Forex Factory, the leading Forex forum portal, has recently announced that it launched a new tab called Market which consists of several useful Forex Tools. Currently it offers two tools (with more probably coming shortly), which are: Charts and Aggregated Forex Rates. Charts are of course charts and can show several types of currency pairs as well as allowing several types of technical charts. Aggregated rates are a more interesting tool: FF aggregates live rates from several brokers and shows what is probably an average rate.
Below is FF’s blog post:
“Today we’re proud to introduce Market – a flexible, customizable, quick view of the Forex market. See Market in action or read the user guide to learn how it works.
Our goal was to develop an interface that allows Forex traders to quickly and easily see what the market is doing. The rates table displays ten currency pairs, the pip and percentage change for each, as well as the period high/low – all of which is customizable and remembered on your next visit. Beside every currency pair is a chart icon which sends the currency to the interactive chart. There you can get a proper visual by adjusting the interval, chart type, and cursor. And if you fret doing time zone conversions you’ll be happy to see that the chart adheres to your time settings.
While the interface was designed specifically for the modern Forex trader, what makes Market really unique is that it’s powered by Forex Factory’s Market Data System (MDS) – a custom-built infrastructure which aggregates quotes from multiple Forex brokers. All data you see on Market is collected and averaged by MDS, providing you the truest view of the Forex market.
Market is one of our most complex products to date; most of our team has been working on it ever since we launched Broker Quotes (another MDS-powered product) in July. We have a lot of great ideas for improvement, but our first objective is to ensure the data is stable and highly reliable. Once that’s achieved, we’ll be focusing on the live socket version which will automatically push data to the page, so you won’t have to manually refresh anymore.
Market is still in beta form so you’ll likely see some errors and downtime. We need your help ironing out the bugs, so if you run into one, or just have general feedback, please drop us a line!
We hope you enjoy the new tab!
Posted by Michael, Forex Factory Product Developer
