Today’s online brokers like FOREX.com provide traders with some of the most sophisticated trading platforms on the planet. The MetaTrader 4 and MetaTrader 5 trading platforms represent some of the. Trading Tools LMFX is pleased to provide our selection of essential forex calculators to traders, enabling you to have comprehensive statistics on your trades. Using these tools, you can estimate profit and losses on your trades, evaluate margin requirements for secure trading and calculate the impact of taking specific positions with different. A trading journal is one of the most important tools in your trading toolbox. But we found that the trading journals out there were too complicated, lacked vital data, or would get wiped out with a hard drive crash. We created RazorJournal to solve these issues. Our top FX tools for finding trading opportunities are Forex calendars, trading news feeds, technical analysis tools and idea-generation tools. All of these can tell you about what is shaking the market, meaning more trading opportunities for you. Forex calendars: Economic calendars, news calendars, corporate calendars and more.
Forex trading takes place in a competitive arena. Every trader is looking for awesome forex trading tools to help them. Even better if they are free.
The good news is that there are dozens of free forex trading tools. The bad news is that most free forex trading tools are unreliable and confusing.
In this bundle, you will find seven free forex trading tools that are slick, easy-to-use, and practical.
1. Forex Volatility Calculator
Traders thrive on volatility. A stagnant forex pair offers little room for profit. Hence, forex traders need to know which currency pairs are volatile and their active trading hours.
There are dozens of currency pairs out there. Computing their volatility is not an easy task for the manual trader.
This is why you need the Forex Volatility Calculator at Investing.com. This essential forex trading tool calculates the volatility of 30 currency pairs using historical data (up to 54 weeks).
It shows the daily change in pips and percentage of each forex pair in a nice table. What makes this forex trading tool so useful are the complementary graphs shown below.
2. Currency Correlation
Currency pairs are permutations of different currencies. Hence, we expect them to correlate in their price changes. Understanding the correlations among currency pairs is critical if you intend to trade more than one pair.
- For hedging, look for negative correlation.
- For diversifying, look for near zero correlation.
- For increasing exposure, look for positive correlation.
If you don’t pay attention to currency correlation, you might just end up hedging your position without realising it. (Kathy Lien has an informative article on currency correlation at Investopedia.)
While you can calculate the correlation between currency pairs yourself using Excel, the forex broker Oanda offers a slick Currency Correlation tool that measures historical correlation up to 1 year.
This forex trading tool includes an impressive array of major currency pairs, exotics, and even metals. The Bubble and Heatmap offer friendly visuals. For the numerical values, choose to display in Table format.
This Currency Correlation tool is part of the suite of tools at Oanda Forex Labs where you can test drive and give feedback on Oanda’s latest forex trading tools. You can use most of the forex trading tools for free even if you are not Oanda’s customer.
3. Forex Market Hours (Time Zone Converter)
The major forex trading centers are New York, London, Tokyo, and Sydney. Many traders do not stay in any of these cities and need to keep tabs on different time zones.
And even if you do, you will still need to keep track of the time in other major currency markets. This is because the opening range of each market sets the tone for each session, and the overlapping hours tend to have more trading setups.
There are forex trading tools that converts time zones. However, for managing time zones, I find that a graphical interface is the best. You only need a glance to know which markets are open. This is why I’m placing Oanda in the list again.
With Oanda’s Forex Market Hours tool, simply choose a time zone. The rest is self-explanatory.
(You can also choose to show an hourly volume graph to see when most traders are active.)
There is also a Chrome Extension for this time zone forex trading tool.
4. Forex Calendar
Some forex traders speculate on news and reports. Others avoid trading when important reports are flowing into the market. In any case, traders must keep an eye on scheduled reports that might impact the forex market.
Forexfactory has the best forex calendar. Before you start poking around, click on the underlined time to set your local timezone. Then, the calendar will comply with your local time.
This forex trading tool is really more than just a calendar. For each report item on the calendar, it shows the:
- Relevant currency;
- Expected level of impact;
- Actual, forecast, and previous report figures; and
- Detail tab explaining why forex traders care about the report.
This calendar is a must-have forex trading tool.
5. Position Size Calculator
To trade safely, you must know how much to risk per trade. Risking a fixed percentage (for e.g. 2%) of our trading account is a common strategy.
In forex trading, this seemingly simple fixed percentage position sizing decision becomes complicated. This is because you need to consider your forex trading account’s base currency and the current price of the currency pair you intend to trade.
Babypips Position Size Calculator offers a simple forex trading tool to handle the calculation for you. You just need to key in the following information:
- Account Currency
- Account Balance
- Risk Percentage (depending on your risk threshold – 2% is a common benchmark)
- Stop Loss in Pips (depending on your trading setup)
- Currency Pair (that you intend to trade)
If your Account Currency is different from the quote currency of the Currency Pair you intend to trade, you will need to give one more input as prompted by the calculator. (The quote currency is the one after the slash. For e.g. USD is the quote currency of EUR/USD.)
This forex trading tool will compute the corresponding position size and display it in terms of micro, mini, and standard lots.
6. Pivot Point Calculator
Pivot Points are calculated values that serve as support and resistance areas. Forex traders keep these numbers in mind to assess the tone of each trading session.
The Forex Pivot Point Calculator at FXStreet calculates the Pivot Points for up to four currency pairs.
Simply key in the High, Low, and Close values of the previous session and you will get the Pivot Point values. As the forex market trades 24-hours, most traders use 00:00 GMT as the start and end of each forex trading day.
There is also some confusion over the Pivot Point formula due to its variants. This is where the FXStreet forex trading tool comes in handy. You can choose among four variants (Classic, Woodies, Camarilla, Fibonacci). The chosen formula is also detailed at the bottom for your review.
7. MetaTrader4 (MT4)
MetaTrader4 is one of the most popular trading platform among forex traders. There are compelling reasons for it.
- You can trade with most forex brokers using MT4.
- There is a wide community of forex traders that can help you. (Find them in forums.)
- MT4 offer automated trading (Expert Advisors).
- You write your own technical indicators.
- You can trade on mobile.
- With a demo account, you can simulate trades with it.
- It’s free.
For a free forex trading tool, its features are impressive.
Tip: If you use MT4, you can integrate the ForexFactory calendar mentioned using this indicator.
Forex Trading Tools
Time to bookmark these free forex trading tools!
If you don’t mind paying for quality forex trading tools, you should take a look at our affiliate – Forex Smart Tools. It has three effective forex trading tools that you should have if you are serious about forex trading.
- Trade Log (keep comprehensive records including screenshots)
- Calculator (test different position sizing and trade management methods)
- Forex Tester (gain screen-time and trading experience without risking your previous trading capital)
They have advanced features that you won’t find in free tools.
I like that fact that they are solid trading tools that help you track and improve your trading, and not fanciful forex signals that promise ridiculous returns. If you want to invest in your forex trading career, I definitely recommend these tools over a trading signal service.
What’s your favourite forex tool? Share with us.
Forex tools are reviewed and analyzed. Find the most appropriate currency trading tools for your trading style
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Review of GFT DealBook 360 Charts
For a piece of software that serves primarily as a broker interface, DealBook® 360 is extremely functional, accessible to traders of all skill levels, we can recommend it to anybody who wants to do their analysis and trading with the same software package. GFT’s DealBook® 360 software serves as a front-end for GFT's trading system, and combines the ability to trade live with a fully functional charting package, white-box language for coding your own indicators and trading strategies, and some advanced alert and automation features that make it an extremely impressive package.
Top Forex Trading Tools Tools
Review of GFT DealBook 360 Charts
For a piece of software that serves primarily as a broker interface, DealBook® 360 is extremely functional, accessible to traders of all skill levels, we can recommend it to anybody who wants to do their analysis and trading with the same software package. GFT’s DealBook® 360 software serves as a front-end for GFT's trading system, and combines the ability to trade live with a fully functional charting package, white-box language for coding your own indicators and trading strategies, and some advanced alert and automation features that make it an extremely impressive package.
Currency Trading Software from eToro
eTora is forex trading software with innovative features like ability to open multiple positions in a single click, a community module with championships and chat and the best GUI in the forex market.
Forex Guru Hedging Analysis Tool
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Tradecision Review
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ActionForex Interbank Forex Simulator Reviewed
This Forex simulator comes in quite handy for beginners as well as the experienced traders. It has the provision to combine the forex price data management via advanced charting controls and digital record keeping.
Currency Trading Simulator Product Overview
This Forex simulator has an easy to use interface and has numerous views to mix and match and customize the trading strategy along with the ability to display 20 currency pairs in a different window.
Detrended Price Oscillator by CMSFX Reviewed
This Forex technical indicator tool eliminates the trend in prices by filtering cycles longer then their moving average. This tool identifies short-term cycles for a quicker determination of potential overbought and oversold levels.
GFT Forex Phone Trading Program DealBook Mobile
DealBook Mobile can be used to keep a track of forex market on the move that allows the user to get forex quotes streaming in real-time and full color charting that has access to the 60+ currency pairs available from GFT.
GFTForex DiNapoli D-Levels Reviewed
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Investment Studio Portfolio Management Software
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Marketiva Streamster
This is a free forex tool that enables you to learn forex trading with the help of a virtual trading desk.
MTI Forex Starter Kit
This Forex Charting tool is directly connected to the MTI's online multimedia room with professional traders and online video mentoring facility.
Popular Back Testing and Strategy Development Software TradeStation
This Forex tool tracks the trading open positions based on the exit rules framed by a trader and allows full automatic execution of the trade strategies.
Practice Currency Trading with ProFinancialFX.com Forex Simulator
This Forex simulator comes in handy for the pivot point forex traders. This tool acts as a simulator for the new traders as well as performs as a fully functional trading tool for the experienced traders.
Review of FXCM Platform FX Trading Station
The FXCM Trading Station is a great trading station that feeds real-time streaming prices and offers a No Dealing Desk execution option is designed for active forex traders. FXCM offers traders all the advantages of a No Dealing Desk option with the added benefit of the ability to place orders over the phone 24 hours a day.
Risk Assessment Software MTPredictor is Reviewed
This Forex trading tool that helps in determining low risk trade opportunities and also helps predict how much to risk on a trade.
Seer Backtrading and Quantative Analysis Software
The Seer application has the ability to backtest and optimize multiple systems across multiple time frames through its Advanced Position Sizing mechanism.
TradeAnalyst will Analyze Your Trading History for FXCM Accounts
This Forex analyzing tool comes with multiple features including the ability to sort trades by pips, date, time, day of week or pair as well as providing the provision to look up the strategy that has been framed in form of numbers.
Trend Visualizer Technical Indicator Bringing Cross Verification
This Forex indicator projects execution charts or main timeframe trading chart, trading signals from higher timeframes and allows traders to concentrate on the timeframe they are trading while having the important upper timeframe signals in front of them at all times.
Conquests Software Automatically Opens and Closes Trades
This Forex EA tool is an automated application that does not use charts or graphs to analyze the market but features opens trades from the stocks that possess the highest potential for profits.
EZCurrency Multiple Instrument Dealing Platform
Ezcurrency is a real-time trading system which can be used to trade in currency, stocks, indices, commodities and much more efficiently and securely.
Forecasting Software Cyklotron 2.4.2 is Analyzed
This Forex trading tool provides a unique feature of having all the data from the different vendors in the csv or txt format for the trader. This tool can also be used to adjust the trade frequencies and minimize the drawdowns, to achieve better results.
Forex Tester Simulation Software is Analyzed
This Forex Simulator is an excellent tool for studying forex trading in a fast and convenient way by providing facilities to create test trading strategies based on real time historic data.
GFS Forex Trading Software OperaFX Pro
This trading tool offers a real time forex trading that has a single window which can be used to perform all operations and also Real Time Streaming Quote that shows all currencies prices in one single panel.
MACD X Predictor by MetaFX-Int
This Forex tool proves to be an indispensable tool for all the traders and is a very reliable technical tool for accurate probability.
Market Hours and Analysis Provided by Forex Trader Sidekick v 2.0
A great reference tool that provides real time forex market hours in the Tokyo, Sydney, London and New York forex markets.
Review of GFTForex Foresight-A.I
This Forex tool is a high end timing tool and a leading indicator to help an individual to plan the markets move for the next day, based on the forecast of the next day's market.
Forex Trading Machine Training and Software Program
This Forex tool is composed of three Price Driven Forex Trading systems that together analyze the forex market without using any type of indicators, support or resistance levels, moving averages, pivots, oscillators, fibonacci, trend lines.
Market Traders Institute Forex Economic Calendar Reviewed
| It shows important economic events happening around the world and also predicts the impact of these events on the related currencies. |
One Click Trading Tool ButtonTrader is Reviewed
This Forex trading tool provides versatile and innovative visual interface to display the market action on real time basis. This tool is used for scalping to position trading with flexibility to maximize profit and minimize losses.
Open Position Ratios from Oanda Are Presented in A Graph
| This tool shows the ratio of open long trades to open short trades and the ratio of number of open trades for each currency pair using a chart. |
Review of Real Time Forex Trading Platform
A forex trading software which allows you to trade in real time over the internet.
RSS News Feed Reader by OrangeFX
This Forex tool comes equipped economic calendars and Forex quotes from various resources to a trader.
Trading Simulation Software Forex Simulator is Reviewed
This is a forex trading software, used to enhance the trading ability of an individual. It is used to trade currencies, commodities, future index, stock using real tick data, etc.
CMS Technical Indicator Accumulation/Distribution Reviewed
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Learn Forex Trading online, free
Market Simulator Tool PriceMotion For Trading Game
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Monitor Forex Market Hours with Free Tool
This simple tool allows you to track the most active sessions in markets worldwide.
Open Orders Summary
| This tool graphically represents open orders in OANDA's books. It is helpful to understand client price expectations contributing to natural resistance and support levels. It supports all major currency pair. |
Review of VT Trader Forex Autopilot by CMS FX
This Forex trading tool, as the name suggests is a complete auto piloted technology, which does not require any human intervention. One can just leave the trader running and the tool will auto adjust in accordance to the forex market and keep trading based on the custom build strategies.
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Tradingpatterns.com Review Including Automatic Pattern Search
Best Forex Trading Tools
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