Metatrader is compatible with most Forex brokers in the industry. This includes Metatrader 4, also known as MT4, and Metatrader 5, commonly referred to as MT5. There are two primary versions of Metatrader. Metatrader is the most popular charting platform for currency traders. As such many chart software programs can also act as the trader’s execution platform.
This will allow you to place trades either directly from your charts or via some other method from inside your charting platform.
This is typically more popular with position traders who are more concerned with daily and weekly chart analysis.Īside from the ability to plot the incoming data on a price chart, some chart analysis software programs can also provide direct connectivity to your broker via an API. The price data can also be collected on an end of day basis. Real-time price data is crucial for day traders and other short-term traders that typically base their decisions on intraday price movements. The price data is collected real-time in most cases, and will be available immediately for chart analysis purposes. Essentially, a charting platform aggregates price data from a source, typically an exchange or from your broker, and allows that information to be plotted on the price chart in the form of a candlestick chart, bar chart or other charting style. A few others tend to be more specialized and focus on a very specific set of market analysis tools.īut before we get into the nuts and bolts of the different charting software providers, let’s take a moment to really understand what a chart software for trading is and how it might help us in making informed decisions. Most charting programs will provide a library of traditional technical analysis tools and studies such as technical indicators, drawing tools, and volume-based analysis. While some are more focused on a specific market, others are more generalized and can be used with many different types of trading instruments. There are a host of charting software available in the market. Click Here To Download Chart Analysis Software Download the short printable PDF version summarizing the key points of this lesson….
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