When you are trading foreign exchange, you need a range of Forex tools like economic calendar, forex news widget, real time forex quotes, exchange rates tool, profit & loss calculator, etc. Then there are various other tools like pivot point calculator, Fibonacci calculator, live forex rates ticker and city times ticker which are all playing a vital role in Forex trading.
For instance, when you are using the Pivot Point Calculator tool, you are actually making an informed decision wherein you calculate support and resistance levels for up to 4 pairs at the same time by entering the pairs high, low and close values. This Forex tool is used for technical analysis and recommended for traders.
Fibonacci Calculator and Other Tools
According to some traders they benefited a lot from this tool as they were able to know trends for short term and medium as well as long term. Similarly, there is another Forex tool, Fibonacci Calculator which is being accepted by traders who wish to calculate retracement and projection levels entering the starting and ending levels.
Traders who have made money using Fibonacci in their Forex trade admit that this is a very popular tool among technical traders to identify strategic places for targets and stoplosses. Apart from Fibonacci calculator Rate History Tool is another Forex tool which is being accepted by traders all along.
When traders wish to access historical data for exchange rates of their selected pair, they need to use Rate History tool as it allows it to be done very well. In fact, there traders can view all historical rates within a day, going back up to 365 days. Thus, it can be used for the long and short term without much hassle.
Traders believe that with Rate History Tool they can know particular price levels in a certain period as this tool identifies rate ranges in the market for a year. According to Forex exporter this is an essential Forex tool for all traders as it can be used to get information about the exchange rate of the whole year.
