Forex trading is a popular investment opportunity that has the potential to generate high returns. However, to make informed investment decisions, traders need to have access to accurate historical forex rates. One way to access historical forex rates is by using Google sheets. In this article, we will provide a step-by-step guide on how to get historical forex rates on Google sheets.
Step 1: Open a Google Sheet
The first step is to open a Google sheet. If you don’t have a Google account, you will need to create one. Once you have signed in, navigate to Google Drive and click on the “New” button to create a new sheet.
Step 2: Install the “CurrencyConverter” add-on
To access historical forex rates on Google sheets, you will need to install the “CurrencyConverter” add-on. To do this, click on the “Add-ons” tab on the menu bar and select “Get add-ons.” In the search bar, type “CurrencyConverter” and click on the “Install” button. Follow the prompts to complete the installation process.
Step 3: Set up the “CurrencyConverter” add-on
Once you have installed the add-on, you will need to set it up. To do this, click on the “Add-ons” tab on the menu bar and select “CurrencyConverter.” In the drop-down menu, select “Open.” This will open the “CurrencyConverter” sidebar.
In the sidebar, you will see various settings that you can adjust. For example, you can select the base currency and the currency pairs you want to track. You can also choose the date range for the historical forex rates you want to access. Once you have made your selections, click on the “Save” button.
Step 4: Access historical forex rates
To access historical forex rates, you will need to use the “CurrencyConverter” function. To do this, type “=CurrencyConverter(” into a cell in your Google sheet. You will then need to enter the following parameters:
• Currency pair: Enter the currency pair you want to track in quotation marks (e.g., “USD/EUR”).
• Start date: Enter the start date for the historical forex rates in quotation marks (e.g., “2020-01-01”).
• End date: Enter the end date for the historical forex rates in quotation marks (e.g., “2020-12-31”).
• Base currency: Enter the base currency you want to use in quotation marks (e.g., “USD”).
For example, if you want to track the historical forex rates for the USD/EUR currency pair between January 1, 2020, and December 31, 2020, using USD as the base currency, you would enter the following formula:
=CurrencyConverter(“USD/EUR”, “2020-01-01”, “2020-12-31”, “USD”)
Once you have entered the formula, press “Enter.” The historical forex rates will then be displayed in the cell.
Step 5: Automate the process
If you want to automate the process of accessing historical forex rates, you can use the “ARRAYFORMULA” function. This function allows you to apply a formula to multiple cells at once. To use the “ARRAYFORMULA” function, enter the following formula into a cell:
=ARRAYFORMULA(CurrencyConverter(“USD/EUR”, “2020-01-01”, “2020-12-31”, “USD”))
This formula will apply the “CurrencyConverter” function to all the cells in the column, displaying the historical forex rates for the specified currency pair, date range, and base currency.
In conclusion, accessing historical forex rates on Google sheets is a straightforward process that can be done using the “CurrencyConverter” add-on. By following the steps outlined in this article, you can quickly and easily access accurate historical forex rates, allowing you to make informed investment decisions.
