Import FOREX data to Excel for Technical Analysis
Technical vs Fundamental Analysis in FOREXTechnical 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 TimeframeWhen 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 SpreadsheetsThis is a collection of 5 Microsoft Excel spreadsheets that download both real time and historical data from https://www.forex.com using VBA (Visual Basic for Applications). The user is required to have a demo or live account from https://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 supportedThe 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.
- Get real time rates in a stream every x Seconds.
- Get real time rates in a stream every time there is a new rate from the Rates Server.
- Display the latest rates. The data in the spreadsheet is updated every time there is a new rate from the Rates Server.
- Convert historical FOREX data to daily Open, High, Low, Close format to easily perform technical analysis.
- Get tick-by-tick rates for a specific day or across two days but is subjected to a maximum of 24 hours limit.
Demo or Live AccountsThe spreadsheets can be parameterized to connect to the demo servers or live servers of https://www.forex.com. You can choose the appropriate URL depending on whether you are using a demo or live account.
Live trading accounts:
Live trading accounts:
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".
Download the free Spreadsheets for importing Forex data (Forex Technical Analysis Software)
- Windows 7, Windows 8 or Windows 10
- 512 MB RAM
- 5 MB of Hard Disk space
- Excel 2007, Excel 2010, Excel 2013 or Excel 2016