Technical analysis is an integral part of successful Forex, stock exchange, and futures trading. With its help, each trader can identify various trends, determine support/resistance levels, build a forecast for the dynamics of stock and currency quotes, and much more.
In other words, technical analysis, figuratively speaking, allows you to look into the future and use this advantage to make a profit.
Technical Analysis Tools by Brokerage Companies
The main task of any Forex trader is to make a profit. To achieve maximum results, it is necessary to be able to analyze historical data in order to determine the future trend direction. The package of standard tools by a trustworthy brokerage company like Exness allows you to analyze the price trend effectively.
Each reliable and best forex broker is to unlock a certain set of tools of technical analysis for the traders. In fact, one of the most advantageous conditions from this point of view are presented by Exness.
The technical analysis tool built in MetaTrader at Exness is a bright example of how a real brokerage company should let their traders work in the most favorable trading conditions.
By using MetaTrader 5 when trading online at Exness, each trader is eligible for the following exclusive features:
- Price movement is subject to trends
The price does not change chaotically, but for certain reasons. The more explicit they are, the more visible they are to traders, investors, and regulators. All of them are people, and therefore they are looking for opportunities for more profitable deals. Therefore, as long as there is a supply, they will buy, and as long as there is demand, they will sell. This is how trends are formed in the market.
- The history of price dynamics tends to repeat
Perhaps gravity or the psychological patterns of human behavior are to blame. Conventionally, if everything is bad, traders sell. If everything is good, they buy. There is also a feedback loop: the price rises following the appearance of a buy signal, which all traders read. However, in recent years the modern world has begun to change so rapidly that new market habits have been increasingly formed, which are extremely interesting to observe.
- Technical analysis can be applied to any type of asset
Technical tools in trading platforms help traders identify trends and periods during which the asset price is trying to find support during the descent and resistance (boiling point) — during the ascent.
Traders can identify trends with the help of various forms of technical analysis and by adding different indicators to the charts, including trendlines, price action, and other technical indicators.
The Exness tool is the best one for traders. In any case, to make a decision to buy or sell an asset on Forex, you need to clearly understand which trend prevails on the chart. The trend line, a basic indicator of technical analysis, helps to determine this. Its primary purpose is to “highlight” and emphasize the direction of price movement. Trendline may indicate the direction of trends while the relative strength index (RSI) is designed to show the strength of price movements at a particular time point.
Please, consider some details about the technical analysis tool provided by Exness.
MetaTrader 5 at Exness
MetaTrader 5 has a solid set of the essential analytical tools:
- 38 indicators, and
- 44 objects.
All of them can be combined and get more detailed forecasts.
The most important tool in technical analysis is a technical indicator. It works automatically and detects various patterns in the dynamics of quotes for stocks, currencies, and other financial instruments.
Based on these data, you can assume further price movement and adjust your trading strategy.
Indicators can be located both on the quotes chart itself, and in special subwindows with their own scale of values. In this case, it is possible to superimpose some instruments on top of others. For example, a Moving Average can be imposed on DeMarker, and, thus, a line of averaged values can be obtained.
All in all, MetaTrader 5 offers you a serious arsenal for full-fledged analytics. However, the built-in toolkit is just the beginning.
Market and Libraries contain thousands of technical indicators and make your analytical possibilities limitless. Right on the Exness platform, you have access to tools for technical analysis of any complexity! If you need a technical indicator with specific characteristics, you can write one yourself.
For this, MetaTrader 5 has all the necessary tools, and a lot of useful information can be received from the Exness managers. They will definitely explain everything and demonstrate how the technical analysis functions.
The use of technical analysis is to continuously test trading strategies. The market is constantly changing, and you need to trade clearly with it in unison.
For this, there are dozens of indicators on the trading platform. Read-see about each of them in turn and try to implement it in your trade. Once you determine the most convenient for yourself, select the settings and trade.
MetaStock
MetaStock is an online data analysis software provided by DataLink. It was created to help traders make more informed trading decisions with its powerful tools and advanced charting capabilities for trading
- Stocks
- Options
- Futures
- Commodities
- Currencies
- Products with fixed income and indices.
Being equipped with proprietary scanning and analysis tools will help you make complex trading decisions that you can test and compare against their powerful backtesting software before risking real capital.
The program’s interface is easy to use, with many customization functions based on your personal preferences and rich graphics that are easy to follow. The customer service is very friendly with fast response and detailed explanations.
MetaStock possesses some appealing advantages like:
- Large selection of automatic ‘advisors’
- Excellent deep backtesting
- Unique price prediction
- Extensive library of additional professional strategies
- Excellent selection of charts, indicators, and real-time news
- Bloomberg Terminals add-on
- Excellent customer support and educational webinars
- Works online and offline
You can choose from several MetaStock purchase options, and there are two different subscriptions to choose from.
You can start with their 30-day free trial to test their software with real-time data and charts before investing, so you can see whether it’s worth paying for and if it fits in your trade.
You can then either pay a monthly fee or the whole amount at once and save in the long run.
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The first subscription is MetaStock Real Time, which includes real-time charting and analysis software designed to analyze the market in real time, and it will cost anywhere from $ 99 to $ 300 per month depending on the options and add-ons you choose.
With a subscription to MetaStock Real Time, you will have access to their own tools to help you build a trading system that matches your trading style and risk parameters.
With a subscription, you can use the MetaStock Power Console, which conveniently puts all the functionality in one place in the interface, making it easier than ever to view charts, run scans or tests, and view reports.
System simplicity is critical. MetaStock Daily Data contains powerful charting tools with rich visual charts and a vast set of features that allow you to customize them as you see fit.
There is also an opportunity to program your own indicators and trading systems, and what is really nice, if you do not know how to do this, they will help you for a nominal fee.
