A currency chart software is an important tool for you to manage your foreign exchange account or monitor the movements of worldwide currencies. It is an analytical tool used to analyze the trend in the FOREX market.
By using real-time currency chart software, you can maximize gains that you can earn through investments in foreign exchange trading. You can react to currency trends and market behaviors given a specific period of time, analyze past trading patterns and keep you up-to-date with current trends. This is usually done by plotting the prices of currency pairs along the currency graph together with an indicator; then you can easily see the changes in currency prices.
Here's how you can get currency chart software.
Whether you need a U.S. dollar, Euro or British pound chart, it is easy to find currency chart software on the Internet. Check out:
You can use your browser's search engine and type in "currency chart software." This should return a host of forex charting software to choose from. Most of the software is free. Some have free 30-day trial periods for you to gauge if the software answers your needs.
Make sure that the system requirements of the software match your computer's capabilities. Read the reviews by users of the currency chart software. Choose one that has the functions and plots the type of charts that you need, is up-to-date and easy to use. You may not need all the bells and whistles that come with the more complicated software.
How do you use a currency chart software?
If you are computer savvy and have a good understanding of foreign currency exchange, using a currency chart software should be a cinch. Whichever software you choose, the basics are usually very similar. For instance, if you go to Foxespros.com, you can easily use their real-time charting software.
- Select Charts from the homepage of Forexpros.com.
- Under Forex Charts, select Currency Chart. This will immediately bring you to the window of Finance Chart 3.0, a software by NetDania with data supplied by FXCM (a retail broker).
- Click on the Instruments tab to specify the pairs that you want to plot. For example, USD and EURO or JPY (Japanese Yen) and SGD (Singapore Dollar). This program allows you to plot single pairs or have an overlay.
- Select the chart type. The basic chart types are: lines, bars and candle stick charts.
- Select the time scale (minutes, hours, weekly, etc.). This is plotted on the horizontal of X-axis.
By looking at this chart software, you know that there are a slew of other options and functions that you can choose from. You can view information, crosshairs and periods, add lines and studies, check time zones and more. The Help guide is a good place to start when you need explanations on certain features.
Dealing in the ever changing foreign exchange rates market requires tools that can provide you with accurate information and analytical functions that will allow you to make spot-on decisions. Currency chart software is a great way of understanding and predicting trends in the forex market. With a good FOREX chart software, you can get hourly and daily updates. Best of all, most of the software available on the Internet are free!