i have been looking at the heat map on this site but not sure how it works and what it is showing me could any one explain this for me ?
Mar 28 2018 at 11:53
I have the same problem. Just looks like a mess to me
Heat maps are great because they can show you which pares are trending in a direction more strongly then others.
Few ways you can use the heat map.
1) Is there a pair that DARK Green or Red on the larger time frame? that means its trended strongly lately for a longer period of time. If the lower time frame is changing colors in the other direction, you can use that to look for pullbacks or even large reversals.
2) larger timeframe starting to lightly change colors in a direction making a possible new trend? Is the lower timeframe starting to match the new larger trend? Signal to pull that chart up and look for trend continuation trades.
Hope that helps.
Few ways you can use the heat map.
1) Is there a pair that DARK Green or Red on the larger time frame? that means its trended strongly lately for a longer period of time. If the lower time frame is changing colors in the other direction, you can use that to look for pullbacks or even large reversals.
2) larger timeframe starting to lightly change colors in a direction making a possible new trend? Is the lower timeframe starting to match the new larger trend? Signal to pull that chart up and look for trend continuation trades.
Hope that helps.
Also be careful with the pip value on heat map.. not all pairs have the same pip value. Having a pair calculated by % percent maybe a better option.
i know the group 'forexearlywarning' discusses the use of heat maps. maybe you can find some good info there
Another very useful feature of this site as a novice trader is the value per pip calculator and the margin calculator : https://www.myfxbook.com/forex-calculators/pip-calculator
Accept the loss as experience
Jul 13 2018 at 07:35
Does anyone use a heat map in their trading strategy ? If so , how?
You can use a heat map to identify the trending pairs. So go for the FX pair that has one currency that is going up strongly and one that is going down strongly
Sep 27 2019 at 06:55
Heat map is not a trading system nor an indicator. It doesn’t tell you when to buy or sell. It simply provides accurate information about what market participants are doing. Bookmap’s heat maps may allow you to eliminate this problem. This can lead to a more profitable trading business.
You’ll have only the idea on market; but this tool doesn’t represent any buy/sell signal!
As mentioned above, do not use it as a tool to help you.trade.
jaredtaylor posted:Good explanation. Thanks!
Heat map is not a trading system nor an indicator. It doesn’t tell you when to buy or sell. It simply provides accurate information about what market participants are doing. Bookmap’s heat maps may allow you to eliminate this problem. This can lead to a more profitable trading business.
Oct 07 2021 at 15:29
The heat map is a kind of currency strength indicator.
Oct 07 2021 at 20:33
I also agree. It gives just simple information about the market.
Oct 10 2021 at 01:31
Heatmaps collect data from websites. The dark-to-light scale indicates which areas of the page are more clicked or which content is more attention grabbing.
I really hope that such questions are asked by newbies, and not by experienced market participants.
Oct 16 2021 at 07:29
Heatmap works by using colors to highlight different factors. They are generally used with candlestick charts, which show the daily or weekly price movements. It is a simple and effective visual aid for traders to see how price moves and where an asset's high and low points are.
Oct 16 2021 at 17:23
Heatmap works by collecting the data from a web page. It uses a dark-to-light color scale to display which content of the web page is clicked more or which area gets more attention. For example, the area where viewer clicks the most gets a dark color and light color where the viewer gives no attention.
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