Forex market sentiment indicator is a new system built for MT4. This indicator displays long positions, short positions and total volume on your charts. The developer of the system is unknown but he believes it is important to have an edge when trading Forex because of how many participants there are in the marketplace.
Today I’ll be reviewing this Forex indicator for the Forex robot nation readers and anyone else who happens to stumble upon this page.
Forex Market Sentiment Indicator Review
The goal of the Forex market sentiment indicator is to take advantage of the contrarian trading strategy. The indicator will show traders extremes in long or short positions and volume opening up perfect opportunities to trade against the public. So, if 70% of traders are trading in one direction you would trade against them.
On the chart, you’ll be able to see short vs long volume, which will display the total size of all the traders positions. As well as short vs long positions which will display how many traders are short and how many traders are long. There is also an average short/long price section which “displays what the average price for all short and long positions are.”
To take advantage of the strategy traders should set the Forex market sentiment indicator to filter by extremes. This filter will only display currency pairs with a total volume and positions are extreme. With this indicator, extreme is defined as greater than 70% and above both volumes and positions can be set to true or false separately. Signals can also be enabled to alert traders whenever an extreme is reached on any currency pair.
The Forex market sentiment indicator is a very interesting tool. I believe that it could be a useful system when paired with a talented manual trader. Obviously, this is not a standalone tool that’s going to provide you with winning signals on a consistent basis. If you are going to use this system you will have to take responsibility for analyzing signals, placing trades and closing them. There’s nothing wrong with this at all, just make sure that if you do sign up with the software that you already know how to trade Forex because this isn’t going to do the job for you.
That being said, please let me know your thoughts on this brand-new system and if you are ever in need of help feel free to click contact at the top of the page and send me a personal email. I generally talk to 5 to 10 people per day and have really constructive conversations about the Forex market and how to grow our accounts. I look forward to hearing from you and hope that you spend more time on Forex robot nation.