Forex Cross Rates
Forex Cross Rates Widget allows you to display real-time quotes of the selected currencies in comparison to the other major currencies at a glance. Select relevant currencies and generate your rates table in just a few clicks.
Forex Heat Map
Forex Heat Map Widget gives a quick overview of action in the currency markets. It lets you spot strong and weak currencies in real-time & how strong they are in relation to one another. This trading tool can help choose trading strategies, find opportunities and trade with confidence.
What is the Forex Cross Rate widget?
- The Forex Cross Rate Widget displays real-time quotes of select, major currencies that are traded around the world. It allows the viewer to see the prevailing market quote of one currency against a range of other, selected currencies.
How to read the Forex Cross Rate widget?
- The viewer can read the Forex Cross Rate widget either horizontally or vertically. To read it horizontally, select any one currency in the first column and read it horizontally across that row only. Meanwhile, to read it vertically, select any one currency in the first row and read it vertically across that column only. Please note that it does not matter whether you read the table horizontally or vertically, as the result will be the same.
What should I keep in mind when reading the Forex Cross Rate widget?
- The widget assumes that the viewer is aware of the order in which the currency pairs are quoted, in terms of which is the base currency and the quoted currency. As an example, if you are looking at the cell that shows the rate for EUR and USD, it does not matter whether you look horizontally or vertically. The rate is always expressed as EUR/USD and not as USD/EUR.
What is the Forex Heat Map?
- The Forex Heat Map Widget gives a quick overview of the action taking place in the Forex market. Its layout is similar to that of the Forex Cross Rate widget. However, there are a couple of differences. The first is that instead of rates, percent change is displayed. The second is that it allows the viewer to spot strong and weak currencies.
How does the Forex Heat Map allow the viewer to spot strong and weak currencies?
- It does so by highlighting each cell using one of three different colors: green, red, and grey. Green and red are further highlighted using the light and dark mode. The color and the mode tell a lot about how one currency is performing against the other. For instance, if a cell is highlighted using Dark Green color, it means that the pair is not only trading on a positive note but is outperforming.
What are the factors that drive the forex prices?
- Various factors influence forex rates such as inflation, interest rates, economic data such as GDP, unemployment, growth, monetary policy, etc. To learn about this in detail, read this.
What does each color and mode tell the viewer?
- Dark green tells that the pair is trading on a strong note, while light green tells that the pair is trading positive but is not so strong. Similarly, dark red tells that the pair is trading on a weak note, while light red tells that the pair is trading negative but not so much. Finally, a grey cell tells that the pair is more or less unchanged.
Why is Forex Heat Map important?
- Forex Heat Map is quite important because it tells the performance of one currency against a range of other, selected currencies. This allows the viewer to gauge whether the strength or weakness of one currency is broad-based or is restricted against only one or two other currencies. Knowing this can be quite helpful when trading currencies.
What else should a viewer keep in mind when tracking currencies?
- Make a habit of keeping a close watch on the economic calendar of major nations, especially those that belong to the G20. This is because the short-term trend of a currency pair is strongly influenced by the trajectory of the economic data between those two nations. To monitor economic data, we suggest you regularly visit our economic calendar widget.
What are the major currencies to keep a track of?
- The major currencies are the most widely traded against the US Dollar. Among them, the most popular ones are Euro (EUR), the Japanese Yen (JPY), the Pound Sterling (GBP), Swiss Franc (CHF) followed by the Australian Dollar (AUD), Canadian Dollar (CAD) and New Zealand Dollar (NZD). You can learn more about these currency pairs here. Ideally, keeping a track of the largest 4 currency pairs is feasible apart from INR.
How is it useful for Indian Traders to Track Forex rates?
- In India, you can trade the major global currency pairs on NSE. You can read more about it here. To develop an understanding of trading international forex pairs, read this. You can also use it to gauge the strength/weakness of the foreign currencies against the Indian Rupee (INR) by analyzing the cross-rates. This widget can provide useful insights on how to position your trades in USDINR, GBPINR, EURINR, JPYINR. You can learn about the basics of Indian Forex Pairs here.
What is the benefit of subscribing to TradingView through FYERS?
- FYERS is tied up with TradingView. If you subscribe to TradingView through us, you can get the FYERS API Bridge for Free. It will help you implement your Algo trading strategies easily. For more information, read this post.