Definition – What does Technical Analysis Software mean?
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.
ForexTerms explains Technical Analysis Software
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.