Technical analysis software refers to applications that are designed for recognizing patterns and trend formations in forex charting. Technical analysis software tracks the historical information on a currency pair and uses set and customizable indicators to alert the user to trend formations.
Technical analysis software can be very useful for forex day traders because a computer can analyze multiple charts much faster than a human. Using the historical data sets, the technical analysis software can identify trades with a high probability of success. Essentially, the software attempts to predict the future price action of a currency pair.
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