Even if you’re new to Forex trading, you may already know how crucial it is to keep an eye on the price charts of different currency pairings. Charts provide a visual representation of currency movements, and traders use these charts to apply a variety of technical strategies in an attempt to forecast future price moves.
We’ve put together a list of the top Forex charting platforms that you can use to analyze the market conditions because they’re such an essential tool in forex trading.
What Is A Forex Charting Platform?
A Forex charting platform plots a price chart using price ticks and includes a number of tools for analyzing that chart. A reliable Forex charting platform comes with a variety of charting tools, multiple periods, and different sorts of charts to aid you in making the best trading decisions, unlike some trading platforms that don’t give charts and charting tools and are simply used to open market tickets.
Although many brokers do provide their clients with trading platforms, some of these platforms have extremely limited functionality. They don’t provide the full complement of tools required to trade the market.
This is particularly true for seasoned traders who have already created their trading plans, some of which may be based on certain technical indicators or timeframes. Remember to verify that a broker offers a trading platform that meets all of your requirements before opening a trading account with them.
Why Are Forex Charts Important?
For technical traders, forex charting software is an essential tool. For these sorts of traders, consistent and dependable charting software is crucial since technical analysis depends on the examination of price charts, chart patterns, technical indicators, or price action trading.
Even if you trade based on basic research, there’s a good chance you’ll utilize charts to decide when to enter and exit trades. Forex charting software can help all types of traders, including scalpers, day traders, swing traders, and position traders, make educated trading decisions.
The software’s compatibility with various platforms should be taken into account when choosing charting software.
Which Are The Best Forex Charting Platforms?
The top examples of Forex charting platforms are featured in the list below. But keep in mind that there is more than one best platform; it all relies on your tastes and requirements.
The most popular trading and charting platform among retail traders, without a doubt, is MetaTrader 4. The platform offers a variety of timeframes, from the 1-minute TF to the monthly TF, as well as advanced charting tools, numerous built-in technical indicators, various price charts, and advanced charting tools.
Since MetaTrader 4 has been around for a while, there is a sizable online community where you can seek assistance whenever you need it. Additionally, you can quickly change the appearance of your charts and open a lot of charts at once in different tabs. This is a useful feature since MetaTrader allows you to move swiftly between currency pairs and their corresponding price charts.
The wildly successful MetaTrader 4 platform is replaced by MetaTrader 5. Numerous improvements are included in the new version, including better charting tools, more pending order types, more periods, and more technical indicators.
You may now trade on the H2, H8, and H12 periods with MetaTrader 5, and you can now set new kinds of pending orders, including Stop Limit orders, which combine stop orders with limit orders.
For iOS and Android-based smartphones and tablets, MetaTrader 5 has a mobile version much like MetaTrader 4. Although these mobile versions have less capability than their desktop-based equivalents, you can still see the charts for your favorite currency pairings, add technical indicators, and more.
Last but not least, TradingView is a very capable web-based charting application that provides a huge array of capabilities, including technical indicators, charting tools, graphical objects, and price alerts.
TradingView is widely used by traders to analyze the market; therefore, the platform has developed into a full-fledged social network where traders may freely exchange trading ideas. TradingView users publish thousands of trade setups, giving you the opportunity to learn about the market from other profitable traders.
A forex charting platform is a crucial tool in forex trading, particularly if your trading strategy relies on technical analysis tools to forecast future price moves. Generally speaking, not all trading platforms offer charting capabilities, and some of them simply provide basic charts without any further features. Because of this, a lot of traders opt for a trading platform that includes both charting tools and allows users to submit market orders directly from the platform.
Both MetaTrader 4 and its successor, MetaTrader 5, are the best platforms for this. You can download MetaTrader directly from the broker’s website if you’re trading with a reputable broker like Capitalix.