Free Forex Chart Recognition Software

Free Forex Chart Recognition Program by InterbankFX

If you've been forex trading, you know the importance of good tools and indicators. You also know I like Avi Fristers Forex Trading Machine and use one of his forex trading strategies as often as I can. In addition to Avis stuff, I use other tools as well when deciding to take a trade or not. I'll use forex trendlines, Fibonacci studies, moving averages, etc. Remember not to use too many indicators, but you certainly need to have a few in your toolbox if you want to be a successful trader.

One of the best forex trading tools I found is called IBFX-PRS (Pattern Recognition System) from Interbank FX. I love this program because you simply install it on your PC and it runs in the background. When it finds certain chart patterns emerging or chart patterns that have completed, it pops up a notification box so you can view the forex currency pairs chart pattern. Each forex chart pattern is given a rating based on Quality, Initial Trend, Uniformity, Clarity and Breakout. This is one of the best tools I've used and it's absolutely free of charge.

You can download this program from the IBFX site. Simply go to the PRS page and click the Download IBFX-PRS link and install this on your computer. This tool will soon become one of the most used and valuable tools in your forex trading arsenal.

As you can see in the EUR/USD screenshot below, the PRS chart is indicating a "completed" forex chart pattern. It broke out of it's downward channel and is expected to head up to the gray area above.

This nex screenshot show a chart pattern that completed it's target goal. Price broke out of the triangle, and headed up and through the targeted price area for the NZD/USD pair.

This is how the application works. When chart patterns emerge or complete their pattern, you get notified. You simply look at the pattern, see if you like Quality, Initial Trend, Uniformity, Clarity and Breakout ratings, decide on your Stop Loss and Take Profit for the trade, and if it meets your win/loss ratio criteria, you take the trade. If it doesn't, then you wait for the next setup.