Free Forex Charting Software for Traders in 2025
When starting forex trading online, observing currency movements is often considered vital. A common way to observe such movements is when they are plotted on a chart.
As the billionaire trader and one of the most successful hedge fund managers, Bruce Kovner once said, “Fundamentalists who say they are not going to pay any attention to the charts are like a doctor who says he’s not going to take a patient’s temperature.” In very simple words, he highlighted how indispensable charting is in understanding market conditions.
While charting can be a useful tool, it does not guarantee profitable outcomes. Furthermore, trading is inherently risky, please make sure you are aware of the risks before getting started.
Generally speaking, there are many options for free charting software for forex available to traders in the market. In this article, we’ll explain what Forex charting software is, why traders need it, and walk through a practical option traders may opt for in their trading journey.
Let’s begin.
The information in this article is provided for educational purposes only and does not constitute financial advice. Consult a financial advisor before making investment decisions.
What is Forex Charting Software?
A Forex charting software is a tool which collects live price data from one or more sources and then plots them on the chart. This allows traders to visualise market movements across different time frames.
If there is more than one provider for the price feed, the software may either aggregate the prices and display only the average quotes, or it might display the quotes from different providers without any aggregation.
These software offer more than just displaying prices on your computer screen, they also provide tools, indicators and drawing features. Using these tools, traders may analyse patterns that might support their trading strategy.
Different Types of Forex Charting Software
How to Evaluate a Forex Charting Software for You
Here’s how to evaluate a forex charting software:
Understand Your Requirements
Many traders wonder at some point, ‘Which is the top forex charting software?’ It’s a natural question. But the suitable option depends on your own trading style and needs… what works for one trader may not work for another.
For example, a day trader may require advanced intraday charts with multiple indicators, and that could be the primary focus when selecting software as an intraday trader. Similarly, a scalper would look for sharper, short-term charting software with minimal lag, so they can respond quickly to price movements.
Importance of Tools and Indicators
Many traders prefer to conduct their chart analysis on reliable charting platforms, especially for day trading. This is why it is important to choose a platform that provides you with a wide range of tools and indicators, while allowing you to adjust charts over your preferred time frames.
Of course, not every trader has access to a powerful platform, so traders often look for charting software that supports the type of analysis they need. Otherwise, it can be quite difficult to manage your workflow if you use more than two applications simultaneously.
Pricing and Advanced Features
Pricing makes a big difference for many traders. While there are several free charting software options available, traders often choose premium ones to access a deeper level of technical analysis. If you are among those going for premium software, you need to make sure it actually offers the advanced features you require.
It can be hard to find cheap advanced charting software, as premium tools come at a cost. So, traders should weigh whether the features align with their needs and budgets.
Some brokers like Admirals, provide access to premium software at no extra cost, depending on account type and conditions. Keep reading, we’ll show you how to get access to them in the next section.
Accessibility and On-the-Go Options
If you will be spending a lot of time away from your trading setup, you are going to need an application that allows you to access your positions on the go. This is where forex mobile software comes in handy.
Now that we have discussed how to evaluate a Forex charting software, let’s look at two practical options that meet the needs of many traders: MetaTrader 4 and MetaTrader 5.
Both of these platforms are among the most widely used in the Forex market and offer powerful charting capabilities, a wide range of technical indicators, and advanced charting, too.
5 Features of MetaTrader Charting Software
If you are trading with a reputable broker, the chances are high that you already have access to MetaTrader 4 or MetaTrader 5.
Both platforms are widely used and considered popular choices for charting software because they come with several features which could be used by beginners as well as experienced traders.
Chart Types, Drawing Tools and Indicators
MetaTrader allows traders to view price action in multiple types of charts, including line charts, bar charts, area charts, traditional candlesticks, the average bar candlestick called ‘Heikin Ashi’ and many more… depending on what they find most suitable to interpret.
Apart from this, traders can also switch between different timeframes from one-minute charts for scalping to one week, three months, to even a 12-month chart for long-term analysis. This flexibility of choice allows traders to analyse the market’s trend.
If we look at indicators, MetaTrader 4 and 5 come with 30 and 38 built-in indicators, respectively. These include popular tools like Moving Averages, RSI, MACD, and Bollinger Bands.
If you are a trader, then you understand that indicators are invaluable tools as they help in spotting market momentum and potential reversals.
What’s even better is that traders can add custom indicators as per their needs. This could be done by importing third-party indicators or writing a custom script using MetaTrader’s MQL programming language.
The software also provides a set of drawing tools that allow traders to mark trendlines, support and resistance levels, and Fibonacci retracements, etc. These tools help traders to visualise and draw market patterns on the charts.
Template Saving and Multiple Chart Windows
Traders can save their chart setups as templates with preferred indicators, colours, and drawing tools. This not only saves time and ensures consistency across multiple charts, but over time, traders develop a kind of muscle memory, where even the colour codes alone are enough to quickly interpret the charts and spot important signals.
Moreover, if a trader follows multiple markets at once, using a multiple-chart window can be helpful.
Mobile Version
Many traders are interested in using Forex charting software on their mobile devices. While mobile apps may not yet offer all the advanced features of desktop platforms, but it does give the flexibility to monitor charts with a few basic indicators.
Automated Trading Capabilities
MetaTrader 5 may be useful for traders who are looking for software which can automate their trades. There are two ways of doing it: either you code your own rules into the system or add an Expert Advisor (EA). But remember, before applying any strategy to your live account, it’s important to backtest it on a demo account.
Automation does reduce manual tasks and removes emotional decision-making. But it’s important to remember that it cannot remove risk from the process.
Advanced Order Management Tools
Admirals offers premium software services for free.
- MetaTrader Supreme Edition plugin: This plugin expands the platform with advanced tools, widgets, and order features such as drag-and-drop stop-loss and take-profit levels directly on the chart and One Cancels Other (OCO) orders.
- StereoTrader: This plugin is designed for short-term traders. It has advanced order types like the limit pullback order, which allows traders to capture more from momentum moves by exiting on minor retracements rather than fixed profit levels.
As an official StereoTrader partner, Admirals gives clients access to the full functionality of this tool, subject to account balance requirements. T&C apply.
Additional services like VPS hosting and Mac-compatible platforms further extend MetaTrader’s versatility for different trading styles. T&C apply.
Choosing the Right Setup for Your Trading Style
Conclusion
No matter if you are a scalper, day trader, swing trader, or someone who trades multiple assets, having an appropriate charting setup could be beneficial.
Charting is where decisions begin. Each trading style demands something slightly different. For example, speed for scalpers, clarity for swing traders, automation for algo traders. Admirals provides advanced charting software, tools and add-on plugins that could help traders at each stage of their trading journey.
If you are just starting out, consider opening an Admirals Demo account. It allows you to practice trading and test strategies in a risk-free environment, without using real funds.
Other articles that may interest you:
- How to Trade with MetaTrader WebTrader
- Guide to the MetaTrader VPS
- How to Trade With the StereoTrader Extension For MetaTrader
Frequently Asked Questions
Can I use Forex charting software without placing trades?
Yes. Charting tools can be used for analysis.
What is the difference between a charting platform and a trading platform?
A charting platform focuses on market analysis. It offers charts, indicators, and drawing tools. A trading platform combines charting with order execution. So, you can analyse the market and place trades there itself. Some solutions, like MetaTrader, integrate both in one.
Do mobile charting tools offer the same features as desktop versions?
Mobile charting apps provide features like real-time charts, indicators, and order placement. But they may not always match the full functionality of desktop versions, especially for advanced analysis or automation. For convenience, many traders use both.
About Admirals
Admirals is a multi-award-winning, regulated Forex and CFD broker, offering trading on over 8,000 financial instruments via the world's most popular trading platforms: MetaTrader 4 and MetaTrader 5.
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