no experience with technical analysis.
Professionals believe that understanding various charts depicting the changes in market conditions as well as the fluctuations of prices of currency pairs is the secret behind trading forex profitably. But unfortunately, newcomers do not have any idea about how to read a chart and what to make out of it. Consequently, they suffer at first and then slowly gain more experience, knowledge, and exposure to confidently call their shots with the best forex charting software.
The significance of forex charting software
Technical traders are those individuals who depend on technical analysis almost entirely and spend hours understanding various interactive charts using the software. You can use a MetaTrader’s platform to help you. The reason why this software is considered such an indispensable tool for forex enthusiasts is that it breaks down the complexities present in a forex price chart. Every single type of software is not created equal so there is a chance that one provides a better solution for any specific needs.
A dependable software meant for forex traders simplifies the procedure of technical analysis. Considering the technical aspect of forex trading is highly recommended for making successful trades in the foreign exchange market. In this type of analysis, traders have to identify various patterns, pick indicators, and moving averages that signify a positive turn of market conditions.
This way, using forex chart software ensures that you can land a profitable trade and make a certain amount of money depending on the lot sizes chosen before trading.
TradingView
One of the most popular and ideal software for online charts includes Tradingview which is known for constantly improving its offerings with time.
Features:
- It has a simple yet standard design and user-friendly interface which are Tradingview’s two recognisable features.
- Millions of people around the world utilise this platform on a daily basis to monitor, check, and plan their trading moves depending on the market condition.
- This feature-rich platform allows users to get precious information about each of the currency pairs from fundamental data sources with just a click.
- The best thing about Tradingview is that their services are not solely meant to benefit anyone type of trader but traders of all kinds of financial instruments.
- Tradingview has formed a strong community of like-minded traders by allowing users to create and publish their charts and setups. By sharing these ideas, people inspire, alert, and advise fellow traders efficiently.
NinjaTrader
NinjaTrader is another long-standing platform that has won many industry awards in the past for its amazing features and usability.
Features:
- This beginner-friendly platform is easy to understand and also has many advanced features that would impress professional traders who rely on technical analysis in forex.
- Its powerful capabilities make chart analysis an interesting, convenient, and rewarding experience for all.
- Ninjatrader gives users access to a plethora of tools and indicators required to study the market accurately.
- Some of the built-in tools include a news panel, streaming quotes and you can also add third-party products within the Ninjatrader environment to make the most out of it.
MetaTrader
This piece of software is recognised as the industry favorite when it comes to trading software. Being the most popular trading software as well, the majority of traders utilise it daily to trade conveniently. If you are interested in using MetaTrader then you make sure to choose which one to proceed with as there are 2 variants named MT4 and MT5.
Features:
- While MetaTrader is supported by several forex brokers, one must keep in mind that its Windows version is the most popular one.
- If you use a Mac then you would find fewer options to use the Mac version of MetaTrader.
- MetaTrader’s platform allows traders to make full use of several technical analysis and chart analysis tools that save their time and effort to understand every turn of the market.
- An entire library of tools is available for the users to do a quick and easy analysis of the forex charts.
- Typically, no fees are associated with the MetaTrader software for charts and tools if you are using a reliable broker.
Best forex software helps traders a lot especially when they do not want to rely on other’s help.
