How to use the Forex price glass?

How to use the Forex price glass?

How to use the Forex price glass?

Learning how to use the Forex price index correctly in trading is probably the dream of every trader.

To understand what a Forex price glass is and how to use it, you need to know what information it displays. In this article, we will look at how to enable it in the terminal, as well as the rules for trading on the glass.

Everyone knows that currency pairs are moved by small and large players. Forex market makers show increased volatility. Large players can see the supply and demand for each pair in real time using a special feature-the price glass. Ordinary traders only see the chart without a price glass.

What is the glass of prices on the Forex exchange?
The Forex price glass is a tool that allows a trader to scalp or PIP on the market.

The price glass shows all information about open positions for selling and buying currency pairs at the best market prices. In other words, the glass displays prices, volumes, open and pending orders.

The MT 4 terminal does not have a price Cup. But in the next version – MT5 it is available. Note that over time, MT4 will be used less, and the number of traders who prefer MT5 will only increase every year.

But even if You are an ardent supporter of MT4, and do not want to switch to MT5, there is a way out – install the plugin "OPE Click Trading Level 2". But before you install it, you need to find out From your Forex broker whether it provides access. Also, be sure to find out under what conditions you will be granted access. After all, they (conditions) each broker has its own.
What does the MT5 price glass look like?

The price glass in the MT5 terminal looks like this:

Forex price glass how to use

Figure 1. An example of the depth of market in the MT5 terminal.

Note that the MT5 terminal has not only currency pairs, but also other financial assets that allow you to use the data of the price glass. We are talking about exchange and non-exchange symbols. Stock symbols are displayed on the exchange (the glass shows prices and real volumes). Non-exchange tools like to use scalpers. A trader can place a pending or market order at any time.

And this is what the price glass looks like on the Forex terminal in MT5:

Forex glass trading

Figure 2. MT5 price Glass for the Forex market.

To see the list of orders, select "market Overview" from the menu, then "price glass".

What operations can be performed in the price glass?
In total, you can perform two types of operations:

Trade requests.
Market operations.
Trade requests
It is possible to place different types of orders, including pending orders for the purchase or sale of a particular asset at a favorable price for the trader.

Market operations
In this case, the trader can buy or sell any of the existing financial assets at the price that is displayed in real time.

Let's take a close look at the Forex price glass, what does it show? The glass displays the applications and commands that are used to trade. Red color indicates positions for sale, blue-for purchase. In addition, there are 3 columns: trade, price, and volume. The last, third column shows the Take Profit/Stop Loss levels, and the second column shows the current orders.

How do I open pending orders in glass trading?
In the right column (Trade), the trader can place one of the pending orders. The delay will be set at the price depending on which line the trader clicks on the blue or red arrow.

For example, if you select the Bid zone and click on the blue arrow, then a pending order of the Buy Limit type will be placed. If you click on the blue arrow in the Ask zone, then a Buy Stop order will open.

If the red arrow is pressed in the Ask area, the Sell Limit opens if you click the red arrow in the Bid-Sell Stop zone.

How to trade a glass correctly?
Without a normal glass of prices, scalping the market is almost impossible. Scalper trading on a glass consists in applying a glass of prices with a floating spread. Any scalper can determine the moment of volume build-up, as well as pulse damping.

Important: you need to close the deal at the moment when the price begins to gradually move into the plus and eat the first support level. You need to open a position at the moment when there are large orders in the glass. Experienced traders will always see this trend from the price glass.

Scalpers, using the price glass, can detect a trend line reversal in time. This will give them the opportunity to exit the deal on time. Trend reversal points are always accompanied by large volumes that are directed to reverse the price.

How to use the Forex price glass?
For example, a trader sees that the price is moving towards a certain level, and as soon as it approaches the price level,a large purchase order (1-1. 5 thousand lots) immediately appears in the glass. And this happens within the Forex spread. Such actions indicate a price rebound. This is the principle of trading on the Forex glass, so you always need to be on your guard.

In this article, we have reviewed what a Forex price glass is, and on which Metatraders (MT4, 5) it is available. We found out that some brokers allow you to install a special plugin that allows you to scalp. The main thing is to see the trend of price movement, pay attention to the volumes of major players, then trade will be profitable.

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