Forex Tracker – What Are the Different Types of Charts on the Forex Tracker?

Forex (foreign exchange) is a global marketplace where currencies can be traded to make money by betting on one currency against another. As it’s decentralized and traded via brokers, forex trading provides a lucrative investment option. The best way to find the forex robot.

A forex tracker is a system for recording all your forex transactions, from currencies and trading volumes, entry/exit prices, as well as your reasoning behind each trade.

Line chart

Line charts are an effective data visualization technique that can make complex information digestible for all audiences. They reveal trends and patterns that help users identify opportunities, develop strategies, and make informed decisions. Furthermore, line charts may even serve as predictive tools by assisting analysts in anticipating possible future trends.

When creating a line chart, it is essential to take into account both the nature and purpose of your data presentation. If your information is measured in different units, a bar or area chart might be more suited than a line graph; label the axes clearly so your audience understands what you’re showing them.

A line graph has two axes: horizontal (x-axis) and vertical (y-axis). The y-axis represents what is being measured, while the x-axis shows when data was collected. A straight line on the y-axis signifies an increasing trend, while one with sloping lines indicates decreasing ones.

Candlestick chart

A candlestick chart illustrates the price movement of an asset over a particular timeframe, showing its open, close, upper, and lower wicks as well as their sizes to demonstrate price range and market sentiment. A candlestick’s body varies in shape according to how its opening prices relate to closing prices; the color and size fill of its body also play a factor.

Traders utilize candlestick charts to spot potential price trends, and reversal signals not visible on bar charts. Common candlestick patterns include those labeled bullish or bearish; bullish patterns indicate a price rise, while bearish ones indicate prices

may fall.

One example of a bullish pattern is the dragonfly (gravestone doji), with its small natural body and lengthy wicks, or long bottom wicks. Another pattern that appears during downtrends and has similar opening, closing, and high prices but lower prices is called a hammer. On the opposite end is the hanging man, who features a short, natural body with a long top wick.

Pip value

Pip values can be beneficial to forex traders, as they help them quickly understand account growth in a simple format, calculate stop loss, and take profit targets more precisely. However, it should be remembered that each currency pair’s pip value may differ.

Pip, or pip per unit change in currency prices, can be confusing for new traders as it’s hard to visualize such minute movements with dollars or euros. To help make things simpler for traders, use forex calculators.

To calculate the pip value, you’ll need to know your account currency (typically that in which you deposited) and the trade size of the pair you are trading. Our calculator will display standard, micro, and mini lot pip values based on these inputs; for instance, if trading EUR/USD for a standard lot, this would equal 10x EUR100k = EUR8000; otherwise, you would divide by the exchange rate for USD/CAD trading pair instead.

Bid/ask price

ATAS’ bid/ask price feature provides traders with a valuable tool for analyzing market supply and demand. It shows buyers’ and sellers’ willingness to transact at various prices as well as any difference in these costs—this difference is known as “spread.” When bidding and asking prices are closer together, assets have less of a chance of losing value, increasing the likelihood of trading opportunities and potentially increasing trade activity.

Ask prices represent the most minuscule amount investors are willing to sell a security for, while bid prices represent their maximum cost of purchase. If no buyer is present, a market sell order will be executed at either price, while market buy orders are executed at either of them. Market makers quote both and reap profits through the spread between them.

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Currency pair

There are various currency pairs traded on the forex market, each having its characteristics that must be understood and utilized to maximize profit when trading currencies. This may involve taking advantage of something as small as a pip movement or something more substantial like economic fluctuations to make money trading currencies.

Forex trading takes place in pairs since a trader usually purchases one currency and sells another simultaneously. Each pair consists of a base and quote currency pair—an asking price is established when selling or buying, while bid prices indicate what level a broker or trader may accept as a bid price for selling or purchasing their pair, respectively.

Major currency pairs in the forex market are among the most liquid and represent some of the world’s major economies, making them less volatile than exotic and minor pairs. One such major pair, EUR/USD, includes Europe’s widely used currency alongside the US dollar—together, they comprised 22.72% of all forex trades reported in April 2022, according to BIS data.