An Introduction to Forex Charting
Most Forex charting offers a time based solution to data visualisation and reporting but recently I came across a new approach to charting at www.forexbydesign.com. The site is owned VCI Group Ltd; they are responsible for producing a designer set of Forex trading tools which are available via their web site. The company offer a Forex By Design (FxBD) package which includes Range Bar charting by price movement as well as the normal elapsed time tracking that we normally see with more conventional Forex charting. In addition to state of the art price movement charts, the set of software tools also offers a range of advanced Forex charting in user friendly formats. I will take a closer look at the range of services provided in the Forex by Design software range of Forex charting tools.
Forex Charting with a Designer Approach
The Forex By Design software suite provides an impressive range of Forex charting tools to aid with currency trading. The list of services and tools provided in the service are feature rich and are very user intuitive, responding well to interaction to provide crystal clear entry and exit points and excellent data mapping. The range of tools includes cutting edge Forex range bar charting for quick price movement disassembly and which also compresses data for periods of low activity to present clear data. It also comes with an impressive set of other Forex charting tools for enhanced technical analysis.
The Forex By Design software includes: -
- Cutting edge range bars
- Minute based bars
- Renko bars
- Kagi
- Three Line Break
- Point and Figure – featuring PIP in real time
- Pivots, Fibonacci Retracements and Extensions & Trend lines plus other drawing tools
- Standard indicators – over 40 indicators grouped in 6 popular categories
- Indicator on Indicator
- Median price
- Two unique indicators ATB and ACH for momentum dimension: -
- ATB is Average Time in Bar for Range bars (for momentum dimension)
- ACH is Average Candle (body) Height for Range bars (for momentum dimension)
- Forex biased US Dollar Index
FxBD Forex Charting: Cutting Edge Range Bars
Correctly built range bars are an important source of information for successful trading when looking to analyse data presented in Forex charting. The clear presentation of information contained in the range bars is important when disassembling periods of rapid movement in the market or to compress periods of slow movement and enable you to place key indicators and clearly see entry signals and exit points. The excellent cutting edge range bars available in VCI Group’s Forex By Design software package enable you to clearly see Forex charting data on them by eliminating noise. In addition to the normal time based plotting, FxBD also offers data plotting by price movement to give you more data clarity in the Forex charting.
FxBD Forex Charting: Point and Figure
The point and figure charts in FxBD feature tick by tick analysis in real time and not via minute based bar consolidation; which means good breakout signals. As the chart focuses on price alone and not time, it is simple to use and learn with only a handful of concepts and terms to grasp. It’s a great Forex charting tool both for the beginner and the experienced Forex trader.
FxBD Forex Charting: Forex biased US Dollar Index
The FxBD Forex biased US Dollar Index is specifically designed and weighted to be used for Forex trading. It offers a great tracking and analysis tool for the individual currency which is often overlooked when pair trading and using Forex charting.
FxBD Forex Charting: Standard Indicators
The Forex By Design software includes a range of over 40 different standard indicators which enable you to use and interpret data and trends by looking at the information in a number of ways. The indicators are conveniently grouped into six different categories: -
- Smoothing
- Oscillators
- Bands
- Trending
- Volatility
- Momentum
The range includes standard indicators like Time Series Moving Average, Aroon Oscillator, Fractal Chaos Bands and Chaikin Volatility. In addition and unique to the package are two new indicators for momentum dimension, a volatility indicator exclusivey for Range Bars, Average Candle Height (ACH) and a momentum indicator also exclusively for Range Bars, Average Time in Bar (ATB). A full list of all the indicators included in the FxBD Forex charting software can be found at http://www.forexbydesign.com/indicators.htm
FxBD Forex Charting: Additional Indicators
In addition to the standard set of indicators offered in the FxBD, the software also offers and additional set of indicators for extra versatility: -
- Standard Deviation
- High Minus Low
- Median Price
- Weighted Close
- Typical Price
Forex By Design (FxBD) Forex Charting: Currencies
FxDB offers great real time currency Forex charting on the six major currency parings: -
- EUR/USD
- USD/JPY
- GBP/USD
- USD/CHF
- USD/CAD
- AUD/USD
In addition FxBD also has another 16 minor currency pairings: -
- GBP/JPY
- GBP/CAD
- GBP/CHF
- GBP/AUD
- EUR/CAD
- EUR/AUD
- EUR/CHF
- EUR/GBP
- EUR/JPY
- CAD/JPY
- NZD/JPY
- NZD/USD
- CHF/JPY
- USDX
- AUD/CAD
- AUD/NZD
- AUD/JPY
Forex By Design (FxBD) Configurable Forex Charting
Configurable Forex Charting Colours
FxBD Forex charting software also gives you the chance to change and configure your colour designs. Whilst there is a range of standard colour schemes already set in place, every part of the graphs can be configured to your very own colour choice. Great for those who are colour blind or have other visual impairments or you just want to get the schemes in line with a corporate theme.
Configurable Forex Charting Bar Styles
FxBD Forex charting also offers another nice set of configurability by being able to change bar styles on the graphs. The suite itself comes with great quality 3D Candlestick Bars which enhance Forex charting.
How to get hold of a copy of Forex By Design (FxBD) for Forex Charting
The Forex By Design (FxBD) software suite of Forex charting tools is available via the company’s website at www.forexbydesign.com. Access to the software is on a monthly basis and costs $95 per month with no set up costs or upfront fees to use software.
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