FX Signal 28: Order Flow Trading – Trading Systems – 7 October 2022

Hello MQL5 community!

I’m new here but have been trading for many years and have found great success trading in order flow direction. Therefore I I am releasing two complementary order flow indicators here on MQL5.com for MT4.

First, what is command flow?

Order flow is the cumulative result of a basket analysis, which is a type of analysis that looks at the ALL image rather than a singularity.
For example, if I want to know EUR order flow, I need to see how EUR is performing against ALL other major currencies: USD, CAD, CHF, GBP, AUD, NZD and JPY, and not just USD ( EUR/USD).

To determine the order flow of the 28 major currency pairs the FX Signal 28 Scanner applies two important moving averages, one fast (5) and one slow (12), are used to determine whether the direction of a currency pair is bullish, bearish or neutral. For example, when measuring the strength of the EUR, the model explores all pairs related to the EUR (EUR/USD, EUR/CAD, EUR/CHF, EUR/GBP, EUR/NZD, EUR/AUD, EUR /JPY) to see which pairs are trading with, against or neutral with the EUR (basket analysis) and score the EUR order flow accordingly. If, for example, EUR/USD is trading positive, then it will be +1. If EUR/USD trades negative, then it will be -1. If EUR/USD is neutral, it will be 0. EUR is measured against 7 other major currencies, so the score ranges from -7 to +7.

  • +7 is the highest possible score and means that the euro is making gains against all major currencies. So the order flow is strong because euros are being bought on a global scale. There is real interest in buying euros around the world.
  • -7 is the lowest possible score and means that the euro is declining in value against all major currencies. Therefore, order flow is weak because EUR is sold globally. No interest in buying EUR, only selling.

When the scanner has performed the order flow analysis on all currencies, it will automatically combine the strongest with the weakest and display the resulting pairs on a dashboard. These will be the pairs with the least resistance and the best to trade. You can double-click on the pairs listed in the dashboard to open a new chart. In parameters you can decide with which template the new chart opens!

Signal FX 28 it is a complementary indicator which paints an arrow on the candle that had a positive or negative order flow. The indicator yes DO NOT REPAIN and you can see the COMPLETE HISTORY of order flow signals directly on the chart.

Basic entry strategy

Buy when the price is trading above the signal bar to avoid false signals.
I recommend placing a stop loss below the signal bar.
Take profits when the arrows disappears, this means that the command flow is no longer strong.

If you have questions feel free to PM me!

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