This indicator includes two lines which reflect the average pending orders of Sell Limit type and Sell Stop types. Both these types show that Forex traders are ready to enter short positions on a currency pair.
The average price value of Sell Limit orders shows an approximate resistance level of the currency pair if the rally happens during the trades, so, when approaching the middle entry point of Sell Limit orders, the rate may rise. The average price value of Sell Stop orders indicates an approximate breakout level of the currency pair if the rate tumbles during the trades. This means that the average level at which Sell Stop orders are set is the one at which bears are ready to join the downtrend.
Values of average entry points of Sell Limit and Sell Stop orders never reach the current price level, as while the price is moving to one or another side, a number of pending Sell orders triggers, which moves the average entry point of Sell Limit and Sell Stop orders further. Due to this, the indicator can only be used to analyze how close the average value of Sell Limit or Sell 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.
