Outlook Indicator is a new Forex product developed by the Myfxbook team. This is well outside the normal scope of the Myfxbook services, and essentially their first foray into the Forex product marketplace. Up until this point, this website has been dedicated to helping traders host and share their trading statements. They also offer different auto trading options, reviews, contests and a handful of different free tools, but this is the first time we see them selling something out right. It’s important that we take this seriously, because they are a reputable group, that are going to generate a fair amount of interest.
Owned by Myfxbook Ltd., is unknown who the exact developers are, in terms of personnel, but we do know that they are located in Israel. This is the same group of people behind Myfxbook AutoTrade and PaybackFX. Both of these services are quite different, but shows the professional nature of their group, and their ability to provide solutions in multiple areas of interest within the Forex market. Now that they are diving into Forex software solutions with this Forex Indicator, we would like to know more information about who they are, and what type of experience they have with trading.
To get in touch with support traders can fill out a contact form on the website.
Outlook Indicator Review
Our first impression is that the Myfxbook team is leaning on their reputation a little bit, when it comes to the explanation of their Outlook Indicator. We first came across this announcement earlier this morning, and then multiple times since as they have obviously sent out an email blast to all of their Myfxbook users. Considering the size of this website, we expect that they are sending hundreds of thousands of emails out, which immediately makes this a very popular Forex indicator.
We want to give this group you benefit of the doubt, but it is a little disappointing that they haven’t provided any real in-depth information about the service. Yes, they are obviously trying to the system and straightforward, but even a short video would go a long way in helping us and potential clients make our way through the weeds.
What is it?
The Outlook Indicator is essentially an expansion of the community Outlook section on their website that already exists. This community Outlook section provides traders with specific data that is calculated based on hundreds of thousands of live Myfxbook accounts. None of the demo accounts on their service are counting towards this data.
The data points include the community trends, simple popularity, average short price, average long price and current price. If you highlight the asset, you will also be able to see the volume, the specific percentage and the total amount of positions open.
All of this data can be utilized to help you determine market direction and influence your manual Forex trading.
The purpose of creating Myfxbook’s Outlook Indicator is to be able to plot the Outlook data within your MT4 trading account. That way this information is readily available to you, with additional features not available on the website. In working with the MT4 platfrom, the outlook data will only improve.
Here are some of the features:
- Live data updates every 15 seconds
- Custom displays
- Unique colors
- Additional datatypes
- Additional time frames
- 10,000 data points per timeframe (9,000 higher than website)
With all of these features, we will certainly consider placing this product in the best Forex indicator categories. We just want to see how effective it is for an extended period of time before we make that final judgment.
The Outlook indicator is going for $25 per month on a yearly plan for $30 per month if you want to pay on a monthly basis.
Obviously, is still very new for Myfxbook’s Outlook Indicator, but it’s definitely an intriguing tool for manual Forex traders. If you are already using the community Outlook section on the website already, then this probably isn’t a hard decision. Though, if you are new to the service, and aren’t sure how this type of data can affect your trading, we recommend that you test the service for free on the website before you consider signing up. If you find any information on the website valuable, and you want to be able to access it in your meta-trader platform, then it makes a lot of sense for you to sign up.
If you have anything you would like to add to the review, please leave your comments and experiences below the article now.