The forex market deals with the value ratios between different currencies. Trading between these currencies is what forex trading is all about. And knowing that, nowadays transactions worth $13 million happen in this market per second, there’s a lot that happens both between and behind the sheets per se. And to interpret and understand this behemoth financial market, traders and brokers alike use numerous forex fundamental analysis software.
What is a forex fundamental analysis software?
It is software used by traders to keep track of the fundamental aspects of FX trading. This software come with various add-ons which interpret the data gathered from the market and re-interpret them into charts and graphs which helps a trader to comprehend, interpret and pre-anticipate market movements.
There are numerous such software available on the internet nowadays. With FX gaining increased exposure and transparency on the internet, users can avail the services of these software with considerable ease. Traders use such software on a regular basis for best forex fundamental analysis.
Standard features of a forex fundamental analysis software:
Although these software differ, each have a few specific features which are common as they are considered mandatory for FX trading. These are as follows:
- Live Market Charts
One of the most fundamental pre-requisites of such software is a FX live market chart. A live chart of a FX market is a preliminary data for trading, a primary requirement to the best forex fundamental analysis. It depicts the price-value fluctuations of an asset or a pair as against time.
- Technical Tools and Indicators
As mentioned before, there are numerous variables attached to a price fluctuation. Accounting for these variables requires certain technical tools which come as addendums with the software. These technical tools and indicators use market data and re-assemble them in the form of different graphs and charts. Technical tools such as Elliott wave analysis, GSI Indicator, MACD line, A/D line, SSI indicator etc. are important for a trader to gain a complete picture of the future of an asset or investment in FX. Each of these tools is required for best forex fundamental analysis.
- FX Alerts
Alerts are built within these programs. They alert the trader or broker or any other interested individual when a price quote reaches the point whence they would like to be alerted on. With these alerts, an individual is not obligated to stay glued to market charts waiting for the right price quote.
- Order Modules
Some FX trading softwares cater to real-time trading functions also. Professionals more often than not use these programs on a daily basis for trading in forex. They offer all the numerous types of orders customary for FX trading upon a single platform thus providing a more complete functionality.
Some of the most popular forex fundamental analysis software applications are:
- MetaStock Trader
- Worden TC2000
- Wave59 Pro
There are a million things happening behind every movement of the price quote of an asset. And for any trader or broker, having a forex fundamental analysis software is a similarly fundamental and mandatory requirement to make sure that the trade ends up on the brighter side of things.