Free forex chart packages

If you log onto just about any binary options platform, there are a few common features which you can expect to see across the board—one of which is the presence of a chart for the asset you have selected. When you are a newbie to trading, charts can seem really intimidating. In essence however, they are fairly simple. The complexity of analyzing them depends very much free forex chart packages what you choose to do with them.

In this article, I will teach you everything you need to know about customizing and understanding binary options charts so you can make smart and profitable trading decisions! Binary options charts show you what price has been doing over a certain specified time period. Charts allow you to visualize the movement of price. These tools are incredibly valuable—so use them. Where Can You Find Binary Options Charts?

You have a couple of options when it comes to locating charts to use. If you want to use the charts your broker provides, you should find them on the trade page. Just select the asset you want to trade, and the relevant chart should open. If plenty of useful tools and indicators are offered and the chart is clear and updates in real-time, you can feel free to use it.

If however your broker does not offer advanced charting tools or the charts lag behind, I strongly suggest downloading charts. Say that you are not satisfied with your broker’s charts. At that point, you should turn to some other charting software. If you are trading stocks, I recommend this as your solution.

For currency pairs, I cannot recommend MT4 highly enough. You do have to download it and it takes a few steps to get it set up, but once you do, you will be amazed by how feature-rich this totally free program is. And what is super awesome is that you can set audio alerts, so you can step away from your computer and be notified if any of them are triggered. Actually, I recommend downloading a program like MT4 no matter what, even if your broker provides usable charts. The reason is that MT4 is great for backtesting, since it has a lot of historical price data loaded in. If you are taking 60-second trades, obviously the hourly or daily chart for an asset is of no use to you.

4-hour chart is going to serve you well, but not the 5-minute or 1-minute charts. On the 1-minute chart, each candlestick represents 1 minute of time. Choose a format you find easy to read. Examples include line charts, bar charts, and candlestick charts. If you use bars or candlesticks, I strongly recommend coloring the bullish ones green and the bearish ones red.

Zoom in or out as you need in order to get a clear view of what is going on. I recommend doing some extra research on these settings. In particular, if you do not understand what bars and candlesticks represent with the open, high, low, and close, educate yourself on that, because it is going to really help you out. In fact, you can get started by reading my Guide to Candlesticks. Now that your charts are set up, you are ready to start learning about the trend lines and visualization tools you can use to see what is going on with price.