Hello guys, I have just released my latest indicator for metatrader. The MyFxBook Sentiment Tracker. Technically it's an utility which has an indicator embedded in it.
One of the most helpful information a trader can look at is sentiment data. Not to follow the crowd, but to fade it. Retail sentiment is the best contrarian indicator for you trading. If 95% of people are always wrong and losing money in the markets, you don't want to be bullish when the majority of people are bearish, and you don't wanna be bearish when the majority of people are bullish. You want to be a contrarian.
It does NOT mean simply buy or sell according to sentiment numbers BUT confirm your existing bias using that data, or serve as e confidence booster for your entry. Or perhaps you can even see it as a "cherry on the cake" of your analysis, if you will, adding more confluence to a trade idea.
This tool is actually an indicator. The reason it's being published as EA/Utility it's because only EAs have webrequest function. This tool is designed to grab real sentiment data from the MyFxBook community outlook and store that as historical data in a file inside MT5 "Data" folder, under MQL5/files. It depends of the chart you load it in. If you load this tool in a EURUSD chart, it's gonna gather data for that symbol only.
Inside the EA/Utility there is the indicator code which is used as resource and automatically launched when the EA is loaded. The indicator then reads the historical data and plots that in an indicator sub window so you can keep track of sentiment. You have to create your own historical data for the symbols you trade, as long as the EA is loaded, it's gathering data.
One example here of how I use sentiment data. Here on GBPUSD, bias was already bullish using HTF draws on liquidity, I also like to use HTFs heikin ashi. I noticed that the sentiment is 86% bearish, which means more bullish bias to me. So it makes me more confident in taking long setups. Here price went down to a discount PD array (a BISI). After arriving at this level, we got a MSS (market structure shift) which left behind a high probability bullish order block (BISI or FVG + Order Block aligning), and we were also inside a bullish breaker. The fact that the sentiment is bullish TO ME makes me take a trade like that instantly and with high confidence.
A similar example using EURUSD, there was a liquidity sweep followed by MSS leaving the discount PD arrays for us to get long, if our bias is bullish. Would have opened a long position when price touched the bullish OB inside the bullish breaker, after MSS. Very bread and butter, and the fact the the sentiment was bullish TO ME, would add that "cherry on the cake" and more confidence to my trade. You can see how the discount PD arrays held when order flow turned to bullish + the sentiment data would give you even more confidence to pyramid a couple more trades.
A last example here using NZDUSD. Price left behind a fresh bullish order block after MSS (market structure shift), there were equal lows above it (inducement), it would have been a very easy buy at the touch of the bullish order block when you also noticed that the sentiment was bullish (don't forget, when majority of people are bearish, we are bullish).
You can find the utility here: https://www.mql5.com/en/market/produ...=Site+Profile#
PS: MT4 version coming soon!
One of the most helpful information a trader can look at is sentiment data. Not to follow the crowd, but to fade it. Retail sentiment is the best contrarian indicator for you trading. If 95% of people are always wrong and losing money in the markets, you don't want to be bullish when the majority of people are bearish, and you don't wanna be bearish when the majority of people are bullish. You want to be a contrarian.
It does NOT mean simply buy or sell according to sentiment numbers BUT confirm your existing bias using that data, or serve as e confidence booster for your entry. Or perhaps you can even see it as a "cherry on the cake" of your analysis, if you will, adding more confluence to a trade idea.
This tool is actually an indicator. The reason it's being published as EA/Utility it's because only EAs have webrequest function. This tool is designed to grab real sentiment data from the MyFxBook community outlook and store that as historical data in a file inside MT5 "Data" folder, under MQL5/files. It depends of the chart you load it in. If you load this tool in a EURUSD chart, it's gonna gather data for that symbol only.
Inside the EA/Utility there is the indicator code which is used as resource and automatically launched when the EA is loaded. The indicator then reads the historical data and plots that in an indicator sub window so you can keep track of sentiment. You have to create your own historical data for the symbols you trade, as long as the EA is loaded, it's gathering data.
One example here of how I use sentiment data. Here on GBPUSD, bias was already bullish using HTF draws on liquidity, I also like to use HTFs heikin ashi. I noticed that the sentiment is 86% bearish, which means more bullish bias to me. So it makes me more confident in taking long setups. Here price went down to a discount PD array (a BISI). After arriving at this level, we got a MSS (market structure shift) which left behind a high probability bullish order block (BISI or FVG + Order Block aligning), and we were also inside a bullish breaker. The fact that the sentiment is bullish TO ME makes me take a trade like that instantly and with high confidence.
A similar example using EURUSD, there was a liquidity sweep followed by MSS leaving the discount PD arrays for us to get long, if our bias is bullish. Would have opened a long position when price touched the bullish OB inside the bullish breaker, after MSS. Very bread and butter, and the fact the the sentiment was bullish TO ME, would add that "cherry on the cake" and more confidence to my trade. You can see how the discount PD arrays held when order flow turned to bullish + the sentiment data would give you even more confidence to pyramid a couple more trades.
A last example here using NZDUSD. Price left behind a fresh bullish order block after MSS (market structure shift), there were equal lows above it (inducement), it would have been a very easy buy at the touch of the bullish order block when you also noticed that the sentiment was bullish (don't forget, when majority of people are bearish, we are bullish).
You can find the utility here: https://www.mql5.com/en/market/produ...=Site+Profile#
PS: MT4 version coming soon!
