Forex Forecasting Software

AAA

DEFINITION of 'Forex Forecasting Software'

An analytical tool used to help currency traders with forex trading analysis through charts and indicators. Forex forecasting software provides charts of currency pairs that display price changes over time as well as indicator overlays including moving averages, which aid analysts and traders in determining appropriate and profitable entry and exit points for their forex trades. As with charting software used for trading other securities, forex charting software is used primarily by technical analysts to forecast future price movements.

INVESTOPEDIA EXPLAINS 'Forex Forecasting Software'

There is a wide range of forex charting software used for currency forecasting, which varies in appearance and functionality. Users should look for several things in forex charting software, 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 you to open a demo account prior to funding a full account or mini account. This allows users to try out each broker's software during a trial period and determine which software best suits their needs.

RELATED TERMS
  1. Mirror Trading

    A forex strategy developed in the late 2000s that allows investors ...
  2. Authorized Forex Dealer

    Any type of financial institution that has received authorization ...
  3. Quote Currency

    The second currency quoted in a currency pair in forex. In a ...
  4. Interbank Market

    The financial system and trading of currencies among banks and ...
  5. Forex - FX

    The market in which currencies are traded. The forex market is ...
  6. USD

    In currencies, this is the abbreviation for the U.S. dollar. ...
Related Articles
  1. Options & Futures

    A Primer On The Forex Market

    Moving from equities to currencies requires you to adjust how you interpret quotes, margin, spreads and rollovers.
  2. Forex Education

    Forex Automation Software For Hands-Free Trading

    Automated forex trading software scans the market for favorable trades based on your input. Find out more about this valuable forex tool.
  3. Forex Education

    Getting Started In Foreign Exchange Futures

    Learn how these futures are used for hedging and speculating, and how they are different from traditional futures.
  4. Options & Futures

    Getting Started In Forex Options

    Stocks are not the only securities underlying options. Learn how to use FOREX options for profit and hedging.
  5. Forex Education

    Commodity Prices And Currency Movements

    Find out which currencies are most affected by fluctuations in gold and oil prices, and improve your trading.
  6. Forex Education

    Top 7 Questions About Currency Trading Answered

    Whether you're puzzled by pips or curious about carry trades, your queries are answered here.
  7. Options & Futures

    Getting Started In Forex

    Before entering this market, you should define what you need from your broker and from your strategy.
  8. Technical Indicators

    Organize Price-Band Relationships In Bollinger Bands®

    Bollinger Bands have become an enormously popular market tool since the 1990s but most traders fail to tap its true potential.
  9. Trading Strategies

    Day's First Trade Can Serve As Support/Resistance

    The first trade of the day in liquid markets defines a narrow price level that can act as support or resistance for the entire session.
  10. Chart Advisor

    3 Energy Related Stocks Poised For A Pop

    A sharp decline in energy prices have created an interested opportunity in several oil-and-gas related companies. Given the strong downtrends apparent on the charts, most traders would use recent ...

You May Also Like

Hot Definitions
  1. Weather Insurance

    A type of protection against a financial loss that may be incurred because of rain, snow, storms, wind, fog, undesirable ...
  2. Portfolio Turnover

    A measure of how frequently assets within a fund are bought and sold by the managers. Portfolio turnover is calculated by ...
  3. Commercial Paper

    An unsecured, short-term debt instrument issued by a corporation, typically for the financing of accounts receivable, inventories ...
  4. Federal Funds Rate

    The interest rate at which a depository institution lends funds maintained at the Federal Reserve to another depository institution ...
  5. Fixed Asset

    A long-term tangible piece of property that a firm owns and uses in the production of its income and is not expected to be ...
  6. Break-Even Analysis

    An analysis to determine the point at which revenue received equals the costs associated with receiving the revenue. Break-even ...
Trading Center