Description:
*Disclaimer: Box is for visualization purposes only. Forex Market Sentiment Indicator is a digital product.
With such a large volume of trades taking place and the majority of them being speculative, it is very important to have an edge when trading the forex market.
Fundamental analysis can give an overview of a currency pair's direction and technical analysis can help to spot trends and reversals.
The key thing missing is one of the most important aspects for any trading strategy which is market sentiment analysis.
Market sentiment analysis will show you how many traders are in a long position, how many traders are in a short position and the volume of these positions.
When you know what the majority of traders positions are and the amount of volume of these positions, you know what the overall sentiment is.
As Forex Market Sentiment Indicator user Mirko says, "This indicator is not far to the holy grail, Thanks"!
The indicator is developed for MetaTrader 4 and visually displays the market sentiment data of multiple currency pairs on one chart.
With this data you can look for extreme conditions for contrarian trading signals.
The Forex Sentiment Indicator can be used stand alone or combined with any other technical and fundamental analysis. It is one piece of the puzzle to analysing the market.
The Forex Sentiment Indicator uses data collected in real time from MyFxBook which has a database with thousands of forex traders who are actively trading on real accounts.
The combined trading volume of these traders is in the billions. This gives very strong data to conduct a thorough and accurate up-to-date forex market sentiment analysis with the Forex Sentiment Indicator.
MyFxBook Sentiment Statistics Summary - Huge amount of trading positions & volume.
MyFxBook Sentiment Statistics Summary - Huge amount of trading positions & volume.
You can also use the Forex Sentiment Indicator to show you the average prices.
If the average buy or sell entry price is far from the current price then contrarian traders may expect other traders to have their stop losses hit soon or to take their profits - both which can cause a market breakout or reversal.
If there is an extreme amount of sellers and the average short price is a good distance above the current price then a contrarian trader may expect them to be taking profits soon which could lead to the market reversing.
If there is an extreme amount of sellers and the average short price is a good distance below the current price then a contrarian trader may expect them to be hitting their stop losses soon which could lead to the market moving up rapidly.
Again, this can be combined with additional technical, fundamental and price action analysis for further confirmation.
*Disclaimer: Box is for visualization purposes only. Forex Market Sentiment Indicator is a digital product.
You can setup signal alerts for market sentiment extremes and trade it stand alone or with your own preferred technical indicators, price action and fundamental analysis.
It will identify what direction the market sentiment is and this can be used for contrarian trading.
It can be very beneficial to know what the market sentiment is, a contrarian trader does not want to trade with a blind fold on and hands tied behind their back!
The Forex Sentiment Indicator can open a whole new sentiment perspective to the forex market and the traders who help move it in one direction or the other.
We will see you on the inside!Forex Sentiment Indicator Support.
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