By forex apps, we mean applications that can be used to enhance the trading process by adding them to the forex trading platforms. Apps therefore do not just refer to the conventional smartphone or tablet apps listed on the respective app stores, though they will also be included in the definition. Apps here will also include the trading indicators and expert advisors which can be used to trade the enhanced MetaTrader4 Build 600 platform. So the overview on forex apps which is presented below will include trading applications (trading platforms), add-ons, indicators, expert advisors and third party software applications that can be used in forex trading. We present an overview of several of such forex apps.
Forex News Apps
Top on list of forex news apps is the Bloomberg app, which I have on my Android device. Bloomberg has always been on top of the game when it comes to provision of market news. There is a premium news service which requires a subscription fee in order to get access to market moving news releases. The Bloomberg app is available on the iPhone, iPad, Android devices and Nokia phones.
Another powerful forex app is the Thomas Reuters Eikon mobile application which works on the iPhone, iPad, Blackberry and Android devices. This mobile app brings together a mix of unique market content, analytics and liquidity resources traders need to profit from the market. This forex app also provides exclusive access to specialist data, provides pricing from more than 2,000 sources in 175 currencies and also provides intraday commentary on flow, trade ideas, rumors, technical analysis and opinions on where the market is headed. Traders can also get access to a full suite of forex calculators and customizable analysis tools. A free trial of the Thomson Reuters Eikon forex app is available to enable the trader assess the software before usage.
Trading Platform Apps
Trading platforms are also available as applications on the hand-held devices such as the iPhone, iPad and Android tablets/smartphones. There are a few examples of those forex trading apps that are offered to traders by market makers (dealing desk platforms) and others which represent the non-dealing desk end of the market.
An example of a dealing desk platform that can be used on the various smartphones and tablets in the market is the MT4 Build 600 platform from FXOpen. Many other brokers have this software as well, but that of FXOpen was singled out because of the wide availability on a variety of mobile devices, making it one of the most sought after forex apps.
Forex Charting Apps
The forex apps overview continues with a look at some of the charting applications that are available from the various app stores for mobile devices. ChartIQ and iChartist are two of the forex apps available in the market today. iChartist is a charting app for forex, stock and futures traders, providing the functions that any desktop program would offer. It is available from the iTunes store for the iPhone and iPad. iChartist comes with a vast array of technical indicators. Real-time streaming tick interbank composite Forex data is also available via this application.
ChartIQ is specifically built to run on mobile or on the web as a web-based application. It comes with a free trial so that users can evaluate the product before buying. Traders Magazine calls it “a must for all mobile chart fans”. This speaks volumes about the product.
One of the best forex apps that traders can get access to are forex indicators. Now these are now classified as apps which can be downloaded from the MetaTrader AppStore. This AppStore is a collection of indicators and expert advisors (free and commercial) for use on the brand new MT4 Build 600 platform. Under the new arrangement, the MT4 Build 600 platform is now integrated with the MetaTrader AppStore, and traders can pay for, and download commercial or free versions of indicators and expert advisors from the MT4 AppStore through their MT4 platforms.
The indicators are too many to mention. But to look at what is on offer, download the new MT4 Build 600 online, and then click on the “Market” tab to get a view of some top selling indicator apps. You can also click on the “Code Base” tab to get a view of several indicators and experts available on the AppStore.
Forex apps can help improve the trading experience, and should be used by every trader who wants to make sense of forex trading from 2014 and beyond.
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Johan Matsias is a Forex trader, writer and online trading tutor. He writes for FXOpen, a competitive Forex broker working since 2003. To know more about the FXOpen MT4 trading platform visit http://www.fxopen.com/TerminalMetaTrader4.aspx.