Index Gain Analyzer for Forex

Hi Traders,

This is a pretty interesting alternative approach to identifying the best pairs to trade in forex. The indicator is called 'Orion' and it's an Index Based Gain Analysis tool which dynamically calculates the LFX index date in real time for the major currencies.



Traders can apply their own custom timeframe filters so that they are alerted when currencies meet their filter requirements. Essentially using an Index based approach allows traders to select the strongest/weakest currencies to trade on their preferred trading timeframe.

You can see details of the Orion product here

Regards
Crispin
FX AlgoTrader
http://www.fxalgotrader.com

Index Gain Analysis 07/10/2013 09:00

http://www.fxalgotrader.com/Website%...13%200900.html

Orion Index Gain Analyzer is now available on special offer for $99.95 on the FX AlgoTrader special offers page. (33% discount)

http://www.fxalgotrader.com/Website%...012%20Sale.php

Main website: www.fxalgotrader.com

We have now released a java based platform independent version of the FX Index Analyzer for traders not using MetaTrader MT4. The platform independent version can be used in any Windows environment and does not require a trading platform. The real time LFX Index data is provided from the FX AlgoTrader web server in real time.



The Java Forex Index Analyzer service has the following functionality:-

Multi-Timeframe Real-Time Index Gain Comparison Matrix for USD,EUR,GBP,CHF,CAD,JPY,AUD,NZD - provides a macro level snapshot of the whole forex market



Colour coded gain indications - Red Cells indicate a negative index value, blue cells a positive index value and white cells represent no change.



Real-Time Strength / Weakness Table to assist with optimized pair selection



Multi-Timemframe Filters - allow the trader to tune the system to meet their own trading style



Day Trader Settings - The screenshot above shows a potential filter set up for day traders. The trader has excluded the Monthly and Weekly Index data so that the active filters are only based on the Daily, 4 Hourly and Hourly timeframes. Using shorter timeframe filters allows the trader to take advantage of short duration trend changes/reversals etc but the trader should also factor in the long term trend and ensure their exit projections are before any significant price reaction points which could be price derived or technical support or resistance levels.

Attached Image

Position Trader Settings - The screenshot above is using 4 timeframes for the active filter zone. Here the trader is essentially asking the system to produce index based alerts when a currency pair satisfies the following conditions:-

1. Strongest currency must be in the top three strongest for the month and week
2. Weakest currency must be in the weakest three for the month and week
3. Strongest currency must be the strongest on the day
4. Weakest currency must be the weakest on the day
5. Strongest currency must be in the top two strongest currencies in the last 4 hours
6. Weakest currency must be in the weakest two currencies in the last 4 hours
7. Strongest and weakest currencies can be in any position within the last hour
   The reason the trader excluded the hourly timeframe is very deliberate - using the system in this way allows the trader to take opportunity of short term hourly reversals where price action retests support or resistance levels in a strong trend.. aka 'buying a dip in an uptrend and 'selling a rally' in a downtrend.

Generated real-time candidate list with trade direction and trigger time

Index History Logging

This is a brand new feature which provides real time data logging on all time frames. The system saves index data at a trader defined interval. This allows the trader to see how the currency index data is changing over time on the specific timeframe of choice. This new option gives the trader historical context when analysing real time index data for trading decisions. This is a very powerful new feature.




Traders will note how the currency index data moves on the hourly timeframe. At the time of writing the USD shows strength across the board but we note a momentary weakness on the USD where it moves from the strongest currency to the 7th strongest on the day... this represents a dip buying opportunity. In the same way we see GBP languishing as the weakest currency on the day and a momentary rally propels it to the third strongest...



Analysing the GBPUSD shows this being played out by price.

For more information please visit the FX Index Analyzer Web Page


www.fxalgotrader.com

Updated FX Index Analyzer - now with Clear options in the Index History Logger...

Product Page is available here

Index Analysis for 12/05/2016 @ 09:07 GMT



Strength.

We can see strong CHF on Weekly, Daily,H4 and H1 timeframes (the green shaded area)


Weakness.

We can see a weak JPY on Monthly, Weekly, Daily, H4 and H1.

Potential Optimum Pair To Trade based on Index Data:

Long CHFJPY

Chart Analysis:



This is an H4 CHFJPY chart - we can see the pair has been in an uptrend - I've overlayed the JFX Pivot System and synchronised the pivots to GMT. There are several potential entry points with low risk which are:-

 

1. Daily R2 Pivot which also coincides with the swing high on the 10/05/16
2. Confluence of yesterday's high (11/05/16) the Daily R1 and Weekly R1 pivot confluence
3. For traders looking for a deeper retrace there are two additional entry points - one at the Daily central pivot (PP) and another at the M2 and WM3 pivot confluence - this would be a considerable retrace of over 100 pips which is unlikely given today's strength.
4. An alternative higher risk entry point would be to wait for a break of the Daily R3 and Last Week's High confluence and then enter on a retest of this level.

Using the FX AlgoTrader index analyzer massively fast forwards pair selection as the trader can quickly see where the flow is in the market and thus align themselves accordingly.

www.fxalgotrader.com

Hi, is the Orion index indicator still available for purchase?