Best Platform For Forex Trading – Even if you are new to forex trading, you may find that following currency pair price charts is very important. Charts show currency movements graphically, and traders use these charts as a variety of technical tools to predict future price movements.
As such an important tool in Forex trading, we have compiled a list of the best Forex charting apps that you can use to analyze the market. Additionally, we will explain the difference between trading platforms and charting software and discuss why Forex charting is so important for traders.
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A forex charting platform uses price ticks from one or more brokers to plot price charts and has various tools that can be used to analyze these price charts. Unlike some trading platforms that do not offer charts and plotting tools and are only used for open market charts, Sim Forex Charting Software has different charting tools, different time frames and different types of charts to help you make better trading decisions. to help. .
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Although many brokers offer trading platforms for their clients, some of these platforms have very limited functionality and do not offer a complete set of tools required for market trading. This is especially true for experienced traders who have already developed their trading strategies, which may be based on specific technical indicators or time frames. Before opening a trading account with a broker, make sure the broker has a trading platform that meets all your needs.
There are complete trading platforms in the market that offer everything a trader needs, such as charting tools, different types of charts, technical indicators and the ability to open orders directly in the market. Good examples of complete trading platforms are MetaTrader 4 and MetaTrader 5, which earned their place on our list of the best free forex charting software. Many reputable brokers offer MetaTrader as a free forex chart download to their clients.
Apart from free charting software, there are premium versions of this software that offer some additional benefits for traders. But before you decide to invest in the paid version, make sure the extra features are worth the money. For most traders, MetaTrader will be fine.
Forex charting software is an essential tool for technical traders. Technical analysis is based on price charts, chart patterns, technical indicators or price action trading analysis, which makes stable and reliable charting software very important for this type of trader. Even if you trade using fundamental analysis, chances are you will use charts to identify entry and exit points for your trades.
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Scalpers, day traders, swing traders and position traders can use Forex charting software to make well-informed trading decisions.
An important factor in choosing a drawing software is its availability on different platforms. For example, if you are a Mac user, you can use free charting software for Mac, such as the MetaTrader platform. However, remember that to install MetaTrader on Mac, you need to use Wine, which allows you to open programs written for Windows platform on Apple computer.
Plus, if you’re on the go a lot, you can find a planning app that can run on your smartphone or tablet. Fortunately, there are many charting software that can be installed on iOS or Android devices so you can trade the market even when you’re on the go.
The list below shows some of the best examples of forex charting software with many features. However, remember that there is no best plan for this purpose, as it all depends on your personal preferences and needs.
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MetaTrader 4 is still the undisputed king of retail traders. The platform has advanced charting tools, different price types, dozens of built-in technical indicators and different time frames from 1-minute TF to monthly TF. Since MetaTrader 4 has been around for a while, there is a large online community that you can always ask for help. In addition, you can easily customize the appearance of your charts and you can open a large number of charts in multiple tabs at the same time. This is a welcome feature as you can quickly switch between currency pairs and their price charts when using MetaTrader.
MetaTrader 4 charts can be easily customized, and various technical tools such as trend lines, channels, Fibonacci retracements or horizontal support and resistance lines can be added with one click. There are also thousands of plugins for this platform, many of which are free, so you can be sure that all your charting needs will be met.
If you want to trade instantly, there is a mobile version of MetaTrader for iOS and Android devices. Functionality is very limited, but you can still check price charts, add indicators, draw trend lines and other graphical objects, execute trades, and manage and close existing trades.
MetaTrader 5 is the successor of the very popular MetaTrader 4 platform. The new version contains many updates such as improved charting tools, more pending order types, additional time frames and a larger number of technical indicators.
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With MetaTrader 5, you can now trade on the H2, H8 and H12 time frames and place new types of pending orders, such as stop limit orders, which are a combination of stop and limit orders.
As with MetaTrader 4, the mobile version of MetaTrader 5 is available for iOS and Android smartphones and tablets. Although the functionality of these mobile versions is inferior to their desktop counterparts, you can still search the chart of your favorite currency pairs, add technical indicators and other charting tools, and open, manage and close existing trades.
The next charting program on our list is cTrader, which is not as popular as MetaTrader. This trading platform also offers advanced charting tools and a user-friendly interface, but the number of plugins available is very limited as few brokers offer this trading platform. However, if you don’t like MetaTrader for some reason, I’ve added cTrader to this list to expand your available options.
Finally, TradingView is a very powerful online charting software that offers many features such as technical indicators, charting tools, chart objects, and price signals. As more traders use TradingView for market analysis, the platform has evolved into a fully social platform where traders can share their trading ideas for free. You’ll find thousands of trading setups posted by other traders using TradingView, allowing you to gain market insight from other successful traders.
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Although TradingView has the ability to connect the platform to your brokerage account, the platform is still used for charting purposes. However, this should not be a major concern as you can use any other trading platform to execute trades that are displayed in TradingView. You can use TradingView for free, but if you want additional tools and features, you have to pay monthly, which does not make this charting platform 100% free. Although TradingView does not have a live forex charting app for smartphones, traders can access the TradingView website directly from their smartphone’s web browser and access many of the features of the desktop version.
Forex charting software is a very important tool in Forex trading, especially if your business relies on technical analysis tools to predict future price movements. In general, not all trading platforms have charting tools, some only offer basic charts without additional tools. Therefore, many traders choose a trading platform that combines both a charting tool and offers the ability to place market orders directly on the platform.
The best platforms for this are both MetaTrader 4 and its successor MetaTrader 5. If you are trading with a reputable broker, you will be able to download MetaTrader directly from the broker’s website.
Apart from MetaTrader, cTrader is also a reliable platform for retail forex traders. However, it is less popular than MetaTrader, so there are fewer plugins and a smaller online community that supports cTrader.
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Finally, TradingView is one of the best pieces of free live forex charting software available for forex traders that can be accessed directly from your web browser. In addition to its charting capabilities, TradingView is also known for its social trading aspect, with thousands of trading ideas posted on the site every day. However, note that some features of TradingView are not completely free and there are monthly packages for traders who need advanced tools in their trading. However, the free version of TradingView is great for beginners and experienced traders. There are many alternatives in the Forex world when choosing which program to use.
Finding the best algorithmic trading software can take hours of research, but it’s worth it to find the best one for you. But don’t worry, Pearl Lemon’s investment team has already done the hard work.