Forex trading has become increasingly popular over the years, and traders are constantly searching for ways to improve their trading strategies. One essential tool for any trader is the ability to analyze historical data, which can provide valuable insights and help make more informed trading decisions. Excel is a powerful tool that can be used to analyze and manage forex data, and in this article, we will explain how to call history using Excel.
Firstly, it is important to understand what we mean by “history” in forex trading. Forex history refers to the price movements of a particular currency pair over a specific period of time. This data can be expressed in various formats, including candlestick charts, line charts, or bar charts. Historical data is essential for traders as it allows them to identify trends, patterns, and potential opportunities in the market.
Excel is a popular tool among traders for analyzing historical data, and it provides many features that make it a powerful tool for forex analysis. One of the most useful features of Excel for forex traders is the ability to call historical data using the “Web Query” function. This function allows traders to retrieve data from websites that provide historical forex data, such as Yahoo Finance or Google Finance.
To call historical data using Excel, follow these steps:
1. Open Microsoft Excel and create a new workbook.
2. Click on the “Data” tab in the top menu bar, and then select “From Web” in the “Get External Data” section.
3. In the “New Web Query” dialog box, enter the URL of the website that provides historical forex data, such as Yahoo Finance or Google Finance.
4. Navigate to the page that contains the historical data you wish to retrieve, and select the data by clicking and dragging with your mouse.
5. Click on the “Import” button in the “New Web Query” dialog box, and then select the location where you want to import the data in your Excel workbook.
6. Excel will automatically create a table with the historical data you selected, and you can now use the various Excel functions and tools to analyze the data and create charts or graphs.
Another useful feature of Excel for forex traders is the ability to create custom formulas and macros. These can be used to automate repetitive tasks or perform complex calculations that are not possible with standard Excel functions. For example, you could create a custom formula that calculates the average daily range of a particular currency pair over a specific period of time, or a macro that automatically updates your Excel workbook with the latest historical data from a website.
In conclusion, Excel is an essential tool for any forex trader, and its ability to call historical data provides valuable insights into market trends and patterns. By following the steps outlined in this article, you can easily retrieve historical forex data using Excel and use it to improve your trading strategies. Additionally, by creating custom formulas and macros, you can automate repetitive tasks and perform complex calculations that are not possible with standard Excel functions. With these tools at your disposal, you can become a more informed and successful forex trader.
