Forex Software

Which is the best forex trading software? Which forex software provides the best forecasts and analysis? Is there any automated forex software that doesn't require programming skills? Read below to find out.


Forex Trading Platforms


Forex Trading Platforms allow traders to analyze the currency markets and trade forex and CFD manually or by using automated forex trading strategies. Some trading platforms like Metatrader 4 (MT4), Metatrader 5 (MT5) and Trade Station offer their own programming languages and are capable of running and back testing forex auto-trading bots. Unlike them, most web-based trading platforms don’t offer auto-trading features or sophisticated forex indicators, however you don’t need to install or manually update them in order to start trading. 

Here is a more detailed review of all available desktop and mobile forex trading platforms.

Forex Analysis Software

The purpose of the forex analysis software is to provide traders with tools for predicting the market movements. Even the most basic trading platforms offer some kind of charting, that allows traders to draw trendlines and channels, plot support and resistance levels, calculate Fibonacci retracements and projections, use technical indicators like MACD,  RSI and so on. 
For more sophisticated forex analysis like automated Elliott Wave counting, building of custom indicators and pattern recognition you will need more advanced software solutions. 
Elliott Wave counting software
Let’s start with the automated Elliott Wave counting software. First of all I’d like to say that I don’t really like Elliott Wave principle and I like even less the wave counting applications. Anyway, the two most popular EW counters are TracknTrade ($1297 for Premium live forex bundle, free trial for 14 days) and ElWave ($1415 for ElWave Scanning bundle, $80 for 30 day trial). I recommend to everyone to think twice before purchasing some of them.
Pattern recognition software
Pattern recognition software automatically identifies the most popular chart pattern such as head and shoulders, triangles, wedges, double tops and bottoms, thus allowing individual traders to monitor hundreds of trading instruments 24/5. 
Autochartist is by far the world most advanced auto pattern recognition tool. It not only identifies chart patterns but also offers PowerStats - a razor-sharp statistical tool that gives Forex traders important market info and helps them to set precise stop-loss and take-profit orders.
Autochartist is available as a web-based app and MT4 plugin. The price for individual traders is $50/month, however you can use it for free if you open an account with some of the almost 30 Autochartist partner brokers including industry giants like, Alpari and IG Markets.  14-day free trial is available as well.
Custom indicators
Technical Indicator is a visual result of mathematical calculations based on the history of the market price, used to forecast future  price movements. Most trading platforms come preloaded with a number of well known technical indicators such as RSI and MACD. 
If you have an idea for a new technical indicator, you can create it from a scratch using the TradeStation’s EasyLanguage or Metatrader’s MQL program language. It’s not an easy task, especially if you are not a professional developer. Fortunately many developers have shared their scripts and you can download thousands of custom indicators for free on .
Here are  the 3 most downloaded custom indicators for all times:
*     Period Converter Optimized – a timeframe converter that supports real-time refreshing (over 40,000 downloads)
*     Sell/Buy alert - display Buy/Sell arrows on the chart when MACD and RVI indicators match (over 30,000 downloads)
*     FX5_MACD_Divergence  -  detects divergence between the market price and the MACD indicator (over 30,000 downloads)
Unlike the auto-trading systems, Custom Indicators just generate signals, don’t execute trades. 

Forex signals software

In the dawn of online forex trading about 10 years ago, self-proclaimed oracles were fabricating track records and selling forex signals to naïve traders. Signals were provided over the phone, by text message or by email. 
Nowadays this scam industry has almost disappeared. Now you can follow forex  signals, provided by traders with verified track record, via fully automated desktop trading software or web solution. 
Zulutrade is the largest independent forex network, connecting forex signal providers and signal followers.  All you need in order to start following signals is an account with some of the Zulutrade partner brokers.  Zulutrade partners with all large forex brokers, so most likely you already have an account with some of them and don’t need to install any additional software. Here is a full list of Zulutrade forex brokers.
Tradency's MirrorTrader
Tradency is the other big player in forex signals market.  Its MirrorTrader platform is a stand-alone desktop application that allows you to choose among selected signal providers and automatically executes their signals on your account. You can open a MirrorTrader account with some of the biggest names in retail forex like FXCM, Alpari and FXDD.  For full list of MirrorTrader forex brokers, click here.

Automated forex trading software

Automated Forex Trading Software a.k.a Expert Advisors (EAs), Forex Robots or Trading bots is a trading algorithm, that trades automatically based on a predefined set of rules. Metatrader 4 (MT4), Meatatrader 5 (MT5), TradeStation, Strategy Trader, ActTrader, cAlgo  -  all these trading platforms offer their own programming languages that allow automating, backtesting and auto-execution of forex strategies.
No coding skills needed
If you lack the programming skills to code your strategy, you can build a trading robot in a user-friendly graphical environment using the Metaquotes’ MQL5 Wizard, ActForex’s Act Vat, Gain’s Forex Trader Pro, Expert Advisor Builder or Molanis services. I would recommend you the Metaquotes Wizard.
Free and paid EAs
If you don’t want to waste your time building and forex strategies, you can go for a commercial EA like Fap Turbo ($149) or Forex Megadroid ($67) or try some of the thousnds free forex robots on

Forex brokers sofware

MT4 Liquidity Bridges
In the simplest terms, MT4/MT5 liquidity bridges allow Metatrader forex brokers to manage the risk, executing their clients' trades by an external liquidity provider. Here are the most popular Metatrader liquidity bridges: 
- Boston Technologies - BT's bridge is able to process up to 99 trades simultaneously, close orders either completely or  partially, and execute single orders at different prices and liquidity providers. BT powered brokers can easily manage spreads and slippage, and even can offer positive slippage to their clients.
- OneZero Financial - OneZero FX Liquidity Bridge can execute hundreds of orders simultaneously. The broker can control spread, order execution and reports based on a currency pair, group of traders, and individual basis. Tadawul FX, Go Markets and Easy Forex are some of the brokers, using OZF's liquidity bridge.
- Gold-i
- PrimeXM


Forex Software

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