An indicator of short and long positions opened by traders in MetaTrader 5
When trading on Forex or any other exchange, it is quite important to know the market sentiment, or the sentiment of those who trade on it.
For these purposes, the open positions informer , but this tool only shows the current situation for a specific broker.
If you want to view statistics for a particular asset, it would be more effective to use the open positions indicator in the trading platform.
The script called "The Long vs Short Fraction in Volume" shows the volumes of long and short trades for the selected symbol for the selected time frame.
The latest version has optimized the algorithm and operating speed, which has significantly increased the efficiency of the work.
How does the open positions indicator work?
After you download the script at the end of this article, install it on your trading platform , and add it to the selected exchange asset, an additional window will appear below the price chart:
A multi-colored histogram will be displayed in the window, which will characterize the shares of open transactions in real and tick volume.
If there is no tick information in the history, the position indicator will measure the percentage of high and low prices compared to the candle's open and close. When evaluating the current bar, the script calculates the direction of each tick and calculates the volume of buy and sell trades.
Methodology of work
- The shares of purchases ( long ) in real volume or tick volume are displayed in red and gold;
- The shares of sales ( short ) in real volume or tick volume are displayed in blue and green;
- The displays of the share of purchases and sales are symmetrical about the zero axis;
Overall, the "The Long vs Short Fraction in Volume" script is a rather interesting tool, but only time will tell how useful it is.
An undeniable advantage of this position indicator is that it is completely free, requires no additional configuration, and the current version, version 2.0, was released in 2024. Therefore, there is hope that the script will work correctly in the latest versions of the MetaTrader 5 trading platform.
