Top free Forex charting software for 2024

Best free Forex charting software in 2024

TradingView via Tickmill

Tickmill Review

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Tickmill

TradingView

TradingView stands out as a versatile cloud-based charting platform, uniting a network of 15 million traders and investors. With over 200,000 monthly trading ideas and a vast collection of custom scripts and indicators, TradingView caters to both seasoned professionals and aspiring traders alike.

For traders seeking essential functions, the basic account provides worldwide market data coverage, drawing tools, customizable chart types, and strategy backtesting. For those looking for a more holistic trading journey, premium plans starting at just $14.95 per month unlock additional perks. These include server-side alerts, data export options, and the ability to customize time intervals to suit your trading style.

Why TradingView through Tickmill?

MetaTrader 5 (MT5) via RoboForex

RoboForex Review

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RoboForex

MetaTrader 5

RoboForex, established in 2009 and regulated by the FSC of Belize, offers a diverse array of trading products across Forex, indices, stocks, cryptocurrencies, ETFs, commodities, and metals. With account options in multiple currencies and micro lot trading, RoboForex caters to diverse needs. The platform supports MetaTrader 4 (MT4), MetaTrader 5 (MT5), and R Stocks Trader, along with copy trading through CopyFX. MT5, with its advanced order execution and algorithmic trading capabilities, is a top choice for traders seeking speed, reliability, and modern technology.

The MetaTrader 5 (MT5) trading terminal integrates advanced order execution technologies and distributed computations, providing a platform for the implementation of ambitious trading strategies. MT5 is recognized as a sophisticated platform for creating and testing trading robots and strategies. It also includes the MetaTrader Market, an online marketplace offering numerous expert advisors and technical indicators. The platform features a flexible trading system that accommodates both netting and hedging systems, catering to different trading approaches. Using the MQL5 programming environment, traders can create, optimize, and test trading robots independently. Additionally, MT5 offers virtual hosting services for uninterrupted trading robot operation and signal subscriptions.

Why MT5 through RoboForex?

MT4 From Exness

Exness Review

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Exness

MetaTrader 4

Exness, a Cyprus-based brokerage firm since 2008, operates in over 130 countries, complying with local regulations. It offers a proprietary web-based Exness Trading Terminal and the user-friendly Exness Trade App, catering to MT5 accounts and supporting manual trading strategies.

For customization and versatility, Exness provides an MT4 trading infrastructure with over 25,000 add-ons, custom indicators, and expert advisors (EAs), enabling traders to tailor their trading environment. The platform's extensive asset range, competitive spreads, high leverage, free VPS hosting, comprehensive price history, and MetaTrader Suite make it a valuable choice for traders.

Why MT4 through Exness?

cTrader by IC Markets

IC Markets Review

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Up to 75.93% of the broker’s non-professional clients incur losses when trading CFDs.

IC Markets

cTrader

IC Markets, known for its razor-thin variable spreads starting from 0.0 pips on major FX pairs, is a beacon for traders seeking lightning-fast order execution, often processing trades in under 40 milliseconds. It's the ideal playground for high-frequency trading, algorithmic strategies, and institutional investors.

cTrader, one of the charting platform within IC Markets, has multi-asset trading capabilities, advanced charting tools, level II pricing (price book and order book), and rapid entry and execution. Its user-friendly interface is complemented by cutting-edge backend technology, ensuring accessibility across multiple platforms. The cTrader package encompasses cTrader Copy, cTrader Automate, cTrader Open API, and cTrader FIX API.

Why cTrader through IC Markets?

NinjaTrader

Ninjatrader Review

NinjaTrader

NinjaTrader, renowned for its futures trading services, extends its features to Forex markets with comprehensive charting capabilities. It provides a state-of-the-art standalone platform and a rich array of functionalities, while the need for installation may seem daunting to novice traders.

NinjaTrader offers free platform access for funded brokerage accounts, requiring a minimum deposit of $400 for futures or $50 for Forex. Its offering encompasses chart feeds, market analysis tools, and backtesting capabilities, empowering traders to make data-driven decisions.

The platform introduces the Ecosystem, a thriving third-party developer community teeming with thousands of apps and add-on tools for seamless integration. For those well-versed in C#, the option to create custom add-ons further enhances flexibility.

Key features

What is a Forex charting software?

Forex charting software plays a pivotal role in the world of currency trading (Forex or FX). These specialized applications gather price data from various sources, presenting it in a visually informative chart format. Depending on the software, it may aggregate prices from multiple sources, providing either averaged quotes or displaying quotes individually from different providers.

Most of the reputed Forex charting software equip traders with the ability to visualize price movements and track real-time changes, all the while offering an array of analytical tools. These tools enable traders to delve deeper into the market, aiding in comprehensive analysis. Various chart types, including bar charts, line charts, and candlesticks, are at the trader's disposal, accommodating diverse analytical needs.

The best charting software also serve as a valuable resource, not only offering basic historical price plots but also providing extensive data crucial for technical analysis of currency pairs. It empowers traders to identify favorable trading pairs, optimal timeframes, and strategic entry and exit points, making it an indispensable asset in the realm of Forex trading.

What are the main types of Forex charts?

Forex trading involves various types of charts, each offering unique insights into currency price movements. Here's a breakdown of the main Forex chart types:

1. Line chart

The line chart is the simplest and most fundamental form of Forex chart. It connects closing prices over a specific time period, providing a basic overview of price trends. It's especially useful for identifying trends like higher highs and higher lows.

2. Bar chart

The bar chart, also known as the OHLC (Open, High, Low, Close) chart, offers a more detailed view. It displays the high and low prices within a given period, along with the opening and closing levels. This chart provides three key pieces of information in a single vertical line.

3. Candlestick chart

Candlestick charts are an enhancement of bar charts, comprising two main components: the body and shadows. The body represents the price range between the opening and closing prices, while shadows, whether upper, lower, or both, indicate price retracements and potential future movements.

4. Heiken-Ashi chart

Heiken-Ashi charts improve upon candlestick charts by using averages to track trends. They offer uniform candlestick patterns, simplifying trend analysis and reducing the need for interpretation.

5. Renko chart

Renko charts use bricks to represent price movements of a certain magnitude. Traders can easily follow these bricks to track trends and gauge price changes without complex calculations.

6. Point and figure chart

Point and figure charts utilize Xs and Os to monitor currency pair price changes over extended periods. These charts are ideal for tracking long-term trends, making them valuable tools for traders aiming to reduce risk and gain clarity in market data.

Benefits of free Forex charting softwares

Free Forex charting software offers several advantages to traders, making them a valuable tool in the currency trading world. Here are some key benefits:

1. Real-time data

One of the most significant advantages is the provision of real-time data. In the fast-paced Forex market, having access to accurate and up-to-date information is essential for making well-informed trading decisions.

2. Technical analysis

Forex charting software empowers traders to conduct technical analysis effectively. These tools enable the analysis of price trends for various currency pairs, providing interactive charts and a wide range of technical indicators and overlays.

3. Customizable charting functions

Many free Forex charting software offer customizable charting functions and trade tools upfront. Traders can tailor their charts to suit their specific needs, ensuring they have access to the information and tools necessary for their trading strategies.

4. Multiple chart types

Users benefit from a variety of chart types, including bar charts, line charts, and candlestick charts, among others. These charts provide insights into historical prices and offer detailed information for technical analysis.

5. Identifying trading pairs

By using Forex charting software, traders can identify the most advantageous trading pairs and suitable timeframes. Additionally, they can pinpoint entry and exit points, enhancing their trading strategies and potential profitability.

6. Cost-free access

Perhaps one of the most appealing aspects of free Forex charting software is that they are accessible to traders of all levels at no cost. This accessibility democratizes trading, allowing both new and experienced traders to benefit from advanced charting tools.

7. Educational resources

Some free Forex charting software provides access to an educational database. These resources help traders expand their knowledge of Forex trading and technical analysis, making it a valuable platform for learning and growth.

How to use Forex charting software?

Here's a simplified guide on how to use such software effectively:

1. Installation or web access

You can begin by either installing the charting software on your computer or accessing it directly through a web browser. This flexibility ensures accessibility from various devices.

2. Select currency pair

Once logged in, you can select the specific currency pair you want to analyze. This choice is crucial as different pairs exhibit distinct behaviors.

3. Chart type

Your selected software would offer various chart types, including bar charts, line charts, and candlestick charts. You can pick the one that best suits your analysis style and preferences.

4. Customization

You can customize your charts by adding technical indicators and overlays. These tools include moving averages, Bollinger Bands, Fibonacci retracements, and more. Tailoring the chart with these indicators assists in precise analysis.

5. Chart analysis

Now comes the most critical step. You must analyze the chart thoroughly. Look for trends, support and resistance levels, and potential entry and exit points. This analysis relies on technical indicators and patterns.

How to find the best free Forex charting software?

Finding the best free Forex charting software is essential for traders seeking comprehensive tools for successful Forex trading. Here’s how you can narrow down your choices for the same:

1. Thorough research and comparison

You can start by researching and comparing the various free Forex charting software options available in the market. This initial step helps you understand the features, functionalities, and capabilities of different platforms.

2. Real-time Forex charting and analysis tools

Look for software that offers real-time Forex charting and a robust set of technical analysis tools. Real-time data is crucial for making informed trading decisions in the dynamic Forex market.

3. Customizable charting functions

Choose software that provides customizable charting functions and essential trade tools from the outset. This customization allows you to adapt the software to your specific trading strategies and preferences.

4. Comprehensive features

Select software that includes an actionable watch list, scanners, idea vetting tools, swing trading support, and trading alerts. These features enhance your trading experience and efficiency.

5. Educational resources

Find software that provides access to an educational database. These resources are invaluable for traders looking to expand their knowledge of Forex trading and technical analysis.

6. Reviews and ratings

Before making your final decision, read reviews and ratings from other traders who have used the software. This will give you insights into the reliability and effectiveness of the platform.

7. Cost

Ultimately, choose the software that aligns best with your specific trading needs and budget. Consider the features that matter most to you and select a platform that enhances your trading journey.