MyFxBook Sentiment Tracker

One of the most helpful information a trader can look at is sentiment data. Not to follow the crowd, but to fade it. Retail sentiment is the best contrarian indicator for you trading. If 95% of people are always wrong and losing money in the markets, you don’t want to be bullish when the majority of people are bearish, and you don’t wanna be bearish when the majority of people are bullish. You want to be a contrarian.

It does NOT mean simply buy or sell according to sentiment numbers BUT confirm your existing bias using that data, or serve as e confidence booster for your entry. Or perhaps you can even see it as a “cherry on the cake” of your analysis, if you will, adding more confluence to a trade idea.

This tool is actually an indicator.  The reason it’s being published as EA/Utility it’s because only EAs have webrequest function. This tool is designed to grab real sentiment data from the MyFxBook community outlook and store that as historical data in a file inside MT5 “Data” folder, under MQL5/files. It depends of the chart you load it in. If you load this tool in a EURUSD chart, it’s gonna gather data for that symbol only.

Inside the EA/Utility there is the indicator code which is used as resource  and automatically launched when the EA is loaded. The indicator then reads the historical data and plots that in an indicator sub window so you can keep track of sentiment. You have to create your own historical data for the symbols you trade, as long as the EA is loaded, it’s gathering data.

Only setting of the EA is the update interval. Default is 1 minute, but you can set to anything you want. Every 1 min the EA pings the site to collect and record the historical data.

The indicator settings are for the line colors:

-Bullish Sentiment = (When the majority is bearish, this is the bullish sentiment color)

-Bearish Sentiment = (When the majority is bullish, this is the bearish sentiment color)

-Neutral Sentiment = (Neutral range color)

-Neutral Range = (The value you want to add confluence to your bias. For example, I pay more attention to sentiment when it’s above 70%, so I configure this setting with 69)

For example, using the config above for neutral range, when the bearish sentiment reaches 70% then the bullish sentiment line will change color from gray to green.

Don’t forget to:

– Allow Algo Trading in MT5 settings so the EA will turn on and work
– Allow Algo Trading when you load the EA and the EA window pops up, there is a little box to tick
– Add the MyFxBook community outlook webpage to your MT5 allowed pages list (under Tools/Options)

PS: MT4 Version Coming Soon!