Technical Indicators and Studies for Currencies

The charting platform has a wide variety of indicators that can be used when analyzing currencies technically. To add an indicator to the chart, simply click on the indicator in the pop-up menu and a check mark will appear on the left signaling that the indicator or study has been added to the graph (see the figure below). To remove an indicator from the chart of a currency, click on the indicator again. This will clear the check mark besides the name of the indicator and the indicator will disappear from the chart.

The maximum number of upper indicators that can be plotted on the chart at the same time is two and a maximum of three lower studies can also be plotted simultaneously. The input parameters for the technical studies available with the free charting software are discussed in the next section [Definitions of Technical Indicators].

Technical indicators can be calculated using the "Last Price" or the "Modal Point" (for Prostick charts). These options are shown below at the end of the technical menu.

Preferences

Each technical indicator has its own parameters that can be modified by the currency trader. This can be done using the second button on the charting menu (see highlighted button below). The figure below shows the pop-up box that will appear when the preferences button is pressed. Notice the input boxes (Value 1, Value 2, Value 3, Value 4) where the input values for the particular indicator are entered. The drop-down box in contains the indicators that are currently set (the example below shows the settings for the Parabolic SAR). To update the indicator settings, click on the "Apply" button.