Forex charting software varies slightly from from broker to broker,but most of them use the same basic platforms. Within these platforms you’re going to find similar tools and indicators. If you are trying to decide which charting software to work with, most brokers also allow you to open a forex demo account which includes a fully operational version of their charting package. Most people prefer to use MetaTrader 4 (MT4), but there are other options out there.
MT4 is the most common forex chart software available. The reason why people like this one so much is because it’s very customizable. You can either design your own indicators, or download one of the thousands of indicators available. You can find these in forums, and other places online, but take caution when using them. MT4 indicators that you’ll find for free are often written by some one who knows a little about trading the forex, and a little about programming, and has some wild idea about a possible indicator. You’ll find them in forums where they write extensively about their idea, and then they disappear when it turns out their idea wasn’t too bright. Sometimes, however, you’ll find those who’ve created indicators that not only they, but others, will claim work quite well. This is like finding a diamond in the rough, and can be a rare occurrence. Oftentimes it’s easier to stick with those who have slightly modified common indicators like VWAP. These slight modifications will often just be interesting visual references and alarms incorporated into basic indicators. Basic indicators have always, and will always work best no matter what market you trade. Anything else is just an unnecessary over-complication of the real information at hand – price.
As far as free forex charting software is concerned, the other major player is Dealbook 360. Offered by the forex broker, GFT, and some others, this software is quite simple to use. It’s preferred by those who like clean charts, simplicity and speed. It is also customizable, but not to the extent of MT4. That’s part of the beauty of it though; you aren’t even given the chance to overload yourself with all of those indicators that simply fog up your view of the foreign exchange.
Of course, both of these forex charts software providers have their own iPhone apps. IPhone charting software is all the rage these days, though doing any real trading from the palm of your hand is a bit dangerous. While it’s often best to keep things simple, a 3×4 screen might be a little too simple, and being able to make a $1,000,000 trade at the swipe of a finger is a bit unnerving. This software does have it’s uses for keeping an eye on your trades, and investments on the go, but attempting forex day trading from such software is probably not the best way to go.
Sometimes the best charting software is available via third party providers. Some of the more well-known of these third party providers are eSignal and Ninja Trader. These are both incredibly solid platforms, with plenty of indicators to choose from, if that’s what you’re looking for. They both allow trading directly from their charts (as do the broker charts previously mentioned) but these software packages don’t come cheap; eSignal runs over $100 a month. Ninja Trader’s charting software has two payment options. One starts at $50/month (if you pay annually), and the other option is to buy the software outright at $995. Whether or not these services provide enough value to justify this additional expense is up to you. Ninja Trader allows you to use their charting software for free without the option to trade off the charts, which a pretty interesting option for those who enjoy their platform, but don’t want the added expense.
Forex charting software varies from broker to broker, as previously stated, but they are often built on the backbone of the programs mentioned here. There are some brokers that stray from the pack and try to come up with their own charting solution, but there aren’t many that are as good as those mentioned here. When looking for a forex broker, your decision should depend more on speed of execution, and customer service should an issue arise; however, you should also make sure they’re using solid and well-known forex charting software.
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