As part of providing more functionalities to its customers, FXCM Inc. (NYSE:FXCM) unveiled a new version of its platform today, aiming to deliver a new set of data to work with. The broker announced a set of Real Volume indicators, which will only be available on FXCM’s own Trading Station platform.
There are certain perks to having volume indicators in a platform, however, this new addition is by no means the holy grail for ascertaining the sentiment of the market. Big moves and directional changes happen with low volumes and with high ones.
This is where the difference of the offering of FXCM comes in – the set displays individually long, short, net and total values of FXCM’s trading volume as opposed to total value only. The tool is available for 14 of the most traded currency pairs at the brokerage.
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Another offering is the On Balance Real Volume Indicator, where the trader is able to see buy and sell-side trade volume data.
According to the CEO of FXCM, Drew Niv, “The new offering affirms our deep-rooted commitment to providing our loyal clients with continued innovative trading solutions and advanced technology.”
This is not the only functionality which Trading Station is getting. The platform now supports good-till-date entry orders, candle gap options, reporting functionalities and a number of other performance enhancements to optimize the trading platform experience.
While there is a benefit to having this data, traders should keep in mind that FXCM is only sourcing the information about volumes and orders from its own customers. Retail FX flows normally represent a very small portion of the broad foreign exchange market, so any strong conclusions based on the data from one broker should be treated with care.