DEFINITION of 'Forex Charting Software'
An analytical, computer-based tool used to help currency traders with forex trading analysis by charting the price of various currency pairs along with various indicators. Forex charting software packages are used by many traders to determine the direction on any given currency pair.
BREAKING DOWN 'Forex Charting Software'
There is a wide range of forex charting software, which varies in appearance and functionality. However, users should look for several things in forex charting software that will help them to get the most out of their trading, including:
- Is it free, or if there is a nominal charge? What additional features are made available?
- What technical indicators are available?
- Is the software Windows, Macintosh (Mac), or internet (Java or HTML) based?
- Can you trade from the charts?
- Is historical data made available through the software?
- Is the graphical user interface (GUI) pleasing to look at?
- Is the GUI conducive to monitoring a lot of information at once?
Most forex brokers allow traders to open a demo account prior to funding a full account or mini account. This allows users to try out each broker's charting software during a trial period.