This indicator includes two lines which reflect the average pending orders of Buy Limit type and Buy Stop types. Both these types show that Forex traders are ready to enter long positions on a given currency pair.
The average price value of Buy Limit orders shows an approximate support level of the currency pair if its rate tumbles during the trades, so when approaching the average entry point of Buy Limit orders, a drop in prices might decelerate. The average price value of Buy Stop orders indicates an approximate breakout level of the currency pair, if the rally happens during the trades. This means that the average level at which Buy Stop orders are set is the one at which bulls are ready to join the uptrend.
Neither values of Buy Limit average entry points, nor values of Buy Stop average entry points reach the current price level, as while the price is moving to one or another side, a number of pending Buy orders trigger which moves the average entry point of Buy Limit and Buy Stop orders further. Due to this, the indicator can only be used to analyze how close the average value of Buy Limit or Buy Stop is to the current price at the moment.
In InstaForex MetaTrader terminal this type of statistics is displayed in the form of XXYYYYYYY symbol, where XX has the following meanings:
To display the symbol, right-click the Market Watch window in MetaTrader, the trading platform MetaTrader 4 by InstaForex, and choose “Show all” in the drop-down menu.
