Bl**dy BonkersFX Core Volume: The truth revealed | Forex Factory

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Bl**dy BonkersFX Core Volume: The truth revealed

  • #1
  • First Post: Edited Apr 29, 2025 1:49am Jul 28, 2018 9:39am | Edited Apr 29, 2025 1:49am
Greetings programs

This thread's topic is a warning about the BankersFX Core Volume indicator. The indicator (a paid service) was promoted by two FF users in the following threads:

https://www.forexfactory.com/showthread.php?t=644501
https://www.forexfactory.com/showthread.php?t=757420

To be clear, I can't and won't say anything regarding the two above mentioned FF users and whether or not they are involved in the fraud to be discovered. My focus is only the indicator itself.

Why another thread? I think the fact deserves major attention, mainly to inform others and protect potentially new victims. In the above threads the information is just not visible, and I was afraid BankersFX may continue with their fraud.

I found the time to decrypt their so-called data feed connection. It turned out there is no feed. The indicator calculates its values only from broker data, it DOES NOT receive ANY transaction data coming from institutional trading floors. Therefore the indicator is considered a fraud.

BankersFX took some lazy efforts to hide the scam. The bells started ringing when I wrote a wrapper around the indicator to display actual values on chart. For a strange reason the indicator hid them (no data display). As it turned out for good reason: so-called "Core Volume" differed between brokers. With an alleged data feed in the back that's not possible.

So I wrote a little project to analyse the indicator further. After the discovery I got requests, and now I decided to make it public. It's open-source, there are no restrictions from my side. Here it is:

https://github.com/rosasurfer/bfx-core-volume

What can you do with it? After all it turns out the indicator doesn't provide a true value. However, it caused a lot of interest and now everyone can check the scam by themself. There are multiple ways to test it:

  1. You can clone the project and set it up locally, using Composer (I assume you know how to proceed).
  2. You can also download a ZIP archive with the complete project from the green download button top-right at GitHub. Such a downloaded archive can be analyzed and later installed exactly like a cloned project (except that the archive doesn't contain the development history).
  3. You can simply use my public demo server and skip setup alltogether. Instructions on how to use my demo server are in the GitHub documentation.

The server connection to my demo server is not encrypted. You can take a network sniffer and look at the flow by yourself. There is not a single volume byte requested or delivered but the indicator obviously works. That's because the promoted institutional feed is a lie.

All documentation is contained in the project, there is no need to repeat it here except for one detail: Officially the indicator license is restricted to a single MetaTrader account. But on the demo server I implemented an option to activate it for every account, using a special license key.
That key is...drum...drum...drum...

BANKERSSCAM (11 capital letters)

Where can you get the indicator? It's included in the GitHub project.

I will prepare screenshots to have two terminals running with my Volume Delta indicator (the middle one in below picture) when the market opens again. For now it's weekend and I'll go to enjoy the rest of it.

Good luck on the grid - and try to survive :-)


PS: Why is this thread in the "Commercial" section? - Because its topic is about a paid service.

Attached Image (click to enlarge)
Click to Enlarge Name: absolutely-bonkers.png Size: 31 KB


ALMA as used in post #13
Attached File(s)
File Type: zip ALMA.zip   1.0 MB | 1,487 downloads | Uploaded Apr 15, 2019 2:14am


MACD from post #24 as used in #13
Attached File(s)
File Type: zip MACD.zip   1.0 MB | 1,254 downloads | Uploaded Apr 15, 2019 2:15am
It takes blood, sweat and enough tears to wash away the blood.
  • #2
  • Jul 28, 2018 9:59am Jul 28, 2018 9:59am
very interesting and thank you for putting your time into this
  • #3
  • Jul 28, 2018 1:55pm Jul 28, 2018 1:55pm
Well done. Great detective work.
  • #4
  • Jul 29, 2018 12:49am Jul 29, 2018 12:49am
Quoting moodybot
Well done. Great detective work.
+1
  • #5
  • Jul 29, 2018 8:02am Jul 29, 2018 8:02am
Keep exposing them
  • #6
  • Edited 4:48pm Aug 13, 2018 2:38am | Edited 4:48pm
Unfortunately I have to say that plenty of PMs prove that the majority of FF members is not capable of following even the most simple instructions. Clicking a download button, copying two .EX4 files to MT4 and writing a line to a plain text file is too much asked for.

But there is also hope. Finally (after two weeks) one or two people managed to contact the test server. However they failed on the BankersFX library, and here I probably was not clear enough. The BankersFX indicator consists of an indicator and a library (both .EX4 files in the download respective in the repo). The indicator (BankersFX CVI v1.20.0.ex4 or BankersFX CVI v1.20.1.ex4, whichever you like more) goes into the indicator folder, that's

Inserted Code
{terminal-data-directory}\mql4\indicators\

The library (BankersFX Lib.ex4) goes into the library folder, that's

Inserted Code
{terminal-data-directory}\mql4\libraries\

Look into your "Experts" and "Journal" tab, a missing library will cause an error message similar to "Cannot load library".

Good luck
It takes blood, sweat and enough tears to wash away the blood.
  • #7
  • Aug 14, 2018 9:42am Aug 14, 2018 9:42am
Good job mate. We (In Czech Republic) have similar service. However, the guy behind it actually has some kind of connection to institutional trading. He is and was living in USA where he traded for banks. I was curious to see if something like that exists in another country and it seems so.

Now it made me thinking if even service I used for a month is real or fake. But I must admit that my service was very interesting because price really react to those levels.

Just one more thing here. I believe that no one can say that Goldman Sachs is going from level XXX long or short. I doubt that. Levels I saw were more like "institutional order is on XXX level" so you can trade that. I doubt banks will tell their positions. You would need guy in every bank to tell you "complete" inside info.

Anyway thanks for a post. Had fun reading about this kind of scam
  • #8
  • Aug 30, 2018 6:44pm Aug 30, 2018 6:44pm
Thanks emmzett!
  • #9
  • Aug 30, 2018 7:25pm Aug 30, 2018 7:25pm
Quoting mw108
Thanks emmzett!

Ditto Thanks emmzett!
Find The Pain Points On Your Chart & Trade Off Those Levels
  • #10
  • Aug 30, 2018 8:23pm Aug 30, 2018 8:23pm
Dragon Rider
  • #11
  • Dec 28, 2018 10:14am Dec 28, 2018 10:14am
I attached the indicator to the chart, but it is showing an error, membership inactive. is there anything missing.???
  • #12
  • Dec 29, 2018 5:26am Dec 29, 2018 5:26am
Quoting jomonarikkat
I attached the indicator to the chart, but it is showing an error, membership inactive. is there anything missing.???
Follow the instructions from the Github documentation. At the very end it says: To use the demo server as license server add the following line to your hosts file:

Inserted Code
89.163.167.173   www.bankersfx.com

Most probably that line is missing in your hosts file. Your hosts file is located at "C:\Windows\System32\drivers\etc\hosts" and you need admin rights to edit it.
It takes blood, sweat and enough tears to wash away the blood.
  • #13
  • Dec 31, 2018 2:20am Dec 31, 2018 2:20am
I got some requests whether the BankersFX indicator can be emulated or improved, so here we go.

The best I came up with is a MACD which uses two ALMAs instead of the regular SMAs oder EMAs. A MACD(ALMA(8), ALMA(38)) comes very close to what the scammers are doing.In my opinion it's even better.

In the screenshot there are 3 subwindow indicators:

  1. The bottom-most is the BankersFX scam.
  2. The middle one is my wrapper just prepping up the original data a bit (no change in calculation).
  3. The upper one is a MACD(ALMA(8), ALMA(38)).

Attached Image (click to enlarge)
Click to Enlarge Name: better-bankersfx.png Size: 44 KB


What is an ALMA? A very smooth and lagless MA a bit better than a Hull Moving Average. It uses a Gaussian distribution function to adjust bar weigths (not like an EMA which uses an exponential function for it). See the attached PDF and the Excel sheet to play with it.

Happy New Year.
Attached File(s)
File Type: pdf Technical Background.pdf   280 KB | 1,057 downloads
File Type: xls ALMA Weighted Distribution.xls   24 KB | 739 downloads
File Type: mq4 ALMA.mq4   6 KB | 1,138 downloads
It takes blood, sweat and enough tears to wash away the blood.
  • #14
  • Jan 3, 2019 6:55am Jan 3, 2019 6:55am
Quoting emmzett
I got some requests whether the BankersFX indicator can be emulated or improved, so here we go. The best I came up with is a MACD which uses two ALMAs instead of the regular SMAs oder EMAs. A MACD(ALMA(8), ALMA(38)) comes very close to what the scammers are doing.In my opinion it's even better. In the screenshot there are 3 subwindow indicators: The bottom-most is the BankersFX scam. The middle one is my wrapper just prepping up the original data a bit (no change in calculation). The upper one is a MACD(ALMA(8), ALMA(38)). {image} What is an ALMA?...

First time to hear about ALMA Moving Average.

The PDF is an excellent read, though I struggled with the math content of the ALMA. I will re-read.

Thanks for sharing

Greetings to Switzerland
  • #15
  • Jan 3, 2019 7:33am Jan 3, 2019 7:33am
Quoting mtharwat
{quote} First time to hear about ALMA Moving Average. The PDF is an excellent read, though I struggled with the math content of the ALMA. I will re-read. Thanks for sharing Greetings to Switzerland
That is the original version written by Igor Durkin which is a bit difficult to decipher. A more readable version (even in German) is here in my MQL4 code:

weight calculation: @ALMA.mqh
bar updates: ALMA.mq4

I recommend to play with the Excel sheet. The formula in Excel matches the one in my MQL code.
It takes blood, sweat and enough tears to wash away the blood.
  • #16
  • Jan 4, 2019 3:45am Jan 4, 2019 3:45am
Quoting mtharwat
{quote} First time to hear about ALMA Moving Average. The PDF is an excellent read, though I struggled with the math content of the ALMA. I will re-read. Thanks for sharing Greetings to Switzerland
I uploaded a compiled version of the ALMA here: http://www.rosasurfer.com/.mt4/ALMA.zip
It takes blood, sweat and enough tears to wash away the blood.
  • #17
  • Mar 2, 2019 7:28am Mar 2, 2019 7:28am
@emmzett - thank You! Very good job!

Quoting SilentFather
Good job mate. We (In Czech Republic) have similar service. However, the guy behind it actually has some kind of connection to institutional trading. He is and was living in USA where he traded for banks. I was curious to see if something like that exists in another country and it seems so. Now it made me thinking if even service I used for a month is real or fake. But I must admit that my service was very interesting because price really react to those levels. Just one more thing here. I believe that no one can say that Goldman Sachs is...
@SilentFather. Do You use the service for trading?
  • #18
  • Mar 12, 2019 4:58pm Mar 12, 2019 4:58pm
Your post is surely kismet as I had my suspicions about the threads you mention since the bank's public forecasts are mostly noise and freely available online. I could not see how it would be worth paying to get 'insider' info unless they trade differently from what their public analysis offers, which is possible I guess.
  • #19
  • Mar 24, 2019 1:09am Mar 24, 2019 1:09am
Quoting emmzett
I got some requests whether the BankersFX indicator can be emulated or improved, so here we go. The best I came up with is a MACD which uses two ALMAs instead of the regular SMAs oder EMAs. A MACD(ALMA(8), ALMA(38)) comes very close to what the scammers are doing.In my opinion it's even better. In the screenshot there are 3 subwindow indicators: The bottom-most is the BankersFX scam. The middle one is my wrapper just prepping up the original data a bit (no change in calculation). The upper one is a MACD(ALMA(8), ALMA(38)). {image} What is an ALMA?...
Awesome work emmzett
Great to see scammers being exposed
I came across your thread while reading Hanover's thread : https://www.forexfactory.com/showthread.php?t=346227

Curious to ask, can you point me to right direction for "MACD ALMA" , where or how I can get to test/try the same? Thanks in advance. Appreciate your help and contribution
If you want your dreams to come true, you better wake up !!!
  • #20
  • Mar 24, 2019 8:28am Mar 24, 2019 8:28am
Quoting sashadeol
{quote} ...can you point me to right direction for "MACD ALMA", where or how I can get...
It's open-source and part of my framework https://github.com/rosasurfer/mt4-mq...rs/MACD%20.mq4
However it's very likely that you run into issues compiling it as the code is pure MQL4 and needs an old MQL4 compiler.

Just two weeks ago my main laptop broke and I'm not yet fully operational again. Give me a few days and I'll upload a compiled version here, as I did for the ALMA a few posts above.
It takes blood, sweat and enough tears to wash away the blood.
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