Seven Free Forex Trading Tools You Should Be Using



Forex trading takes place in a competitive arena. Every trader is looking for awesome forex trading tools to help them. Even better if they are free.To get more news about forex trading tools free, you can visit wikifx.com official website.

The good news is that there are dozens of free forex trading tools. The bad news is that most free forex trading tools are unreliable and confusing.
In this bundle, you will find seven free forex trading tools that are slick, easy-to-use, and practical.

1. Forex Volatility Calculator
Traders thrive on volatility. A stagnant forex pair offers little room for profit. Hence, forex traders need to know which currency pairs are volatile and their active trading hours.

There are dozens of currency pairs out there. Computing their volatility is not an easy task for the manual trader.

This is why you need the Forex Volatility Calculator at Investing.com. This essential forex trading tool calculates the volatility of 30 currency pairs using historical data (up to 54 weeks).

It shows the daily change in pips and percentage of each forex pair in a nice table. What makes this forex trading tool so useful are the complementary graphs shown below.
2. Currency Correlation
Currency pairs are permutations of different currencies. Hence, we expect them to correlate in their price changes. Understanding the correlations among currency pairs is critical if you intend to trade more than one pair.

If you don’t pay attention to currency correlation, you might just end up hedging your position without realising it. (Kathy Lien has an informative article on currency correlation at Investopedia.)

While you can calculate the correlation between currency pairs yourself using Excel, the forex broker Oanda offers a slick Currency Correlation tool that measures historical correlation up to 1 year.

This forex trading tool includes an impressive array of major currency pairs, exotics, and even metals. The Bubble and Heatmap offer friendly visuals. For the numerical values, choose to display in Table format.
This Currency Correlation tool is part of the suite of tools at Oanda Forex Labs where you can test drive and give feedback on Oanda’s latest forex trading tools. You can use most of the forex trading tools for free even if you are not Oanda’s customer.

3. Forex Market Hours (Time Zone Converter)
The major forex trading centers are New York, London, Tokyo, and Sydney. Many traders do not stay in any of these cities and need to keep tabs on different time zones.

And even if you do, you will still need to keep track of the time in other major currency markets. This is because the opening range of each market sets the tone for each session, and the overlapping hours tend to have more trading setups.

There are forex trading tools that converts time zones. However, for managing time zones, I find that a graphical interface is the best. You only need a glance to know which markets are open. This is why I’m placing Oanda in the list again.
4. Forex Calendar
Some forex traders speculate on news and reports. Others avoid trading when important reports are flowing into the market. In any case, traders must keep an eye on scheduled reports that might impact the forex market.

Forexfactory has the best forex calendar. Before you start poking around, click on the underlined time to set your local timezone. Then, the calendar will comply with your local time.