With the help of forex tools, you remain ahead in the competitive market. These tools are beneficial for computing trading-related calculations, and by knowing how to use them, you ensure your long-term success in the forex market. You can use them for free and can take your career to new and greater heights. In this article, we will look at different types of forex trading tools and their use.
List of Forex Tools
Here are some tools that you can consider using in your trading strategy.
Forex Volatility Calculator
Volatility is something that traders often demand in the forex market, as those currencies that remain stagnant aren’t of any benefit to the traders for earning profits. This is one of the most used trading calculators that help you equip against the volatility of currency pairs in a better way. You can observe daily changes in pips and percentages of each forex pair. You can choose the time period to calculate the volatility of any currency pairs. The volatility displayed is inversely proportional to the timeframe you choose.
When you do not understand the rise or fall of one currency pair with respect to another, you remain bereft of the crucial knowledge that would make you hedge your position. You can use it if you like to trade more than one currency pair. Enter the currency pair, time frame, and the number of periods to calculate.
Time Zone Converter
The forex market is global, and you have to keep pace with its fast-paced and global environment. For doing so, a time zone converter is a handy tool that helps you know the crucial times of trading forex, including the overlapping of the markets.
A forex calendar helps you know the important events that can affect the forex market. That is crucial for those who use news for trading forex and also for those who avoid trading when something unfavorable happens.
Position Size Calculator
The position size calculator helps you understand your risk-per-trade. A position-size calculator helps you calculate your position size in the units of your choice, viz., lots and units. You need to enter your account currency, account balance, risk percentage, which is often dependent on your risk threshold, stop loss in pips, and the currency pair.
Pivot Point Calculator
To help you better equip yourself with the outcome of the trading session, pivot point calculators are helpful in that. Pivot points are related to support and resistance areas. Enter the high, low, and close values of the currencies related to the previous session, and the calculator will compute the values accordingly.
There is no denying that MT4 is one of the most popular trading platforms on a global scale. Thanks to its advanced technology that enables traders to use their own technical indicators. It is mobile-friendly and offers EAs.
The more you use the tools, the better it is. Taking advantage of forex tools, such as those mentioned above, helps you gain a better understanding of your trading, plan your trades better, and makes you a profitable trader. You can minimize risks by knowing them and can get an overall picture of your trading journey in the now and the future. Each decision in the market will impact your trading result. Therefore, using forex tools will help you shape your future in a positive way, provided that you do everything that’s required.