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Indicator Forex Insider with a description of the method of use
In recent years, the FOREX market is gaining popularity strategies that provide for trading "against the crowd". They consist in the following – the trader evaluates the General sentiment in the market, and then makes a deal in the opposite direction to the majority opinion.
If earlier for receiving such information had to go in roundabout ways, then speculators can use this indicator Forex Insider, which shows the distribution of the positions of the buyers and sellers at each trading instrument.
If someone for the first time hears about such methods, then let me remind you one interesting point, the fact that the interbank market is impossible to calculate the actual volume, as it is decentralized.
Decentralization refers to the presence of multiple trading systems (platforms), under which transactions between banks, corporations, brokers, and other entities. It turns out that the operations in one system can generally be overlooked by other participants in the system. By the way, is so different dealing centers Forex rates are different (since they work with different liquidity providers).
Given this fact, traders began to look for alternative sources of information on volume of trading, which could be used as a representative sample. One of these variants was based on data from CME in terms of futures on currency.
Unfortunately, I need to apply contracts to all currencies, with to free access to information volume in recent times is becoming more difficult as the demo accounts are opened for a limited period, and all projects go on a commercial basis.
A great alternative to the "futures data" has become the indicator Forex Insider that imports information on orders, open real Forex traders who "shamanically their accounts on the resource http://www.myfxbook.com.
Trading service of myfxbook
MyFxBook is an international Forex community, one of whose functions is to simplify the process of investment search for talented traders. Initially it was assumed that successful speculators will have to create monitoring accounts, through which investors will be able to evaluate how profitable to work with this person or organization.
But what happened is exactly what one would expect – monitoring began to create all and Sundry: yesterday's newcomers, the creators of the robots (to test their developments), Amateurs zhahnut, etc. Thus, a sample that reflects, in General terms, the qualitative composition of the community the speculators in any financial market, in other words, was formed that same crowd, the bulk of which is losing money.
Indicator Forex Insider collects all the deals that crowd and shows information on the total positions on the buy and sell pairs as well as the average price at which traders open long and short positions. On the chart this markup looks like the following:
How to work on Forex with the crowd
Setup and use indicator Forex Insider
Formally, of course, Forex Insider is not an indicator but an EA for the installation which will have to follow a few simple steps.
In the first stage, you need an account on the online MyFxbook. Maybe someone of the readers he already has, in this case, you can use your existing username and password. If the account does not exist or You do not want to "report" third-party Advisor in your password from the main account using the following form you can quickly register a new account:
Forex Insider - working in the foreign exchange market
In the second stage of the set Forex Insider like any other Advisor, for that use the command menu of MetaTrader 4 "File – Open data folder" find directory "MQL4 – Experts", which copy the file "Forex Insider 1.0.1.ex4". Restart the terminal.
Pay attention here to these two indicators:
Transient Zones
Elder-Ray
In the last step given in the operating status set by the algorithm. First of all, go to the terminal menu "tools – options – expert Advisor", put the check next to "Allow WebRequest for listed URL" and as shown below, specify in the " address "field http://www.myfxbook.com/":
Customizable trading terminal for Forex Insider
Click "OK", and then searching in the Navigator the indicator and stick it on any chart:
Installed Insider Forex on MT4
In the opened dialog box, set the username and password of the registered account on MyFxBook, and specify the font size, color, markings, number of trading tools for analysis, etc. to Deal with these parameters is not difficult, as they are intuitive.
As I mentioned, the indicator Forex Insider mainly used for trading against the crowd, consider this example:
The advantage of sellers in the Forex
This chart is USDCAD, as you can see, despite the formation of a clear bearish trend, most traders sells a pair. The same pattern was observed a few days ago, when the canadian dollar was far from current lows. Given the fact that the majority of the market is often wrong, you can bet on further growth of USDCAD.
Also note the pink and green lines first shows the average price at which speculators have sold a few, and the green corresponds to the average price of the purchases.
In this case, the sellers have against the trend long before the pair made new high is another proof that many traders are making wrong conclusions about the current situation and prospects. Similarly examines all the other trading tools.
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| Category: Forex | Added by: (30.10.2017)
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| Views: 461
| Rating: 0.0/0 |
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