SENTIMEN LITE INDICATOR METATRADER 4 FOREX BINARY OPTION

The FXSSI.Sentiment.Lite indicator displays  market sentiment data directly on the chart of the MT4 terminal. 

Once the indicator is installed, you will see the histogram showing the percentage  of bulls and bears in the market. This ratio is often referred to as the Speculative Sentiment Index (SSI).

How to use the indicator? Before opening a trade, it is important to analyze the current sentiment in the market. For example, estimate how many traders prefer to hold long (buy) and short (sell) positions now.

With such statistics, you can refuse to open an inevitably losing trade or vice versa, to confirm your intentions by opening a new trade. 

Buy when more than 60% of traders are short or, conversely, sell when most of them are long. This is the most common logic of  market sentiment analysis.

Next, you can adjust this percentage to a greater or lesser extent based on your practice.

What kind of data is used? 

The aggregated client positions of a number of large brokers serve as the data source. For example, the data used is Market Sentiment Index data published on the DailyFX website provided by broker IG Group (formerly FXCM). 

verify all  data obtained, to ensure the accuracy and relevance of the information provided. 

Available Currency Pairs 

At the time of launching the FXSSI Sentiment.Lite indicator, it was showing data on the following currency pairs: EURUSD, GBPUSD, XAUUSD (gold), USDCAD, USDJPY, USDCHF, AUDUSD, NZDUSD, GBPJPY, EURGBP , EURJPY, GBPCHF, GBPCAD, EURCHF, EURAUD, CADJPY, AUDJPY, CADCHF, GBPNZD, EURNZD, AUDCAD, GBPAUD, AUDCHF, NZDJPY, AUDNZD, EURCAD, NZDCAD, CHFJPY, CHFSGD, NZDCHF. 

currencies are currently not  supported and  no data is available for this.The list of pairs may expand over time and will also include various indices, crude oil and bitcoin. 

There is no need to manually update the indicator  to  access  new data. Frequency of updates 

The Market Sentiment Indicator is updated hourly by default, but you can reduce this interval to 5 minutes if necessary. 

You can also update the data manually by clicking "time" on the indicator panel.

Important note: Simultaneous launch of numerous copies of the indicator having the minimum update interval may cause MT4 terminal to hang up.

Indicator Settings

Show Symbol. Choose one of the following options:

• Current Symbol – the currency pair is determined automatically.
  
  
• Defined Symbol – provide the required currency pair in the next field "Defined Symbol".
  Signal Ratio (1-49). Determines the boundaries, beyond which the signal forms, for the indicator of the ratio of traders’ positions. If 40 is set, Buy signal will be triggered at the value of 40 or less; and Sell signal will be triggered at the value of 60 or higher.

• Server Time Offset. Selects the time zone. By default, it’s determined automatically. This parameter affects only the block showing the last update time, but not affect the frequency of updates.
  
  
• Color Scheme. Two color schemes are available: for white and for dark backgrounds. By default, it’s determined automatically.
  
  
• Indicator Position & Offset. With these settings, you can change the corner in which the indicator is placed on the chart, as well as set spaces from this corner.
  
  
• Update Interval – the frequency at which the indicator will request data from the server. It varies from 5 to 60 minutes.