Many people here have asked me where I get the Buyers and Sellers information on the MT4 platform similiar to the COT analysis.
I felt that instead of answering 1 pm at a time, why not just make 1 post on the trading room and answer questions directly on the forums.
The information is collected using the following piece of code.
double bullp = MathAbs(iBullsPower(NULL, 0, 13,PRICE_CLOSE,0));
double bearp = MathAbs(iBearsPower(NULL, 0, 13,PRICE_CLOSE,0));
double vol = iVolume(Symbol(),0,0);
double Buyers = (bullp * vol) / (bullp + bearp);
double Sellers = (bearp * vol) / (bullp + bearp);
Basically this is
Buyers = [ BullsPower * Volume ] / [ BullsPower + BearsPower ]
Sellers = [ BearsPower * Volume ] / [ BullsPower + BearsPower ]
This analysis gives the sum total of retail traders only, not the overall forex markets, but even then its a good tool to analyze trends in a better manner and trade accordingly.
I felt that instead of answering 1 pm at a time, why not just make 1 post on the trading room and answer questions directly on the forums.
The information is collected using the following piece of code.
double bullp = MathAbs(iBullsPower(NULL, 0, 13,PRICE_CLOSE,0));
double bearp = MathAbs(iBearsPower(NULL, 0, 13,PRICE_CLOSE,0));
double vol = iVolume(Symbol(),0,0);
double Buyers = (bullp * vol) / (bullp + bearp);
double Sellers = (bearp * vol) / (bullp + bearp);
Basically this is
Buyers = [ BullsPower * Volume ] / [ BullsPower + BearsPower ]
Sellers = [ BearsPower * Volume ] / [ BullsPower + BearsPower ]
This analysis gives the sum total of retail traders only, not the overall forex markets, but even then its a good tool to analyze trends in a better manner and trade accordingly.