Two Weeks after KCG, FXCM Launches FX Real Volume Indicator
The new indicator addon will provide users with real volumes and transaction numbers being traded on the FXCM retail platforms
FXCM announced today that it will launch a “groundbreaking” real-time, real volume indicator on its Trading Station platform. According to the company, the indicator is currently being tested and will only be officially launched in the coming weeks but is already available online.
The new indicator add-on will provide users with real volume being traded on the FXCM retail platforms for the top 14 currency pairs. Along with volume, the indicator will also provide transaction numbers for the pairs. Until now, Forex volume indicators have only shown tick volume with nothing about actual order flow.
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About two weeks ago, on June 2, KCG Hotspot announced it will begin to publish daily volume reports of trading on its platform. FXCM was fast to follow and time will tell if this is a trend that all brokers will soon adopt. Such a trend will hopefully bring a higher level of transparency to the retail FX market.
Retail beginning traders in FX have often asked for volume indicators, especially those coming over from day trading stocks and options, now FXCM’s Real Volume/Transactions Indicator will be able to provide it to clients. FXCM will also be publishing the volume data for the top 14 traded currency pairs and transaction numbers twice a day on its financial news website DailyFX, starting today.
Drew Niv, the CEO of FXCM, commented on the announcement: “This is the first in a series of new advanced trading analytics that FXCM will be releasing. Over the past year on average, FXCM does over $15 billion in retail trading volume a day on over 400 thousand transactions, providing a free indicator of this nature to sophisticated short-term traders is a game changer in the retail FX space.”
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The new volume/transaction indicator supports many time-frames, down to the 1 minute time-frame. This gives traders access to real-time volume and transaction data, updated every 10 seconds, from FXCM’s global retail client base with no filtering.
Our goal in creating the indicator was to give traders real-time data they can use along with their trading. So while you mentioned KCG’s daily volume snapshots which are backwards looking, FXCM traders will get access to real-time data throughout the trading day.
Jason Rogers
FXCM
So why not just add this to the mt4 and tradestation’s built-in ‘volume’ indicator? There should be functions in the mt4 build 600+ that are different for tick volume and trade volume. Obviously traders were looking for trade volume from forex for years now.
Also, can users also get volume from who FXCM provides liquidity to? In other words, does the volume only include FXCM retail / institutional flow, or does it also include flow from people who white label FXCM feed.
FXCM is doing something responsible here and I must commend them for that.
Thanks Jon. The volume indicator shows retail volume only, but maybe we will release real-time institutional volume at some point in the future as well. Putting the two together would give great insight into both retail and institutional flows. We are planning to release additional advanced analytic tools so stay tuned. Automatically including the indicator in the platform makes sense and is something we are looking into for the next platform update. There are no plans to make it available for MT4. The tool is exclusive to FXCM’s Trading Station platform, and an advantage to using our proprietary platform.
@Jason Real Volume statistics is not something that should be tied to a platform. It should be made available such that it can be accessed by API by the public. If the goal of releasing the statistic in the first place is increased transparency of forex. Just like how Dukascopy and TrueFX makes their historical forex data available to ALL who desire it. It is an expense, but it is a smart play as it helps the ENTIRE forex community become more transparent. FXCM is technically within their rights for releasing their volume stats only to whatever platform they desire.… Read more »
Hehe. Did you just put forex and volume in the same sentence @forexmagnate ?