Let’s talk about the qualities of the best free Forex charts. Forex charts are hard to explain but they have proven to be indispensable to the hardcore Forex trader. These charts have become the analysis tool of choice for traders because of the powerful features it has. The live Forex charts have rendered the hard copy Forex graphs outdated.
Forex Charts
These Forex charts cover a vast array of data. They are usually presented in pairs of currencies because it’s useless to get a graph of only one currency. The better charts no longer require users to toggle back and forth between the chart and trading platform. They have the trading functions built into the interface. But all graphs have one thing in common: they plot the prices of the day. You can use these data to compare rates and see if any trends appear.
Things to Look Out For
A number of factors contribute to a great chart. Along with these factors should be the ability to manipulate data. Technical indicators also play a role to help traders analyze the market. Indicators such as Simple Moving Average (MVA), Exponential Weighted Moving Average (EMA) or Relative Strength Index (RSI) are must-haves. Look for graphs that can offer the most Technical Indicators.
Another feature to look for is the chart element. Chart elements can help traders analyze the market trends and locate opportunities. These are the elements that are important to Forex charts: Fibonacci Retracement, Fibonacci Time Zones, Trend Lines, Price Overlays, Equidistant Channel and Regression Channel. All charts should be able to allow users to create labels. This will be helpful so that they won’t get lost in their analysis.
Good charts should also have an option to provide the user with both real-time and historical data. The real-time data can give an idea of what’s happening, while the historical data enable users to track and analyze trends.
Free Online Forex Charts
- Powercharts—has the unique feature of letting users save their multiple workspace layouts. Recommended for intermediate users.
- Netdania—users can overlay multiple indicators and charts for multiple currency pairs. Recommended for all user levels. Beginners will find this chart easy to understand.
- MC FX—its unique feature is that it can automate the execution of strategies. It offers comprehensive features, a long list of indicators and chart elements. Recommended only for advanced users.
- Stratagem—premium version can provide all the features you need to improve your Forex analysis. Recommended for intermediate users.
- Marketscope—allows users to place trades directly from the charts. It also has a lot of indicators and elements users can use. There’s also an email alert function built into the chart. Recommended even for beginners.
That should give you an idea on Forex charts. The best free Forex charts can help you with your analyses so that you can make the best financial decisions. Forex trading has its inherent challenges, but these challenges can be addressed with a good Forex chart.