DislikedIt might be interesting to plot both the % of traders long v short, and also the lot volumes, and observe how these change over time relative to price. Also the average price that retailers are long and short at, and likewise study how this moves relative to price. Unlike the usual price-derived indicators, these values are independent of price, and who knows, they might provide some idea of (imminent) future value. (As we know, potential for bias can exist when value and price diverge sufficiently).
A MT4 indicator could be written to gather the myfxbook data whenever it changes (daily?) and plot these values graphically on a price chart.....Ignored
Please feel welcome to download and use this FREE software. However, read the attached PDF first, as I won't be answering any more questions.
PDF file with all instructions: Attachment 3362629 (last updated June 16, 2019). Download and read this first.
ZIP file with all necessary install files: Attachment 3362630 (last updated June 16, 2019). See instructions in the 'Installation' section of the PDF.
Summary of major conclusions reached
1. Plots of retail volume flows and currency strength are almost the mirror image of each other, telling us that the majority of retail traders look to buy weakness and sell strength (aka "buy low, sell high"). Pair-based plots tend to confirm this, i.e. that while price is rising, sell volumes increase (and buy volumes decrease, thus buy orders are being closed in profit), and all of these operations continue when price consolidates following a rise; and the reverse applies in mirror image scenarios.
2. There is little that can be gleaned from the retail volume flow plots that one can't deduce by merely studying price. In fact the plots lag price somewhat, presumably because it takes retail traders time to react to price movement. (However, one benefit of the retail analysis is that it is timeframe independent, i.e. same value for all TFs, keeping analysis tidy and unambiguous).
3. According to general market theory (see https://www.forexfactory.com/showthread.php?p=1452677#post1452677), buying weakness and selling strength works well enough during sideways periods; P/L is determined by how accurately the trader is able to pick market tops and bottoms. Losses accumulate during periods when the market trends far enough, often enough. Conversely, allowing winners to run, and even adding to winners, works effectively to whatever extent price 'trends'.
4. The stats on the myfxbook outlook page show that the majority of retailers' open positions are under water, many significantly so. This suggests that (1) buying weakness and selling strength is, on balance, an inferior entry strategy; and/or (2) retail traders are leaving their losing trades open longer than their winners.
To see the accompanying plots, and for more observations, read the PDF. And also this FF thread (https://www.forexfactory.com/showthread.php?t=761579), where the underlying concepts are discussed in more detail (acknowledgements to neilsdigest, osjoe2, and various others for their contributions).
Replies to posts.....
I'll stop by whenever I get some spare time, but no promises. I'll reply here rather than add new posts to the thread, as these generate alerts to any subscribers I might have, and I want to remain as inconspicuous as possible. Long live the recycle bin, lol.
If you're experiencing problems with the software, please see the 'Troubleshooting' section in the PDF file.
To those members who post(ed) kind comments, these are very much appreciated. Many thanks.
DislikedNot sure if it's possible in an indicator but is it at all possible to add all the pairs together for say the JPY to get one reading. An average of the JPY pairs for example. Awesome trade last week with the GBP/JPY - I do it manually.Ignored
DislikedWhy scrape myfxbook community-outlook html instead of using the outlook-API?Ignored
DislikedChart is daily GBPJPY.. Contrarian as over 80% are buying since May 6th - Little pullback on the 10th May then boom.Ignored
DislikedHanover already re-posted/uploaded his latest content and softwareIgnored
Dislikedsome error in mt4 plotting data from myfxbook, any idea how to fix.Ignored
You need a non-blank and non-zero entries in the green highlighted settings, given that you want the timeseries plots on your MT4 charts.
You will need to get the timezone settings (highlighted in yellow) correct for your own location, and your MT4 broker's location., to get the plots to align correctly with the candles. See page 9 of the PDF for more info.
2. Read 'Troubleshooting' section on page 17 in PDF.
3. Note that it might take up to 24 hours of collecting data (while markets are open) before any meaningful trends are discernible.
Dislikedi had changed the setting as u told. As data is downloaded in MQL4\Files\myfxbookdata but still it not reflecting in mt4. Kindly chk details in screen if u can fix it. Thanks makIgnored
Make sure that you can see the little myfxbook icon in your systray, otherwise the download app isn't running, and no data will be collected.
The chart you're showing me is daily. Therefore you will need to gather data, using the new settings, for at least 2-3 days before anything will show on the chart.
Try a shorter TF, e.g. H1. Also if/while myfxbook window into the market is closed for the weekend, no data can be gathered.
Try setting UpdateEveryXminutes=15 for a while, so that the data files get updated every 15 minutes, instead of 60. Also if you set PlaySounds=2, your computer will give a small beep every time the data is updated.
Try switching backwards and forwards between chart TFs, to force a refresh of all of the indicators.
One minor point, I expect your timezone settings are meant to be 5½ hours ahead of GMT, that is 5.5 hours, not 5.30 (entry should be hours, not hours and minutes)
Give it a day or two, then check that the csv files are starting to fill up with data. Don't leave the files open in Excel, though, because Excel locks the file and prevents any data from being added to it. Switch to a suitable TF chart and hopefully you'll start to see some data starting to emerge like the screenshots I took in the PDF.
Please read the PDF for more info. Everything you need to know is written there. I am just repeating myself.
There are no known bugs in the software, it is all working perfectly on my (Windows 7 64-bit) computer. We are both running the same software. Therefore there must be something different on your computer, but I can't possibly know what it is.
DislikedI'd like to know what formula you used to calculate the values in $$_netVolume_[Currency].csvIgnored
Note that, for the sake of efficiency, new values are appended to the files only if the currently scraped (or calculated) value differs from the last value in the file.
The net volumes where the currency is the first named in the pair are added, if the second named, they are subtracted.
Perhaps best explained by an example; I just took a snapshot of all of the NZD pairs, and their volumes (final value in each file) were as follows:
NET TOTAL where NZD is first named = 9258.5
NET TOTAL where NZD is second named = -2263.83
TOTAL net volume for NZD = 9258.5 - (-2263.83) = 11522.33, which is in fact the final value in $$_netVolume_[NZD].csv
Of course there are many other possible approaches (at one point I considered weighting each value in various ways), but for better or worse, that is the calculation that I ended up using.
Note that each curve is INDIVIDUALLY scaled to fit inside the subwindow; therefore the actual values of each plot should not be compared against each other. It's the changes in slope that are important, showing the rate at which total net volume is advancing or declining for that currency. Ideally either (1) each currency should be plotted in its own subwindow (but this would consume too much screen space); or (2) if you want to compare the actual values, then go to the 'Common' tab and set the SAME 'Fixed minimum' and 'Fixed maximum' value for each of the 8 plots (however, this will make it harder to see the changes of slope in the smallest transacted currencies).
I'm done with both this thread, and with this research, as I've achieved what I set out to do. I'm satisfied that the software works correctly, and also with the validity of the conclusions that I reached. For more info, download and read the PDF.
I tried re-coding the downloader to use the outlook API, as was suggested, but the re-coded version returned a "Too many requests; please try again later" error for much of the time. So I will leave the app the way that it was originally, unless/until the myfxbook webpage format is changed, necessitating a compatibility upgrade.
I have left FF. Please don't expect replies to your posts.