The offering from FXStreet to third parties has grown: the forecast poll and the trading position tools are now available as widgets.
Here is more information from the official press release:
Barcelona, October 19th 2015 – FXStreet has announced that two of its most famous tools, the Currencies Forecast Poll and the Current Trading Positions, have just been made available to third party companies.
The Forecast Poll is a proprietary sentiment tool that highlights near- and medium-term price expectations from 25 to 50 leading market experts, with a 5-year history and for 10 currency pairs. The weekly survey is conducted on Fridays and published at 15:00 GMT. It serves three time horizons (1 week, 1 month and 1 quarter) and includes an average price for each time horizon.
With this widget, brokers offer to their client a sentiment indicator which delivers actionable price levels, not merely “mood” or “positionig” indications. Another asset of the product is that the forecasts are collected and directly released. Different to other indicators, there is no delay. The Forecast poll is a very useful tool to combine with other types of analysis of technical nature or based on fundamental macro data.
Gonçalo Moreira, Research expert at Fxstreet, explains how this tool is valuable for so-called“contrarian thinking” strategies. “People involuntarily follow the impulses of the crowd. Sentiment indicators, in turn, lead to “contrarian” thinking. The Forecast Poll helps traders detect sentiment extremes and thereby limit their eventual toxic herd behavior.”
Obviously, traders can build their strategies upon forecast data, from finding patterns in the forecast data to detecting deviation as opportunity to enter the market.
The Current Trading Positions widget provides a glance as how FXStreet dedicated contributors are currently positioned for16 currency pairs and gold spot. Trading signals as well as buy/sell interest are aggregated in order to find liquidity clusters. Positions are automatically checked every 15 minutes, updated when a new position is released and deleted from the system when liquidated by market movements.
With this tool, traders can see how market players are positioned in the market and take advantage of this aggregated information. They can contrast their own bias and price forecastswith those of a group of leading trading advisors and money managers.
Gonçalo Moreira describes how it helps currency traders to detect support and resistance areas: “The CTP widget shows how liquidity is distributed along the price scale. Price levels with a lot of orders may act as support and resistance areas. The widget takes into account not only the entry prices but more importantly where participants have their stop losses and take profit levels. These orders are translated into support and resistance levels, as well as acceleration points.”
Another use of the tool is to find out the average buy and sell price for each currency pair. “Trend traders can take advantage of these price levels in those circumstances when the current market price is at better levels than the average aggregate,” points out Moreira.
Finally, with this widget, brokers will give their clients access to influential information: only positions that have been committed to publication – and therefore have an influence on the market – are considered.
“These tools have been available on FXStreet for 5 years,” relates Carolina May, CEO of FXStreet. “They have been tested and enhanced throughout those 5 years, to the point it’s a top quality product ready to be sold to third parties.”
“More than this, in fact,” she underlines. “These widgets open up a world of possibilities. Brokers can surprise their clients with many different studies or tools based on the same raw data. The data can be statistically processed in many ways, from distribution, correlation, volatility, to probability studies. And we can help them with that.”
Anyone interested in receiving more information on these widgets or other FXStreet’s B2B offerings can contact FXStreet’s Sales department at [email protected].
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