Forex Metastock Explained
Metastock is a line of Technical analysis program produced by Reuters through Equis International, one of its companies. It has several products in this line, including MetaStock for trading at end-of-day, MetaStock Pro trading in real-time trading, QuoteCenter real-time data feed, Reuters DataLink end-of-day data feed, Dynamic Trend Profile, and finally, the program we will discuss - MetaStock Pro FX for foreign exchange trading or forex metastock.
All the products are quite prominent and well regarded in stock market and foreign exchange trading with MetaStock Pro FX or forex metastock being the premiere technical analysis program used in foreign exchange trading.
Before we can discuss how forex metastock works, we must first understand how all technical analysis programs work. The function of all technical analysis programs, including forex metastock is to display and/or record data (usually stock market data and in the case of forex metastock, currency market data) for analysis so trends may be spotted and exploited.
Though not all programs are created equal, nearly every technical analysis program including forex metastock exhibit the following features. A charting function that gives a visual presentation of various features, a backtesting feature to enable traders to compare previous historical trends and graphs against current events to aid in planning and decision making, an optimization feature that enables traders to set the parameters in the program with the intention of making the best possible returns, a scanning function that searches through market data to identify possible opportunities to be exploited, an alert function that sends out a signal possibly through electronic mail, SMS, pop-ups, or the like to catch the attention of traders once certain preset conditions or contingencies (prices rising or plummeting past a certain point etc.) have been met, real or delayed time data feed functions, PDA or cellular phone accessibility functions, internet access functions, and less commonly Broker Interface and/or open source accessibility functions. Forex metastock or more specifically, MetaStock Professional FX version 10( the most current version as of writing), contains all the usual functions with the exception of open sourcing and PDA/cellular phone accesibilty. However, it has gained the reputation for being both powerful so that experienced traders often swear by it, and simple enough for new traders to utilize effectively. Forex metastock is an integral product of Reuters and is designed from the ground up to be used for foreign exchange market and to be highly customizable. It is one of the leading technical analysis programs used for this purpose. Forex metastock has quotes for the foreign exchange market from over 800 banks. This leads Equis international to claim unparalleled accuracy and coverage with regard to forex quotes. The program is downloadable after purchasing from Equis International's website. A one time payment for the latest forex metastock program will cost 1,095 USD, though there are other payment plans available. Yearly subscriptions with two different billing schemes are available, with the more expensive plan giving the subscriber both the program and relevant data. There is also a 30-day money-back guarantee for the one-time purchase of the said metastock.
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