The technical analysis is essential for the binary export trade and if you want to carry out extensive analyzes, you need a good chart software. Unfortunately, the offerings of most binaural brokers are somewhat modest, which is because go right here why many traders have recourse to external charting tools.
What are the requirements for an external chart software?
The basis for the technical analysis is the real-time courses, which is why a chart software should offer real-time charts with different time intervals. The following time intervals are considered particularly useful:
It is also important see page a that the courses are issued in candle and beam chars, whereby each trader is left to decide which charts he wants to work with. Simple linecharts are usually not sufficient for a meaningful analysis. In addition, the chart software must enable the so-called line studies to be performed in all required timeframes, for example, by drawing in supports and resistances, trend lines or retracement levels.
Technical analysis also includes the use of different indicators and oscillators. It is ideal if the software offers a variety of indicators, since each underlying usually requires a different indicator. It is equally important that the indicators can be adapted to the ever changing market read more him conditions.
In the following, we present two providers offering a free chart software with real-time charts. Both chart tools have the most important functions and are suitable for trading with binary options.
Freestockcharts other be
The web application Freestockcharts is based on Microsoft Silverlight and runs completely in the browser. Particularly advantageous is the unlimited number of indicators and oscillators, which can be arbitrarily adapted and combined. In addition, there are some standard tools for line studies.
Here are the advantages go to the website on and disadvantages:
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- no courses for raw materials
- only a few stock for stocks and indices
- historical data is limited (no backtesting of strategies)
Most traders may already have heard of the term "metatrader", because it is the most used chart software in CFD and Forex trading. In order to use the Metatrader 4 for the trading of binary options, it is unfortunately necessary to open an account with a Forex broker with MT4 access. review out A suitable broker would be, for example, the MIG Bank, which also offers a demo account. However, the software offers an infinite number of variants in order to use indicators and to combine them with each other. Traders can even program their own indicators using the MQL4 programming language, which requires intensive training in the program.
think i thought about this Here are the advantages and disadvantages:
- unlimited number of technical indicators
- up to 10 charts at the same time
- Programming your own indicators
- many other additional features (eg signals, financial news etc)
- mobile app
Both chart tools are a good foundation for the technical analysis offer diverse functions. However, beginners should note that you should not trust charts too quickly. Many traders read about certain patterns and indicators, apply them, and trade blindly, even though there are no clear signals. Basically it takes a lot of time and experience to understand charts correctly. It is recommended to try the chart visit site person software with a demo account before risking real money.