Market Detective provides provides unique real-time percentage change price monitoring (spike monitoring) and automated trading options for MetaTrader MT4 if used with the optional Auto-Trading Plug-in EA.
There are loads of static fixed price alert services around these days but they are all based on absolute prices. In other words, the trader must define a specific price target before they receive an alert. Such an approach does not take into account market volatility which means lots of trading opportunities are missed. If a trader is able to monitor the delta or change on prices in real time and also be able to set meaningful trigger levels based on this data... then suddenly you have a dynamic alert rather than a static fixed price alert. A dynamic alert based on percentage change data gives traders immensely more opportunity to detect and action short/medium and long term volatility spikes in the market.
Analysis is the key component within the Market Detective service. Traders can analyse the percentage change data for their chosen asset on a specific timeframe and then set a trigger threshold. The images below shows the percentage change data for the EURUSD and also the accompanying price action. The charts below show the market Market Detective Analysis based on the 60 minute/hourly timeframe. The percentage change data clearly shows some large spikes which correspond to trends on the price history chart.
The important aspect regarding price spikes is to understand the drivers behind them. Large spikes are generally created by economic news release data which can move the market considerably. With this in mind, the trader needs to take into consideration the economic calendar for the assets they are intending to monitor/trade. If the trader uses the MT4 Plug In to automate their trades we would advise using the 'Follow' trade behaviour for alerts generated around key economic release times. The rest of the time we would advise traders use the 'Fade' trading function - the idea behind this is most short term price spikes don't carry much momentum so price tends to revert to the mean shortly after a short term spike or diversion from the mean level.
After logging in the trader is presented with the main control interface where they can view existing alerts, add new alerts and also set up the email address which alerts should be sent to.
The screenshot above shows the interface options for adding a new alerts. In the example above, as soon as the trader selects the asset and timeframe the system accesses the alert server and generates percentage change data and historical price data. The trader then has the option to control the alert start dtaa and time and of coarse the alert end date and time. There is also a notes field which the trader can use to add custom notes for each individual alert.
The alert threshold controls the level where an alert is generated. If the percentage change data exceeds the threshold level the system triggers the alert. The threshold levels are set using the Trigger Threshold (%) spinner control. You can see the trigger level in the percentage change data represented as a horizonal line.
Traders wanting automated order execution based on Market Detective signals can use the optional MT4 Plug-in. This is a custom developed EA which communicates with the Market Detective Java interface and automatically executes trade signal created created in Market Detective. The trade parameters are set in the interface and are specific to each signal. The trader can control trading action (Fade/Follow), lot size, stop loss, take profit and trailing stop. The AutoTrade plug-in only needs to be installed on one MT4 chart and can trade all the major fx pairs in the Market Detective Interface.
|Asset Class||Instruments Included||Pricing|
|Forex Majors||EURUSD, GBPUSD, USDCHF, AUDUSD, NZDUSD, USDJPY, USDCAD||£14.99 GBP/month|
|MT4 Auto-Trade Plug-In||Enables auto-trading for all instruments subscribed to in Market Detective||£24.99 GBP/month|