NexusFi: Find Your Edge


Home Menu

 





Professional Charting Software


Discussion in Platforms and Indicators

Updated
      Top Posters
    1. looks_one Quick Summary with 1 posts (0 thanks)
    2. looks_two mangolassi with 1 posts (0 thanks)
    3. looks_3 Forexpro1 with 1 posts (0 thanks)
    4. looks_4 reg85 with 1 posts (0 thanks)
    1. trending_up 1,871 views
    2. thumb_up 0 thanks given
    3. group 3 followers
    1. forum 3 posts
    2. attach_file 0 attachments




 
Search this Thread

Professional Charting Software

  #1 (permalink)
reg85
Sydney
 
Posts: 5 since Mar 2015
Thanks Given: 1
Thanks Received: 0

Can anyone recommend a professional charting software for Forex?

Reply With Quote

Can you help answer these questions
from other members on NexusFi?
Futures True Range Report
The Elite Circle
Deepmoney LLM
Elite Quantitative GenAI/LLM
New Micros: Ultra 10-Year & Ultra T-Bond -- Live Now
Treasury Notes and Bonds
My NT8 Volume Profile Split by Asian/Euro/Open
NinjaTrader
Online prop firm The Funded Trader (TFT) going under?
Traders Hideout
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Get funded firms 2023/2024 - Any recommendations or word …
56 thanks
Funded Trader platforms
44 thanks
NexusFi site changelog and issues/problem reporting
24 thanks
GFIs1 1 DAX trade per day journal
22 thanks
The Program
19 thanks
  #3 (permalink)
mangolassi
Boston, MA
 
Posts: 166 since Dec 2014
Thanks Given: 61
Thanks Received: 126


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.

Reply With Quote
  #4 (permalink)
Forexpro1
Boston
 
Posts: 2 since Dec 2013
Thanks Given: 0
Thanks Received: 0

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!

Reply With Quote




Last Updated on May 2, 2015


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts