Forex analysis software free

The Best Technical Analysis Trading Software.

There are those who say a day trader is only as good as his charting software. While that's debatable, it's certainly true that a key part of a trader's job – like a radiologist's – involves interpreting data on a screen; in fact, day trading as we know it today wouldn't exist without market software and electronic trading platforms.

A lot of software applications are available from brokerage firms and independent vendors claiming varied functions to assist traders. Most brokerages offer trading software, armed with a variety of trade, research, stock screening and analysis functions, to individual clients when they open a brokerage account. In fact, the bundled software applications – which also boast bells-and-whistles like in-built technical indicators, fundamental analysis numbers, integrated applications for trade automations, news, and alert features – often act as part of the firm's sales pitch in getting you to sign up.

Much of the software is complimentary; some of it may cost extra, as part of a premium package; a lot of it, invariably, claims that it contains "the best stock charts" or "the best free trading platform." Fact: There is no single best stock chart, or best stock screener software. There are too many markets, trading strategies and personal preferences for that. But we can examine some of the most widely-used trading software out there and compare their features. Whether their utility justifies their price points is your call.

MetaStock : One of the most popular stock trading software applications, MetaStock offers more than 300 technical indicators, built-in drawing tools like Fibonacci retracement to complement technical indicators, integrated news, fundamental data with screening and filtering criteria, and global markets coverage across multiple assets: equities, derivatives, forex, futures and commodities. Both its MetaStock Daily Charts Subscription and its MetaStock Real Time packages (especially geared for day traders) include its highly praised stock charts software.

Worden TC2000 : If you are interested exclusively in U. S and Canadian stocks and funds, then TC2000 offers a good solution. Features include stock charts, watch lists, alerts, instant messaging, news, scanning, and sorting. TC2000 offers fundamental data coverage, more than 70 technical indicators with 10 drawing tools, and an easy-to-use trading interface, as well as a backtesting function on historical data. It does not, however, offer automated trading tools, and asset classes are limited to stocks, funds, and ETFs.

eSignal : Another popular stock trading system offering research capabilities, eSignal trading tool has different features depending upon the package. It has global coverage across multiple asset classes including stocks, funds, bonds, derivatives, and forex. eSignal scores high on trade management interface with news and fundamental figures coverage, and its stock charts software allows for a lot of customization. Available technical indicators appear to be limited in number and come with backtesting and alert features.

NinjaTrader : An integrated trading and charting software system, providing end-to-end solution from order entry to execution with customized development options and third-party library integration compatible for 300+ add-on products, NinjaTrader is one of the commonly used research and trading platforms. It's especially geared to futures and forex traders. While not a free trading platform, costs can be as low as $.53 per contract, and commission rebates are not uncommon. Apart from the usual technical indicators (100+), fundamentals, charting, and research tools, it also offers a useful trade simulator, enabling risk-free trade learning for budding traders.

Wave59 PRO2: Offering advanced level products for experienced traders, Wave59 PRO2 offers high-end functionality, including "hive technology artificial intelligence module, market astrophysics, system testing, integrated order execution, pattern building and matching, the Fibonacci vortex, a full suite of Gann-based tools, training mode, and neural networks," to quote the website.

EquityFeed Workstation : One prominently highlighted feature of the EquityFeed Workstation is a stock hunting tool called "FilterBuilder"– built upon huge number of filtering criteria that enables traders to scan and select stocks per their desired parameter; advocates claim it's some of the best stock screening software around. Level 2 market data is also available, and coverage includes OTC and PinkSheet markets. However, it offers limited technical indicators and no backtesting or automated trading. Its product-specific search tools like ETFView, SectorView, etc. rank among the best stock screening software. And it even offers free trading platforms – during the two-week trial period, that is.

ProfitSource : Targeted at active, short-term traders with precise entry and exit strategies, ProfitSource claims to have an edge with complex technical indicators, especially Elliot Wave analysis and backtesting functionality with more than 40+ automated technical indicators built in. Its asset class coverage spans across equities, forex, options, futures, and funds at the global level.

VectorVest : With trading platforms and analytics software that cover different geographic regions (for the U. S., UK, Australia, Canada, Singapore, Europe, Hong Kong, India, and South Africa), VectorVest is the one for the intercontinental crowd. Its program offers comprehensive coverage for common technical indicators across major stocks and funds all around the world. VectorVest also offers strong backtesting capabilities, customization, real-time filtering, watch lists, and charting tools.

INO MarketClub : For users specifically looking for charting software, INO’s MarketClub offers technical indicators, trend lines, quantitative analysis tools, and filtering functionality integrated with a charting and trading system – not just stocks, but futures, forex, ETFs and precious metals.

The Bottom Line.

The decision to go beyond free trading platforms and pay extra for software should be based on the product functionality best fitting your trading needs. You can often test-drive for nothing: Many market software companies offer no-cost trial periods, sometimes for as long as five weeks. Novice traders who are entering the trading world can select software applications that have a good reputation with required basic functionality at a nominal cost – perhaps a monthly subscription instead of outright purchase – while experienced traders can explore individual products selectively to meet their more specific criteria.

How to Choose the Best Forex Analysis Software.

It's fair to say that Forex is an attractive market, especially for novice traders. You can go short and long, you can use a margin on your trading positions and there are lots of trading instruments available at your fingertips. Most trading is performed on a daily basis, which is also known as day trading and this is where the analysis for the trends and patterns becomes vital.

This article will provide you with an overview of some of the best Forex analysis software available and will highlight the options for traders of every level.

MetaTrader 4 by MetaQuotes.

When looking for the best tool for analysis of the Forex market, you don't have to go far. MT4, an extremely popular trading platform among FX traders, provides the tools needed for good market analysis. While some will be unaware of this platform, the vast majority of traders know and have experience with MT4, and it's the trading platform you can use with Admiral Markets.

MetaTrader 4 comes preloaded with a lot of effective and useful tools for successful trading. Of course, the most important element of MT4 is the amount of available trend indicators, oscillators and indicators of volume. You may plot over 50 different indicators on your chart and there is nothing to stop you from using multiple charts at the same time.

Another vital part of this Forex analysis software is the amount of time frames available . These tools are used to in order to plot the chart over a specific amount of time, and usually time frames are used in combination with Japanese candlesticks, where a candle shows the price ranges over a specific time frame.

MetaTrader 4 lets you plot data over nine time frames, ranging from one minute to one month. This way, you can spot short, medium and long term patterns .

Another advantage of the MT4 analysis capabilities is the number of available graphical objects that you can plot on your chart. The platform allows traders to easily draw support and resistance levels as well as draw various shapes that could help in analysing the market.

MetaTrader certainly offers users a great amount of Forex analysis tools, yet are there are even more items available if you trade with Admiral Markets on MT4. Read below to find out what these items are.

MetaTrader 4 Supreme Edition.

Admiral Markets lets you experience MT4 trading in a whole new way by providing a large amount of extra tools via its MT4 Supreme Edition plugin. Once you have downloaded it and installed it over your existing MT4 software, you will gain access to these additional tools.

Some of these tools will help you execute your trades in a better way, like mini terminal which is a major update in regular one click trading supplied by MetaQuotes. There are also additional tools that can extend your analytical opportunities.

The main Forex market analysis tools available with MT4 Supreme Edition are Market Sentiment Trader and Correlation Matrix.

Market Sentiment Trader lets you observe long vs short positions on a certain trading instrument so you can preview the beliefs of traders and see if these positions are going to be against or in favour of your potential trades.

By using this tool for the analysis of the market, you can gain extra knowledge about the currency pair or other assets being overbought or oversold by the vast majority of the retail traders. Such an indicator is also known as Bulls and Bears .

The Correlation Matrix is one of the greatest Forex analysis tools, especially for novice traders as it demonstrates how changes in the price of one currency pair are expected to be reflected in the price change of another asset. This is not a simple indicator but a matrix as it also lists the changes over the available time frames . This is done as the correlation may differ drastically depending on the instruments and their time frames.

Such a tool is especially useful for novice traders as it will help in placing your margin to the assets with the desired level of correlation.

There are of course more useful features of MetaTrader 4 Supreme Edition, yet not every of them is related to the analysis of the market. Even though MT4 is extremely popular, and Admiral Markets makes it much more useful than it is with most other brokers, there are also additional tools you can use in order to better predict the behaviour of the market .

TradingView.

Unfortunately, MetaTrader 4 and its updated version MetaTrader 5 aren't currently available as web applications. Whilst you can trade from your desktop or your mobile application, you cannot trade without installing a program. If you are simply interested in the analysis and not in the trading itself you would still need to install MetaTrader 4 in order to benefit from the rich selection of the Forex analysis tools.

TradingView is a browser application with powerful charting, so you can generally experience a great set of analytical tools without having to install the whole app. However, you cannot trade from TradingView so it is best used as an analytical tool in conjunction with a trading platform such as MT4.

Real-time charting.

When you are trading on MT4 you are provided with real time data, yet it can be hard to find live data feeds in Forex analysis software which are free of charge. TradingView supplies one of the best priced feeds, which will ensure your charts are updated regularly. It is also possible to sign up for a premium membership so your data feed is as fast as possible on all trading instruments.

Charting and indicators.

TradingView also allows you to access an enormous amount of indicators so you can perform much more detailed analysis. You can also select what type of charts to view, ranging from a regular line chart to Japanese candlesticks. Users can also benefit from handy tools such as Fibonacci retracement levels. TradingView can provide you with some good and powerful analytical tools, but as mentioned it is not a trading platform and it best used as an additional tool.

What makes this application one of the best Forex market analysis tools is its speed. You can easily apply indicators, customise your charts, and select new instruments quickly and efficiently.

Large and vivid community.

As well as benefitting from improved analysis, you can also see thousands of traders performing their predictions with the help of TradingView Forex analysis software and learn from their strategies. This way you can start relying on crowdsource trading ideas instead of only focusing on the development of your own.

Other tools.

There are other alternatives to both MetaTrader 4 and TradingView available to traders, yet most of these tools are very specific and limited in terms of their scope, or simply inferior in terms of their quality. As a novice or regular trader you will be much better off using the tools described in this article.

When looking for new Forex analysis tools, it may be worth considering custom expert advisors that you are able t find on the internet or in the MetaTrader Store. It is advisable to actually look for custom indicators and useful tools of analysis, instead of trading robots. This way you will be able to learn and understand how to make the analysis better.

Conclusion.

It is important to keep your trading simple, comfortable and have a necessary degree of clearance in your chart. There are plenty of Forex market analysis tools available to traders for free or for a charge, yet you should only focus on the tools that can be considered as a valuable addition to your trading strategy.

It is also important to have either the majority of your analytical tools or none of them at all placed in your trading platform. Usually if you have to balance between a few analytical tools and also perform an analysis on your trading platform, you may simply get lost in the overwhelming amount of the data.

This is why you shouldn't really use more than two tools for your FX analysis.

The perfect environment for testing trading decisions is with a risk-free demo account.

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Risk warning: Trading Forex (foreign exchange) or CFDs (contracts for difference) on margin carries a high level of risk and may not be suitable for all investors. There is a possibility that you may sustain a loss equal to or greater than your entire investment. Therefore, you should not invest or risk money that you cannot afford to lose. Before using Admiral Markets UK Ltd or Admiral Markets AS’ services, please acknowledge all of the risks associated with trading.

The content of this website must not be construed as personal advice. We recommend that you seek advice from an independent financial advisor.

All references on this site to ‘Admiral Markets’ refer jointly to Admiral Markets UK Ltd and Admiral Markets AS. Admiral Markets’ investment firms are fully owned by Admiral Markets Group AS.

Admiral Markets UK Ltd is registered in England and Wales under Companies House – registration number 08171762. Admiral Markets UK Ltd is authorised and regulated by the Financial Conduct Authority (FCA) – registration number 595450. The registered office for Admiral Markets UK Ltd is: 16 St. Clare Street, London, EC3N 1LQ, United Kingdom.

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ProRealTime is an online charting software for technical analysis & trading.

ProRealTime's high quality charts, analytic tools and reliable market data received directly from the exchanges make it a powerful decision support tool.

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What is the best method of analysis for forex trading?

Types Of Analysis Used In Forex.

Forex analysis is used by the retail forex day trader to determine whether to buy or sell a currency pair at any one time. Forex analysis could be technical in nature, using charting tools, or fundamental in nature, using economic indicators and/or news based events. The day trader's currency trading system use analysis that create buy or sell decisions when they point in the same direction. Forex trading strategies that use this analysis are available for free, for a fee or are developed by the trader themselves.

Fundamental analysis is often used to analyze changes in the forex market by monitoring factors, such as interest rates, unemployment rates, gross domestic product (GDP) and many other economic releases that come out of the countries in question. For example, a trader analyzing the EUR/USD currency pair fundamentally, would be interested in the interest rates in the Eurozone, compared to those in the U. S. They would also want to be on top of any significant news releases coming out of each country in relation to the health of their economies.

Technical analysis can be either manual or automated and is a system that uses past price movement to determine where a given currency may be headed. A manual system involves a trader analyzing technical indicators and interpreting whether to buy or sell. An automated trading analysis, involves the trader "teaching" the software what signals to look for and how to interpret them. Automated analysis takes out the human element of psychology that is detrimental to a lot of traders.