Is volume profile useful in Forex?
Horizontal volumes can be useful on any trading exchange like Forex, stock market, futures, commodity, spot.
Which volume indicator is best for Forex?
The best volume indicator used to read a volume in the Forex market is the Chaikin Money Flow indicator (CMF). The Chaikin Money Flow indicator was developed by trading guru Marc Chaikin, who was coached by the most successful institutional investors in the world.
Do Professional Traders Use volume profile?
A professional trader looks at the volume profile and realizes the stock is far away from the current “value area” (VA). Thus, they will put a limit order down near the $410.50 area, to pick up the long position near the top of the value area high (VAH).
Is volume profile a good indicator?
The volume Profile provides trader with accurate data. It is more of a reactive tool for discovering traditional and resistance areas and so traders are still developing indicators which would be more proactive and predictive in nature.
Whats the difference between Oanda and FXCM?
FXCM and OANDA both offer copy trading. Both FXCM and OANDA offer MetaTrader 4 (MT4). OANDA provides traders 71 currency pairs (e.g., EUR/USD) compared to FXCM’s 42 available pairs. Forex pairs aside, FXCM offers traders access to 276 CFDs while OANDA has 124 available CFDs, a difference of 152.
Is FXCM ECN?
All FXCM Prime customers execute user agreements with each trading venue, paying trading commissions directly to each ECN. FXCM earns revenue through commissions collected from pre-agreed clearing fees.
Are volume profiles useful?
Volume Profile is a powerful and useful tool for determining important price levels.
Can I use Volume Profile for Forex trading?
A lot of traders are asking if you can use the Volume Profile for trading forex for example with the trading platform MetaTrader 4 or 5. First of all, it is possible to use the Volume Profile for trading forex but you need the real data of the stock exchange (currency futures).
How to use Volume Profile with MetaTrader?
For using the Volume Profile correctly you have to trade and analyze the future contract of currencies (example 6E for EURO/USD future). By using the Volume Profile with the MetaTrader you will not get the right data of the volume. From our experience, it is useless to trade with the MetaTrader and analyze the volume.
What is the best trading software for the volume profile?
The best Trading Software for the Volume Profile On this page, we are using the Order Flow Software ATAS (Advanced Time and Sales) for the Volume Profile. From our experience, it is a very customizable platform and easy to use for beginners. But you can also use other trading platforms like Ninjatrader or Sierra Chart.
What is the best time frame to use the volume profile?
The Volume Profile is a very powerful tool that can adapt to each time frame. No matter if you want to do short-term or long-term trades you can attach the tool to each timeframe. From our experience, the best time horizon for day trading is daily. For scalping, you can use the hour profile or 4-hour profile.