I’m going to take you through using the AxiTrader MT4 NexGen Sentiment Trader. To add the tool, we drag and drop. Add it to the chart and see it load up.
What the Sentiment Trader does is it displays information about current and historic, long and short sentiment, i.e., the number of traders who currently have or had an open, buy or sell position on a symbol. It essentially tells us how many traders are long and how many traders are short.
The figures are based on real money accounts published to the FX Blue website. The list of symbols that are available with sentiment is based on the most popular symbols on the FX Blue website.
To use the Sentiment Trader is quite simple. You can see the AUDNZD currency pair is 58% short and 42% long.
You can switch between symbols. To see the sentiment on EURUSD, you can see that here: 31% short, 69% long.
On the top left is also going to tell you the current position. You can see that you’re 0.01 long. That’s your current profit/loss on the position.
There are a few different views to look at the current sentiment. You can change that here: there’s a gauge, a pie chart, and another gauge-style view. It’s telling us 69% long.
Down at the bottom, you can see historic sentiment. You can drag your mouse over to view the sentiment of that period in time.
If you go down at the bottom here, you can change the view. There are a few different options. You can remove the sentiment line from the chart. You can view it as a line chart. You can view it back to the standard view.
As I mentioned, these symbols are determined by popularity so you can’t change these. This is what is available through the indicator with data from FX Blue.
The way FX Blue places their data is it’s per account; it’s not volume-based. Otherwise, traders who have very large volumes would skew this. It’s designed as a sentiment indicator, so we’re looking at the sentiment of the overall market.
Finally, on this tool here, you have the order. You can go in and place your trade, close your trade, etc.
That’s the AxiTrader MT4 NexGen Sentiment Trader.
Forex trading robots use computer algorithms to help determine the best price at which you should buy or sell a currency pair. Learn about EAs here.