Forex informer programs - Insider indicator
It is no secret that the market is driven by the crowd, or, more simply put, the overwhelming majority of players. Thus, traders are conventionally divided into bulls and bears, and pricing occurs according to the principle of the scales, namely, when there are more orders from bulls, the market begins to grow, and when there are more bears, the Forex market falls.
This conditional division perfectly reflects the internal processes that occur during pricing, but is this how this model works now?
After years, does the simple principle of whoever wins the most really work in the era of modern technology?
Based on this hypothesis, a person who knows the number of applications and their direction could become a millionaire in a matter of days.
However, no matter how the crowd rules the market and how obvious the trend is, unfortunately, no more than 5 percent of traders who are major players or those who managed to join them earn money.
The fact is that it is the crowd that feeds the big players, falling for tricks in the form of unexpected surges that disrupt our stops.
The Insider indicator is a unique tool that visually displays the number of orders from bulls and bears, and also displays zones where either bulls or bears opened.
The Insider indicator itself displays the information that every technical trader can dream of, namely, it clearly shows who is currently winning in the Forex market, bulls or bears.
The indicator can be used on any currency pair chart, and information can be obtained for more than 50 different currency pairs. Installing the Insider indicator
Despite the fact that this tool is called an indicator by the developers, Insider is actually designed as an advisor.
It is worth understanding that Insider does not perform any functions other than presenting information on the chart, therefore, despite the peculiarity of its structure, it is an ordinary indicator. To use the Insider indicator, you will need to go to the end of the article and download the archive, then install it in the trading terminal and do some configuration of the platform.
To do this, go to the File menu of your MT4 and launch the data directory. A series of platform system folders will be displayed in front of you, so look for a folder called expert and drop Insider into it. After you have dropped the indicator into the appropriate folder, update it in the pale navigator, after which Insider will appear in the list of advisors.
Since Insider draws important data from outside, you will need to go to the service menu and open the settings menu item.
Next, in the list of tabs, find “Advisers” and enter the website http://www.myfxbook.com.
After you adjust the settings, you can safely drag Insider onto the chart, however, in order for it to work, you will need to enter your login and password from the site that we specified in the settings in the settings. So, you get this picture:
Insider data.
Application Perhaps, after using this indicator, you have a completely logical question: Where does the data come from?
It is no secret that some brokers, for example Amarkets, Oanda and many others, post information on the ratio of transactions within the company. However, this data does not reflect the opinion of the majority, and the usual distribution of signals can radically affect the results that a Forex broker will produce. Therefore, the developers of the Insider indicator took a completely different path. So, they decided to take transaction data from the largest online monitoring site, myfxbook, which has registered traders from almost all over the world.
Thus, the indicator displays more objective data than the services of various brokers. If we talk about application, then on the graph you can see two lines in green and red.
So, the red horizontal line shows where the sell orders are concentrated, and the green line shows where the buy orders are concentrated. Despite the fact that the weather in the market is created by the crowd, unfortunately, it is the minority who make money, who lead the crowd like a guide. That is why the principle of trading comes down to trading from the weakest, and the smaller their number, the greater the likelihood of a reversal.
Actually, the use of this indicator boils down to the moment you receive a signal according to your strategy, check it with the percentage scale and if the advantage goes in the direction of your signal, reject it. As an example, the chart of the EURGBP currency pair shows that 92 percent of traders are short.
Ultimately, the chart moved upward with renewed vigor and gradually placed stop orders from sellers:
In conclusion, I would like to note that the Insider indicator allows you to analyze the Forex market more globally and allows you to track both the sentiment of the crowd and large individual players.
Download the Insider indicator