MyFxBook Sentiment Indicator

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MyFxBook Sentiment Indicator

Postby robocod » Tue Mar 22, 2016 7:03 am

“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.

I have create an indicator that reads this sentiment data from the MyFxBook website and displays it within MarketScope, either in table form (for several instruments), or as an overlay for individual instruments. The latter case also shows the average short price and average long price lines.

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The indicators are available from my blog. More information can be found here.
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robocod
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