Coral Retail is a utility designed to download client sentiment ("retail") data from MyFxBook. The data can be viewed from within Coral Retail , allowing you to have access to the most up-to-date client sentiment data directly on your charts. In addition, the data downloaded by Coral Retail can be used by other Coral products automatically; see below for the available integrations.
The client sentiment data describes the percentage of retail investors who are currently LONG vs SHORT for each symbol. Many trading strategies use some notion of retail bias to inform trading decisions. One popular approach is to trade against retail investors, since most retail traders tend to lose. So if 80% of retail investors are trading LONG on EURUSD, that might suggest a good time to look for SHORT entries. Coral Retail does not advocate for any particular trading strategy based on retail bias, it merely makes the data available to you (and other Coral tools) so you can make decisions informed by retail bias.
INPUTS
- MyFxBook email and password - Your account credentials used to download client sentiment data from MyFxBook.
- Signal Level (0 - 100) - The percentage of retail investors who are long or short on a symbol, used to set directional bias
- Set a value between 50...100 to trade against retail investors. For instance, if you set the signal level to 60, then when retail is > 60% short on a symbol, this is interpreted as a LONG bias.
- Set a value between 0..50 to trade with retail investors. For instance, if you set the signal level to 40, then when retail is < 40% short on a symbol, this is interpreted as a SHORT bias
- Bias when Ranging - If the retail value for a symbol does not exceed the signal level, then this controls whether that is interpreted as "NO TRADE" or "EITHER LONG OR SHORT"
- Alerts - In some cases Coral Retail will disable itself when it has encountered an error reading data from the MyFxBook API that will require your assistance to fix. When this happens Coral Retail can send you a notification.
- Symbols - This is the list of symbols that will be analyzed from the client sentiment data. If your broker uses a prefix or suffix on symbol names, then you must supply that here (mainly for any integration with other Coral tools)
NOTE: Before running Coral Retail, you must enable the WebRequest in MT4 to access the MyFxBook server. In MT4 go to Tools | Options | Expert Advisors, and add the MyFxBook URL to the list of allowed WebRequest URLs. Coral Retail will give a reminder when being started for the first time, but it won't bother you again after that.
CURRENCY STRENGTH
The data downloaded by Coral Retail describes client sentiment values for each symbol. Retail will analyze this data and calculate a composite score for each currency, which you can also display on the chart. Click the "c" key on the keyboard to open the Currency Strength window. Currencies are sorted high to low according to their composite score. If your signal level is > 50 then the currencies that have the highest SELL values (in aggregate) will be higher in the list, meaning they are stronger BUY signals.
INTEGRATIONS
The data downloaded by Coral Retail can be used by other Coral tools automatically. These are the integrations that are currently supported:
- Coral MultiMAX
- The Retail data will be automatically displayed in the second "Bias" column, and can be used to force MultiMAX to only take trades that are with or against retail sentiment.
- You can rename this column (e.g., "Retail") to remind yourself that the data is automatically populated by Coral Retail
- You can have MultiMAX send you a notification when the retail bias changes away from the direction of a trade you are currently in; be aware when bias shifts against your current trades
- MultiMAX is available in the MQL5 Market here .
- Coral Reef
- The Retail data can be used to sort the list of symbols by retail strength, and set the symbol colors to indicate whether they are SHORT, neutral or LONG.
- Coral Reef is available in the MQL5 Market here .
NOTE : You must have a MyFxBook account to use Coral Retail . There are free accounts available. You supply your MyFxBook email and password, which is required by the MyFxBook API to download their client sentiment data. There are a limited number of API calls that MyFxBook permits per day, depending on your account type (100 per day for the free account). The number of API calls made in the previous 24 hour period is displayed so you can keep track. The data is updated on each new candle on the chart that Coral Retail is running on; you should run Coral Retail on an M30 chart or higher to reduce the number of API calls.
