Tuesday, March 15, 2016

MyFxBook Sentiment Indicator

The Sentiment indicators use the “community outlook” data from the MyFxBook website.

“MyFxBook is an online automated analytical tool for your forex trading account and a social forex community first of its kind. Currently supporting over 100 brokers, enabling you to track, compare, analyze and share your trading activity.”

In particular, the MyFxBook siste provides a feature called “Community Outlook”.  This feature summarizes the net long and short positions for all of its 1000s of members / users, for many instruments (forex and some other instruments like gold, DAX, FTSE100, Dow Jones, etc.). The outlook shows the % short, % long, short volume, long volume as well as average short price and average long price.

This information reveals the overall sentiment of this community. It is similar to the Speculative Sentiment Index (SSI) provided by FXCM. However, the data from MyFxBook covers more instruments, as well as providing data that is not available from FXCM (such as the average short price / average long price). Furthermore, MyFxBook provides a public interface (API) to this data, so that it can be accessed from within 3rd party indicators, web-tools, etc.

NOTE: In order to use these indicators, you need to provide login credentials for the MyFxBook website. This means you need to join their website community. However, you do not need to provide any details of your trading accounts, it is sufficient to join simply with a valid email address. You can join MyFxBook at www.myfxbook.com.

Two sentiment indicators are provided:

  • Sentiment 1
    • Displays the data for many instruments in tabular form
    • Displayed as a separate panel below the price chart
  • Sentiment 2
    • Displays the data for the current chart instrument only
    • Displayed as an “over-lay” on to the price chart
    • Also displays the average short price and average long price







This indicator is now available on the store.

2 comments:

  1. can we use this indicator in the strategy and download history data for backtesting?

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    Replies
    1. Unfortunately, there is no historic data provided by MyFxBook. It is just a "snapshot" of the current situation.

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