Myfxbook team has developed a new Forex product called outlook indicator. Myfxboook is known for helping traders share and find solutions to their trading problems, offering trading expert advisors, reviews, and economic news for registered members.
They also provide trading signals and offer information about different brokers’ spreads, quotes, swaps, volumes, and promotions. Although we do not know the individual developers, we will just rely on the credibility of the website. All users can get in touch with this team by filling out a contact form on their official website.
This being their first commercial Forex indicator, we should all take it seriously since Myfxbook Ltd has a solid reputation since they are the same team behind PaybackFX. This team is based in Israel, and being highly reputable, it would be good to dive into this product and shine some light on its pros and cons and the lengths this company has gone to provide something stable and capable of generating massive account growth.
So this product is relatively new, and not much is known about it except that which is on their website. Still, we have outsourced some information from delivered emails from Myfxbook to give you insight into what this product can offer. Do you want to save yourself from unnecessary hustles? Check-in with legit and we’ll establish expert advisors
The indicator uses data from the hundreds of accounts hosted on the community outlook section to generate community trends, current price, average short price, average long price, the total volume of trades, and full positions opened for a particular currency pair.
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This data is then used to generate a chart across multiple time-frames, M1, M5, M15, M30, H1, H4, D1, W1, and MN. Also, this information will be based on all the currency pairs being traded in live accounts hosted on the community outlook section. A trader will, therefore, be able to open buy or sell orders for different currency pairs based on this information.
This data is based on accounts that are on the community section and not the whole world of traders; therefore, the data will not offer precise information on the total volume of trades in the FX market.
However, this data provides information that is unrivaled by any other platform out there because this data is unique and is from an immense volume website. With this kind of data, the average trader would be able to read and internalize and make sound trades with a certain amount of conviction.
The website hasn’t offered details or technical information about this indicator, and interestingly this would help promote their product and boost their sales. Most traders know that no technical indicator is 100% effective, and while all of them have their shortcomings, they also have an upside, which helps traders make a profit.
The team behind this product has not discussed its technicalities and therefore leaving a loophole that only those who purchase the tool will know about it after investing real money because none of the demo accounts on the website give us insight on how a trader would be able to figure when to open a buy or sell trade.
So is this tool 100% effective? Since Myfxbook has a reputation to maintain, does it mean that this indicator will help traders make profits without losses?
The indicator can be used on the website, but to unlock all its features, one would be required to use the MT4 platform. The outlook community data on volumes and open positions on traded currencies are plotted on top of the chart, and a line graph or a bar graph is planned at the bottom showing bullish and bearish strength.
The indicator comes with some unique features that include “live data updates, every 15 seconds, additional time-frames – weekly and monthly, custom colors, custom display, different data type to positions and lots – percent, API version to fetch outlook data, up to 2800 requests per 24 hours, 10,000 data points per time-frame on MT4 and 1,000 data points on the website” -Myfxbook.com.
These features are rare, and coupled with data from thousands of accounts; this indicator quickly makes it one of the best upcoming in the market. So before this product is put on the list of best hands, we would want to see it stand the test of time by adapting to high volatile market conditions and completely dynamic shifts.
Outlook indicator goes for $30 per month and $25 per month on a yearly plan. Given that the product comes from a highly reputable firm and the treasure trove of information it offers, then it is worth the price tag.
If you are a manual trader looking to purchase this product, then feel free to spend some time in the Outlook community section, discuss with some traders about the product, fill out a form with some questions on the website about the indicator, and also try using it on the main website.
Trying out the service on the website is free; hence if you had any doubt or questions, this would help you clear them out.
Such a price tag is cheap compared to other products in the market, and so we have put its superiority to question. However, since the same team behind PaybackFX developed it, and it is worth trying out.
This product is relatively new, and therefore, no comments have been seen on the official website though it is worth noting that customer reviews would go a long way in proving the efficiency of the product.
Soon we may start seeing a review on the website and some on social media, so be on the lookout because honest feedback would highlight a lot, and this is because we can never know what the product is capable of before testing it out on the real market with real money.
All traders of all levels should note that shortcuts won’t help in the real market. Although we recommend the product, one should always put in some effort in adjusting some settings and knowing when to enter and exit a trade without the help of technical indicators.
Alexa rankings and reputation
Myfxbook.com has developed this indicator it would be worth mentioning that the site ranks #3500 on alexa.com with 15.7% search traffic flowing in from a wide range of search engines and social media platforms.
Myfxbook Ltd is highly reputable, with users flowing in from the United States, Japan, Brazil, and different corners of the world.
Given that Myfxbook’s Outlook Indicator is relatively new in the market and has a broad user base, more reviews and customer feedback soon will shine a light on its profitability and efficiency.
Although we will have to rely a little bit on their reputation for now, soon we will have more information on the product, and we will be able to render a substantial verdict.
For those who aren’t ready to go all-in on the product, it would be advisable to first try it out on the website to get a sense of what it can offer. Then if the product is worth your $30, a purchase would offer you a lot more features on the MT4 platform.
Finally, remember for the best expert advice turns to well established expert advisors who always meet the demand and possess the prowess to sail you into riches.
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