Oanda's OrderBook for Forex - Open to all traders, not just Oanda clients.

Offline Jack

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Even if you don't use Oanda, they have tools available that are very interesting and worth taking a peek at.

One of which is their open order and pending order books.

It's not realtime, but it's still the best peek into what retail traders are up to and how their net positions change over time that I've found online from a broker (many have "sentiment indicators", and even some analytics packages like MyFXBook has market sentiment, but these don't match volumes at price levels like Oanda's book.)

Since Oanda is a huge broker, they are large enough to consider their book a half-decent sample of what retailers are doing on balance around the market. It's never going to be perfect, since you're only viewing a "slice" of the market overall, but I have yet to find something better (and when I do, it will totally be posted on the forums with great enthusiasm.)

It looks a little something like the picture attached.

On the right hand side, you can see a candle stick chart, mouse over each candle (hourly) and the book will update to what it appeared like during that time, so you can go back in time and see how price moves cause retail traders to open and close positions.

(Also notice the noobie mistakes. Like cutting profits short and holding onto mass losers.)

Most major pairs are provided, and even some crosses..

Link here:

http://fxtrade.oanda.com/analysis/forex-order-book



Offline Jack

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Pay attention to this tool around even penny levels, notice order buildups, and how price often seeks out clusters of order (think about why the institutions might want to do this, not just to hunt stops but to find the liquidity they need to pull off huge orders.)

From a day ago as an example: AUDUSD book as we hit below 0.90 for the first time in ~3 years.


Offline rod178

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MT4i sentiment is another option, although the sample probably not near that of Oanda

www.mt4i.com/connect/connect.aspx#sentiment
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