Ok, so as everyone knows, Forex Factory have just announced that their new Market Data section has gone live.
So, what do I think of it?
On first impressions, it’s actualy rather impressive. Firstly because, it’s something unique in the forex market, and secondly because I can definitely see this being used more and more by traders. Everyone knows that currency quotes differ from broker to broker, and at times, it’s these small fluctuations that can affect some trades, making it difficult to really judge latest swing high/lows, and Support/Resistance.
To get a more accurate idea of price, imagine opening up many different live broker accounts, taking each quote from each broker and averaging that out – this is exactly what the new live market feature from Forex Factory does for you, instantly, and all in live mode.
Quoting FF themselves:
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“The live socket allows us to push real-time data from our servers to Market’s charts and rates. If you appreciate the fact that Market’s rates are a composite derived from multiple brokers, you’ll love seeing it happen live.”
Of course, it’s not just quotes that they’re providing. Nope, this is not just another XE.com. They also offer live charting, different timeframes, different currencies, etc… and whilst this may not be unique to FF, it definitely adds yet another reason as to why these guys are the best around. I’ve been with FF for a few years now, and it’s great to see them grow and evolve, for the betterment of forex traders, without any broker bias. You don’t get much of that around nowadays.
The fact that this is based on their unique Market Data System (MDS), is a further testament to how far FF have come. This is true pioneering in the world of FX. So the end result is a super fast, smooth, and accurate piece of kit for us traders to benefit from.
For more info, check out FF’s blog post regarding the Market tab: