FXCM's Forex Charts application gives traders the ability to create fully customised price charts, making the advanced study of a security's price action possible. The following features are readily accessible via Forex Charts:.
Best Free Forex Charts
FXCM's Forex Charts is a versatile tool for the study of financial instruments offered by every major global market or exchange. Depending upon the specific instrument and market, pricing data is available in real-time streaming, or on a delayed or end-of-day EOD basis.
Listed below are the instruments and fundamental data items supported by the Forex Charts application:. It is a robust financial information suite, providing traders and investors with a large collection of market-related data. Whether one is a strict practitioner of technical analysis or a believer in market fundamentals, Forex Charts provides the functionality and information necessary to craft informed, rock-solid trading decisions. Third Party Links: Links to third-party sites are provided for your convenience and for informational purposes only. FXCM bears no liability for the accuracy, content, or any other matter related to the external site or for that of subsequent links, and accepts no liability whatsoever for any loss or damage arising from the use of this or any other content.
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Forex Charting Software
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Warning - The opinions expressed are written by a Three-ton Rhinoceros who is irritable, disgusted and angry about the Economy. All content provided Rhino Report is for informational purpose only. The owner of this blog makes no representation as to the accuracy or completeness of any information on this site or found by following any link on this site. The information included in a tick chart is not just the classic OHLC for every period, instead, a tick chart draws bars or candlesticks, etc.
Therefore, the key is to be able to count the transactions in the market — which is quite hard in the Forex market. Line chart is the easiest chart at Forex and represents a curve, which shows closing price for a certain period of time. Line charts can also be based on the median price, opening price, lows or highs.
A line chart is the first thing, which beginners learn in the financial market. A line chart is the most basic form to chart the currency market. Except for the basic information provided, there are some variations among line charts — it is a chart that shows merely the relevant price of the period.
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The line connects the relevant prices, providing the needed information for analysing the market. There are different prices to use — Different types can use open, high, low, or close values, and variations of these prices are based on different formulas, as shown above. A bar chart is slightly more complex and shows the opening and closing prices, as well as the highs and lows.
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The bottom of the vertical bar indicates the lowest traded price for that time period, while the top of the bar indicates the highest price paid. A bar chart is the closest form to the candlestick chart. Unlike the line chart, a bar chart shows all the price action within a period. The high, low, open and close prices play an essential role in a bar chart. Basically, a bar has:. Bar charts are one of the oldest forms of charting. All traders have heard of technical analysis and how it works. Western technical analysis uses mostly a pattern recognition approach and chart patterns like head and shoulders, rising and falling wedges, double or triple bottoms, cup and handle, rounding tops and bottoms, ascending and descending triangles, etc.
Similar to bar charts, candlestick charts — show the entire price action in a period: the high, low, open and close. Pick the currency pairing you want to evaluate; currencies are always traded in pairs on Forex. When you choose a currency pair, the chart generated will show how many US dollars you can buy for one Euro.
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Determine the time period you want to be displayed. The chart shows how the exchange rate between the two currencies changed over time. In a candlestick chart, each candlestick accounts for a specific time period set. Traders will also set the overall time period, which determines how many candlesticks they have. Distinguish bullish candles from bearish candles. The coloration of bullish candles and bearish candles depends on the service generating the chart and some use different colours.
Check the key of the chart to understand what the colours mean. Identify the parts of the candlestick. The top and bottom lines of the candle itself display the opening and closing exchange rate for the pairing chosen, by the coloration of the candle body traders will know which one is the opening and which is the closing. Traders will then see lines extending from the top and bottom of the candle, giving rise to the name of the chart.
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Learn the names of candlestick patterns with predictive value. Place the patterns in context on the chart. Once traders know how to identify types of candlesticks, look at their relative position on the chart. A filled candle, means that the opening price is higher than the closing price. So in other words, the price has come down in that specific time period. This is also known as a bearish candle.
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A downward movement in the Forex is also known as a bearish move. A hollow, unfilled candle means that the closing price is higher than the opening price in other words, the price has gone up in that specific period — also known as the bullish candle. An upward movement in the Forex is known as a bullish move. Together, the body with the shadows of a candlestick are critical elements in defining relevant patterns. Here are some of the most famous candlestick chart patterns:. For traders who want to go the extra mile, expert trading charts exist — Heiken-Ashi, Renko and point and figure charts.
These kinds of charts are used to spot false market moves, or to better ride the main trends. Two of the Forex chart types in this category come from Japan. Point and figure charts resemble Renko charts, their purpose — to filter the time when the market consolidates and only to display relevant candles when the market is on the move.
Trading with chart patterns in Forex is familiar to every retail trader and technical analysis has existed for centuries. Market efficiency has been subject to strong discussions for years, with technical analysts arguing that a profit can be made as markets are irrational.