Online web based charting provider TradingView today unveiled a new analysis tool, dubbed the ‘Forex Heat Map Widget’, which allows its users to get a quick overview of action in the currency markets, per a TradingView update.
Heat Map widget is a combination of colored rectangles, each representing a currency pair, that allows you to quickly grasp the current status and impact of a large number of variables across several pairings.
In addition, the heat map enables traders to spot currency performance/changes in real-time and how they move broadly in relation to one another. As such, it could be helpful to quickly assess and find trading opportunities.
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Probably the most interesting feature in the new tool is that it allows traders to create personal rates tables with just a few clicks by selecting the currencies they want to follow.
The headings along the top and the left side of the rectangles represent a set of major currencies. The color of the rectangles is indicative of their most recent trends.
TradingView is a data-driven community for nonprofessional investors which offers a comprehensive charting tool. The company’s approach differs from other social trading networks because it is chart-based with an emphasis on visuals to support investing and provides communal space to view and share trading ideas.
TradingView also has a web-store where users can purchase access to third-party tools. The company’s solution had already been rising in popularity in recent years as it has successfully marketed itself as a provider of smooth HTML5 charts that encompass a diverse set of asset classes – it’s also one of the largest social network for traders presently.