Developed by a team of German programmers, Forex Bench Mark is a very detailed trading website that is dedicated to the unbiased comparison of forex brokers, forex expert advisors (EAs) – also known as forex robots and tools to assist with technical, fundamental and sentiment analysis.
Forex Bench Mark puts great emphasis on transparency which is something that is very important in the forex industry. The articles, reviews and comparisons that they conduct and publish freely on their website can help analyse broker conditions (spreads, slippage, commission, etc) and EA performances.
Amongst the key features of the Forex Bench Mark services are:
- Intuitive comparison tools for analysing different broker conditions
- Thorough expert advisor (EA) real live tests
- Detailed expert advisor (EA) reviews
- Advanced Quant Analytics
- Educational articles
- Trading tools/widgets
What I personally believe stands Forex Bench Mark apart from most other trading software related websites is the amount of advanced analysis they produce. Whilst most will simply publish statistics, they have taken it that step further by offering advanced quant tools to assist with trading research.
This tool uses twitter posts to establish the overall market sentiment. It analyses tweets and categorises them into buying or selling signals. A value of +1 means that 100% of analysed tweets are bullish whilst a value of -1 means that 100% of tweets analysed or bearish. E.g. A value of +0.7 would mean that according to the Forex Bench Mark twitter sentiment tool, 70% of tweets suggest a buying sentiment. The main FX currency pairs such as the GBPUSD & EURUSD are included.
This section of the Forex Bench Mark website contains very useful sentiment analysis tools.
This displays the total volume of traders for the FX currencies on display. Whereas most tools will display the volume of the currency pair, this shows the currency as a whole across all pairs.
This displays the extreme positioning of FX currency pairs, sorted from high to low. This can be useful to look for extreme conditions for contrarian trading strategies. It can also be combined with the twitter sentiment tool.
The sentiment table displays detailed information about the sentiment across multiple FX currencies. It will display how many traders are long and how many are short in terms of volume and percentage. It will also show the distance of all open positions from the average price.
This displays the price deviation from the moving average, calculated in terms of standard deviations (on a daily chart). E.g. a value of 1 means that the currency is on average 1 standard deviation above the moving average on all pairs that contain the currency.
Fair Value Model
Forex Bench Mark use a linear regression model to display FX Fair Value, updated on a daily basis. The data of the previous month is excluded from the training set and thus a result of the model prediction is based on the following input data: 10Y and 2Y bond yields, inflation, purchasing power parity, gold, copper, iron ore, oil, milk, lumber, S&P 500, and EURO STOXX 50.
Forex Bench Mark have a section dedicated to analysing bonds. It covers currency pair yield spreads over the short and long term with intuitive tools that can be used to help identify the current economic condition across multiple currencies.
The Forex Bench Mark website has some educational articles covering topics from choosing a trading broker to how to back test using an expert advisor correctly.
Forex Bench Mark have a section of their website dedicated to expert advisors (EAs). Within this section, they rank the EAs based on performance and also include a detailed review. They also have their own live accounts running EAs and include a guide on how they conduct the back tests shown within the EA reviews.
Forex Bench Mark have a great range of tools that can be used to analyse brokers data and help see which is providing the conditions that are most suitable to your trading strategy.
This broker spread tool shows the different spreads during different times from a selection of trading brokers. You can filter by currency pair, broker, min/max values and date. Historical spread data is also available. This tool could prove very useful if you have a scalping trading strategy that requires as tight a spread as possible.
This tool displays the historic swap rates from a selection of trading brokers. You can select brokers and pairs to display via the settings button.
This table shows potential combinations of earning positive swap rates by being long and short the same symbol on two different brokers. Swap rates are shown in USD per lot. Swap rates are not guaranteed and can change at any time without notice.
Broker Spread Similarity
The broker spread similarity matric tool displays the similarity and difference of spread data between brokers over the past 5 business days, with a value of 1.0 meaning the spread data was identical and a value of 0 meaning there was a large difference.
This section displays some of the important factors to consider when choosing a trading broker, displayed in a sortable table with filters.
Overall, Forex Bench Mark is a very informative and useful forex trading website with a vast selection of advanced trading tools that can assist with market and broker analysis. This is also complimented by a range of expert advisor reviews/tests and educational materials.
Click the link to visit Forex Bench Mark.