Forex portal FXstreet has launched a new service called My FX Studies. This is a new array of tools for traders, currently in beta. The tools include a heat map, moving averages, a currency strength chart and more.
The design is simple, intuitive, bright, easy to use and to configure. Here is a review of these tools.
One of the things that immediately catches the eye in FXStreet’s Forex Studies is the heat map, which appears in the image on the right. In one glimpse, you can see which currency pairs and especially which crosses are making the biggest moves.
Forex Studies – Click to enlarge for full size
If a pair made a big move, it is in an interesting position and could be further examined for a potential trade, either for a bounce or for a breakout.
The complementary tool that appears here on the upper left is the multipair performance, which allows you to easily see what major pairs did in a specific timeframe. The time frame can be modified easily.
Another tool for the big picture which I found interesting is the currency strength chart, which also compares currencies. Hovering above the graph gives the precise numbers.
FXStreet Forex Studies – Click for the full size
A classic tool for technicals is available, showing what various indicators are showing: RSI, MACD and other technical tools are the “studies” part in this FX Studies tool.
Fundamental tools aren’t missing from this new service. FXStreet’s live calendar (available also on Forex Crunch) is used for showing recent and upcoming events in different views.
But let’s go back to the technicals. One of the most powerful things I found was the volatility watch widget. It shows how currency pairs swing and the trend of volatility in a given, time frame, that can be customized.
For example, the recent drop in EUR/USD volatility could be seen in this tool, and it showed the “calm before the storm”, a storm that came strong.
These are some of the default features, which I’ve played around with. They can be moved around the screen. There are more customization options and big bunch of widgets, as you can see below:
Forex Studies Widgets = Click for full size
No less than 37 widgets are available at the time of writing. Their visual representation and short description are available in the menu.
As this is a beta service, there still are some bugs. For example, I could not place a widget on the bottom right side of the screen, and had to squeeze it one place above the bottom spot and then replace the widgets.
Another small thing is that the one of the columns in the “comparative rates” widget was missing the data. I’m sure there are more small bugs, and that’s what the beta is for. You can report a bug or provide feedback.
Conclusion
All in all, this is a very impressive set of tools and a great initiative that will likely gain traction once it becomes fully operational. I’m sure it is already used by many.
As aforementioned, the design is very clear and intuitive, making it easy to see what’s available and use it on a regular basis. This service can quickly become a place where traders play and study for hours.
In order to get the best experience, you can log in and save the customization of the widgets and their internal configuration (when applicable).
What do you think?