FXCM Releases New Forex Market Depth Indicator for 17 Currency Pairs

New York-based forex broker FXCM announced today their new Forex Market Depth Indicator, which is exclusively available as of today to clients using the broker’s flagship platform, Trading Station.

Unlike futures contracts and other financial derivatives, where open interest and sentiment data is easily available due to centralizing clearing venues, the currency market is decentralized across the globe and these metrics have been difficult to source in the past.

The new FXCM indicator reveals five levels of liquidity for 17 major currency pairs, however, only standard accounts will be able to make use of the new offering. The Forex Market Depth Indicator pulls data from FXCM’s seventeen liquidity providers:

Currency traders - especially scalpers and short term traders - will benefit greatly from this indicator as they will be able to examine how much volume is available at certain price levels. This kind of detailed information gives traders a much better view of the underlying liquidity conditions of each market.

Drew Niv, CEO of FXCM, said:
“Our team is consistently working to develop new advanced technology and optimize our clients' trading experience.”
Over the past two years, FXCM has released several powerful indicators to give its clients an edge in the FX marketplace. For instance, the Speculative Sentiment Index (SSI) - which was released before the Market Depth Indicator - plots FXCM retail trader positioning in real-time on the charts.