When it comes to trading currencies, there are few things we feel are of greater importance than the ability to make quick, well informed and calculated decisions. The Instrument Monitor allows Forex traders a broad glimpse into each currency's relative strength across the board, with nothing more than a quick glance to the top of your chart.
As its names suggests, it monitors the following currencies in real time:
USD - EUR - GBP - JPY - CHF - CAD - AUD - NZD
A small section on the upper right hand corner of your charts will show a colored dot next to each of the above currencies. RED indicates that the currency in trending down in more pairs than it is trending up. BLUE indicates that the currency is trending up in more pairs than it is trending down. BLACK indicates a neutral position, or that the currency is trending up and down an equal amount across the board. The colors are updated with each new price tick on your charts.
To apply the indicator on your chart, simply drag and drop the "Instrument monitor" from your Navigator's window "Custom indicator" list. You will notice a blue rectangle on the top left corner of the indicator. This is what we call an anchor and was created to allow you to move the display anywhere on your chart. Simply double click on the rectangle and drag and drop it anywhere on your chart. Once the next tick comes in, the indicator display should reposition itself in the right location.
Indicators Folder
IBFX – Instrument Monitor.ex4
Last compiled on November 18th, 2009 on MT4 build 225
Step 1: Download the setup file and double click on it. Follow on screen instructions.
Step 2: Select the tools you would like to install, click next. (Make sure to select your MT4 installation folder).
Our multibank liquidity feed delivers pricing from major money center banks right to your trading platform. In volatile or low liquidity market times, spreads may fluctuate and you may encounter slippage. Please take that into consideration when you are trading during volatile time periods. Fills are not guaranteed, especially during fast-moving market conditions, orders may not be filled as placed, and substantial losses may still occur.
Expert Advisors, Indicators and Scripts are not guaranteed to produce any particular outcome. As a trader, you are responsible for any trades created by any expert advisor you use. It is highly recommended that you use any advisor for an extended period of time on demo accounts and verify that it's producing your desired outcome.
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