How do I plot Forex charts in Excel?

Answer 1

Microsoft Excel is a commonly used tool by traders and analysts for market analysis, and it comes with many helpful inbuilt features. Analyzing OHLC data to study price movement patterns may be painful sometimes.

When you have OHLC data of a currency pair in Excel, you can plot candlestick charts and graphs in Excel by following some simple steps:

• On the Excel sheet, select the data and click on the ‘Insert’ tab in the toolbar. Select the charting tab and select the ‘Stocks’ charting option.

• You get the candlestick chart for the data you selected.

• You can move the chart to a separate sheet by choosing the ‘Move Chart’ option under ‘Location Tab’ (in the upper right corner)

• Click the 'X' axis of the chart and select the ‘Text Axis’ option on the menu appearing on your right.

• You will see the candlestick chart converted into a graph, showing the duration along the ‘X’ axis and the price movement along the ‘Y’ axis.

You can get downloadable historical forex data from TraderMade. Plotting forex charts in Excel helps you visualize the price movements correctly and study the patterns with better clarity. Please go through their tutorial for in-detail, step-by-step instructions.