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Import FOREX data to Excel for Technical Analysis

Technical vs Fundamental Analysis in FOREX

Technical analysis on FOREX attempts to forecast future currency price movements by looking at the historical price data. On the other hand, fundamental analysis of the FOREX market takes into account the fundamental factors like the country's income, GDP (Gross Domestic Product) and interest rates to determine the price movements of the currency.

It is possible to perform both technical analysis and fundamental analysis on the FOREX markets. As a matter of fact, a combination of both is often carried out by many FOREX traders. However many FOREX traders today focus on the use of technical analysis to trade. The FOREX markets are highly leveraged and thus even if the traders are correct about the longer term trend based on fundamental analysis of a currency pair, a large price movement in the short term may be significant enough to take them out of the market.

FOREX Technical Analysis Timeframe

When performing technical analysis on the FOREX market, one question that commonly arises is the timeframe used for analysis. A general rule of thumb for most traders is to explore the technical analysis in a longer term timeframe first before drilling down to the shorter term timeframe. This is important to the traders as it ensures that the short term trend that they are riding is in line with the longer term trend. The resistance and support level at the longer term charts are also more resilient compared to the ones in the shorter term charts.

The longer term time frame for most FOREX traders is the daily charts. The traders seldom use a time frame longer than daily charts due to the same leverage reasons as mentioned in the first section.

FOREX Technical Analysis Spreadsheets

This is a collection of 5 Microsoft Excel spreadsheets that download both real time and historical data from http://www.forex.com using VBA (Visual Basic for Applications). The user is required to have a demo or live account from http://www.forex.com in order to use these spreadsheets. The source code of the spreadsheets is distributed under the GPL open source license. This allows the user to use the spreadsheets for free and also make the necessary modifications to cater to their needs.

Use Cases supported

The following use cases are supported by this collection of spreadsheets. The data downloaded allows a complete analysis to be carried out on historical data, daily rates, hourly and minute rates.

Demo or Live Accounts

The spreadsheets can be parameterized to connect to the demo servers or live servers of http://www.forex.com. You can choose the appropriate URL depending on whether you are using a demo or live account.

API

Live trading accounts:
  • https://api.efxnow.com/WebServices2.x/service.asmx
Demo and test accounts:
  • http://api.efxnow.com/DemoWebServices2.x/service.asmx
Rates

Live trading accounts:
  • LiveRates.efxnow.com
Demo and test accounts:
  • DemoRates.efxnow.com

Commonly used parameters

  • UserID - Username or ID of your Forex.com account.
  • Password - Password for your live or demo account.
  • Brand - Brand key. e.g. "GAPI".
  • Currency Pair - A currency pair supported by Forex.com e.g. "EUR/USD".
Notes - The VBA source code of the spreadsheets is provided under the GPL license for inspection and audit that the user passwords and information are not stored by the software internally for any other purposes. However, since the passwords are entered on the spreadsheet itself, it is important to remember not to send the spreadsheets to others without removing the passwords.

Download the free Spreadsheets for importing Forex data (Forex Technical Analysis Software)

System Requirements

  • Microsoft Windows 2000 ,Win XP and 2003, 2008, Vista and Windows 7
  • 512 MB RAM
  • 5 MB of Hard Disk space
  • Excel 2003, Excel 2007 and Excel 2010
Open Source - GPL License

ForexTechnicalAnalysisSoftware.zip (ZIP Format - 681 KB)



Use this FOREX data for analysis, charting and backtesting.

Back to TraderCode Technical Analysis Software


 


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