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Professional Charting Software

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Professional Charting Software

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  #1 (permalink)
Posts: 5 since Mar 2015
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Can anyone recommend a professional charting software for Forex?

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  #3 (permalink)
Boston, MA
Posts: 166 since Dec 2014
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It would depend on what broker you are using, and what your goals are.

For example, if you are using FXCM, you would have various platforms for you to choose from. If you are using Oanda, you would have different various platforms for you to choose from. And so on...

Also, a Platform A may work great with certain brokers, and work poorly with other brokers. This might be completely different from Platform B.

And, for example, if you are day trading, you would require a different set of tools than if you were trading long term.

I think if you told everyone who your broker is and your trading style, they would be better able to assist.

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  #4 (permalink)
Posts: 2 since Dec 2013
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Hi, Reg85,

What features, in your view, are needed to qualify a charting package as "professional"? FWIW, all bank desks that I'm aware of (a lot) use Bloomberg Pro, which is prohibitively expensive for those who don't have an institution paying for it. Now that I'm retired, while I don't trade FX for my own account, I find that ToS does an adequate job of charting. It's better than Bloomberg Pro, in my view. Now, news is something else again; I haven't found anything that comes close to having the Bloomberg Pro news feed at my disposal. I know some institutions that will trade off charts, but a headline will trump Fibo levels for almost all of the discretionary types. Reuters is the primary competitor for Bloomberg, and although the company no longer owns Metastock, the latter bundles their charting software with Reuters Xenith, which is the retail version of Eikon. Eikon, in turn, competes directly with Bloomberg Pro. It's no contest in the U.S.; Bloomberg has won apart from brokerage, where Reuters is hanging on, but Reuters does better in Europe, and better still in Asia vis a vis Bloomberg. It might be worth taking a look to see if the Metastock/Xenith combo fits your needs. My understanding is that while it's expensive it's far less costly than is Bloomberg Pro. I haven't used Metastock in years, though, and I've never used Eikon/Xenith, so I can't vouch for either through personal experience. I do have high regard for Reuters' news-gathering capability (I worked there as an FX commentator for a while).

If I was trading FX for my own book, I'd be much less concerned about charts, which a lot of platforms offer, and much more interested in making sure that i wasn't disadvantaged in seeing headlines. No one is lucky on every occasion, in my experience, and one data release that results in the price action blowing through stops (the SNB caper is an obviously extreme example, but there are plenty of others) before retail traders even see what's causing the move could make for a lousy day.

Just a couple of quick thoughts; best of luck!

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