Charting software recommendation please - UK

Beginner Questions
#1

Hey All, apologies in advance if this is a question asked a million times, but here goes anyway.

I have accounts with a couple of companies here in the UK (CapitalSpreads and IGIndex - I’m currently in favour of the latter). The free web based charts they offer are not bad at all, but reading several threads here suggests to me that a ‘proper’ software package may be in order.

My requirements:

  • it will be UK-based, or work in the UK (so where do I get my data from?);
  • I would like to be able to program it (or use signals that can be downloaded from these forums) in order to alert me to signals
  • ideally also to have alerts sent to my mobile phone too
  • it must be reliable!

Use for Forex mainly, but may consider stocks/shares too.

Thanks in advance :slight_smile:

#2

Does not have to be UK based. Your requirements at least for fx can be met by Metatrader 4. Put metaquotes into your browser. Software and data are free and I find it the best free package available. If you have a package your happy with and just want alerts you can take a look at alertfx which can send various messages to your mobile - again no cost

#3

Thanks for the quick reply. I am downloading MT4 now. To get such a package that is free is great… I have to ask… what is the catch? Surely they pay for their data feed, which we then get for free?

Can I clarify something else - will I have to actually trade via MT4, or can I use their charts and trade through IGIndex or similar?

I’m interested in your location too - I’ll be emigrating in 3-4 years time, but haven’t done any research yet on how/when to trade down under. That’s another thread for another time though!

Cheers

#4

Tony is correct… MT4 is good package.
Good Charting package…
I am with STIFX in MT4… trading live with them…You can try there demo, maybe it fullfills your requirements

However regarding IGindex, you can check if they provide API solutions…

#5

Basstrom, I’m guessing you must be UK-based, using spreadbetting companies rather than forex trading companies right? Tax-free and all the rest, which is great. Flip side is none of the s/betting companies - that I know of, and boy have I looked - allow you to trade using other packages - ie no API to speak of.

So by all means use MT4, but just remember that the feed won’t be exactly the same as the one you see on IGIndex (close, but not exactly), and that you will still have to trade using your spreadbetting platform. Not a problem unless you’re scalping.

If you’re looking to program and send you alerts, MT4 is the cheapest and most flexible. But, I find ninjatrader slightly more user-friendly for programming strategies, and backtesting. Only down side is you need a data feed - esignal, around �50/month - unless you have an account with one of the forex trading companies.

Hope this helps.

#6

Yes you are exactly right. So far I have been happy with the online charts, but a few limitations are starting to show. The biggest is that there is no facility to set up automatic alerts. Also, the charts can display many things (RSI, stoch, psar, etc. plus more I don’t understand yet!) but after short timescales the charts only offer 30m, 1h, daily, weekly, i.e. no 4hr chart which many people on these forums seem to use and find useful.

MT4 may still be worth a closer look then. I could program it and leave it running to send me alerts, which I could check via the spreadbet company and trade accordingly.

Thanks all for your responses.
Cheers!

#7

Thanks for this valuable post.

Even I am new to forex and I was just looking for some soft to trade.

I have been trying MT4 for 2 months now. It�s a great soft. Strangely email alerts works great on my xp platform but fail to work on windows vista. Email connection just does not happen. Very frustrating. (tried even with disabled firewall)

And also I wanted to know any trader I can configure for MT4. As suggested below I will try STIFX. I don�t want to invest big right now as it�s my start. I might start with 500$ or so. :slight_smile:

Please coment ! :smiley: Your suggestions will greatly help. :slight_smile:

#8

I’ve been spending more time on the IGIndex site, and following a call from my account manager there, it seems they have an Advanced Charting feature which has many more features than their quick chart. Namely, it appears to have a feature where similarly to MT4 you can program signals and alerts. The great thing with that is that your settings are saved in your account at IGIndex, and therefore available anywhere you can get internet access. MT4 is still likely to be more powerful, but limited to the PC you have it installed on? With IGIndex I can trade program the indicators at home then access them at work via the web without impacting on my day job (until such time I start earning serious money from trading, when this will become my day job :slight_smile: )