MT4 Forex Trading Software for Tick Charts
What is a Tick Chart?
Tick charts are very similar to the standard time based charts except that the opening and closing of each bar/candle is based on how many transactions have been made / how many incoming ticks your platform is getting. This is where it gets very different between MT4 Brokers because they each have different price feeds powering their terminals. Here at EFX we have found a way around this which you can read about just below. You can see a tick chart example compared against various other price based charts here.
My Thoughts on Tick Charts:
After adding the tick chart to my toolkit for the better part of a year I have been able to determine where it shines the most. No matter if you use candlestick charting, renko charting, or median renko charting, once you drop down to what would be a lower then M15 equivalent, things get messy. When it comes to candlestick charting at any level below the H4 chart, and often even at the H4 chart level, there can be a lot of noise created by the slow moving market times. When it comes to renko and median renko charting you will find that everything is nice and tidy until to attempt to map out price movement below that M15 equivalent scale. This is where the tick chart picks up the slack and because it is based on incoming ticks, or transactions, the slow moving market times are smoothed out significantly. For anyone who is high frequency Forex trading, or playing with the fast binary options, the tick chart is a must have tool.
Where can I get Tick Chart Software?
I can only talk about Metatrader 4 as that is the platform that I use but I imagine you can find tick chart software for any platform. With MT4 there are a few paid professional versions around the web but one in particular that has won me over. If you search Google for MT4 tick chart software then you will be able to find the paid versions easy enough and maybe even the odd hack job free one. I will provide my recommendation below though.
Which Tick Chart Software is Best?
The tick chart software that I use has a free trial period provided and if you like it then you have the option to buy. That way you can make sure that this is something that will enhance your trading before you spend any money. There are some very cool features included and I invite you to explore the free trial to familiarize yourselves.
The ElectroFX Tick Charting Concept
The tick charts are dependent on incoming ticks and that is going to be very different between brokers. When observing how many ticks per 10 minute period on 2 different brokers that I use I see 191 on the first and 392 on the other. Clearly that is a huge difference but if I set up a 191 tick chart on the first and a 392 tick chart on the other, the result is 2 charts that look very close to identical. This confirms that the simple indicator and methods I have implemented do exactly what was intended. The most common thing you will read about for tick charts is to just use Fibonacci numbers and that is also where I started with this, clearly though this is ineffective and what we are doing now at EFX is the real way to use this type of chart. I included a simple but very special indicator to do all the hard work for you with VIP membership here at ElectroFX.com. Also included is a discount price for the above recommended tick chart software.
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