Forex Software, Apps & Websites

Best Charting Software For Forex Technical Analysis

Charting Software for technical analysis in forex is probably the most important tool needed when trading. No matter your style of trading, your balance or goals, charting software is a must to get a review of the forex market. The right charting software can help you decipher the market and help you set great trades. Charting software may be the most simple, yet important tool for determining a technical analysis.

Back in the day, most traders had to rely on a hunch or heads up from other investors when deciding on what asset to invest in. Today, charting software that combines massive amounts of data to be analyzed, allows traders to have a more scientific and technical approach to trading.

Charting software provides real time data and features that allow you to generate alerts for target price areas, indicator signals and more. Charting software can also allow you the ability to back test strategies and tweak parameters on the chart to generate trade alerts.

The forex market can be highly volatile. It is best to come up with a great, profitable strategy and stick to it. While you cannot rely on just charting software alone, charting software is inevitable in forex when coming up with a consistent strategy.

I reccomend TradingView

Trading View is probably the most well known and trusted charting software and website available to Forex Traders. Not only does Trading View provide information on Forex pairs, they include charts for many many other assets, indices and commodities as well. When trading, I always suggest to use Trading View to mark up charts versus using your broker’s platform or any other available charting software. I’m going to list some of the reasons of why I reccomend Trading View for marking up charts versus using any other software or website, even your brokers’.

What Is TradingView?

TradingView is an online platform and app that was started by a group of traders and developers that share a knowledge of building software. Their was to provide trading technology that was easy to use and available to everyone. TradingView is also a social community for traders to interact with each other. Follow me on Trading View at: LaQuiel.

Top 3 Reasons I Recommend TradingView

  • You can track multiple instruments from multiple brokers: Not only does TradingView provide price quotes and charting information for all possible FX pairs, they also include charts and price patterns for each broker that carries that particular pair. We know brokers compete for our business as traders, so buying CADJPY from one broker will be a different price on another broker. Trading View allows us to see the current price of both brokers on their platform.
  • You can Connect With Other Traders From Around The World: The opportunities to reach other investors is endless on TradingView. Not only do they allow traders to live stream, but you have multiple chat features as well. You can reach other traders for informational, educational or entertainment purposes. Strategies and trading ideas are constantly being shared through their platform through public streams as well.
  • You can Enter A trade Straight From The App Or Website: TradingView allows you to mark up charts, then enter a trade right from their platform. You do not have to log into another system to execute your trade. Once you mark your chart you can simply set an entry or enter at market and trade without leaving your chart. While TradingView only works with certain brokers to allow this option, this is a great advantage to be able to execute trades quickly.

TradingView offers both free and paid options for their platform. My first 2 years of trading, I used the free version. However, I can say, when I upgraded my plan to the Pro Version, my trading profit grew by about 40%. My trading game got better because I was able to set more alerts. I tend to ignore alerts, however, TradingView has more options to make your alerts more annoying. Ex: Price target of 92.09 for a pair. You can set an alert that goes off every minute that the pair is near that target price. Since I was constantly receiving more annoying alerts, I was more likely to pull up charts and enter trades. Versus using a platform that gives alerts, but without the ability for it to annoy you every minute. Just a one time alert once price hits target. Those type of alerts I dismiss on my phone or device, I just dismiss them and forget about looking at the chart. Then, I pull up the chart later and I’ve missed the whole move. I’d suggest trying out the free version, especially until you learn the basics of using the platform. However, you may find yourself in the future, like most traders, needing more to elevate your trading game. This is where paying for a plan comes into play.

If you are ready to upgrade to a TradingView paid plan, click here to receive $30 after upgrading. This offer is only available to new users that have never had a paid account before. Please be aware that this is an affiliate link. I will receive commission for your sign up at no additional cost to you. You just receive the credit for signing up via my link.