A free SSI indicator for MT4 and MT5
Found this website while I was geeking out a few months ago.
If you don't want to fork out the $50 a month for the FXSSI package, FXBLUE have a great and totally free alternative. Naturally, it doesn't aggregate multiple brokers like FXSSI, but it is still very useful, and it works on both MetaTrader 4 and 5 (which is nice)
Let us navigate here:
You will need to register. So once you've done that, I believe you get a confirmation email which you need to respond to, navigate to:
https://www.fxblue.com/appstore/
Then click "More Apps"
Then click "Technical Indicators"
Now click "FX Blue Sentiment Indicator for MT4"
Click the download button and you'll be prompted to verify your User Name / Password
Click "login"
Click "Continue" -
Do note, the steps are exactly the same for Metatrader 5.
Follow these steps to "unzip" the file
You can either download them to the default folder, or to your desktop. Keeping them in the default "Download" folder makes sense.
Then you just double click the "FX Blue Sentiment Indicator for MT4 Setup" file (within your Download folder)
You will be prompted with a Windows Security page, but this occurs simply because Windows doesn't know what it is. It is safe. Microsoft just need to allow it on their 3rd party application Whitelist.
Click "more info"
Click "Run Anyway"
It will then prompt you with a question which MT4 terminal do you want to install to?
I'm a trading geek so I have two terminals on my laptop lol.
I selected the IG one, but it doesn't matter.
Click "install"
Ok now open the MT4 terminal
Navigate to the Navigator,
Right Click "FX Blue - Trader Sentiment"
"Attach to Chart"
Two very important steps here:
1. Check "Allow DLL Imports" (so there the box is checked)
2. Fill in your FXBLUE Username and Password
Click "ok" and we're done...
There, we see EURJPY has a 71/29 % ratio... :-)
Cool eh. So your next task is understanding how the lines work. These are really powerful. I suggest you take some time to study it.
Total Long %
Long / Loss %
Short/ Loss %
Long/ Win %
Short/ Win %
You will see how the retail hive mind operates... So like I said, WELL worth sitting down for a while and studying them.
They hold onto losses and take their profits WAY too early. You can physically see it happen before your very eyes.
Lastly, "Save Template" to avoid putting in your FXBLUE account details in every time :-)
That's it. Enjoy.