Live Currency Rates

Forex Widget: Live Currency Rates

The live currency rates widget is a forex tool used in displaying the price information for various currency pairs in the market. Price information displayed by this widget include the high price, low price, current price, last quoted price (closing price of last candle in the market), and the percentage price change between the last quoted price and current price. Information for more than 28 currency pairs is displayed, with the option of the trader making a selection of the currency pairs for which price information will be displayed.

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Features of the Live Currency Rates Widget

The widget has features that enable the trader to customize its appearance in order to make it more visually appealing. This includes the ability to mark bullish price movements with a green colour and the column for bearish price movement (i.e. where the current price is lower than the last quoted price) coloured pink.

This is followed by a section where various currency pairs that cut across the most commonly traded pairs in the forex market are listed, each with a checkbox that appears beside it. Clicking on this checkbox will determine which of the currency pairs will have live rates displayed for it.

The next section shows the checkboxes for the bid price, ask price, last quoted price, high price, low price and the percentage price change.

Finally, the live currency rates tab is displayed, which assimilates all the information and presents it in a tabular form for traders to make use of. This is what the final display looks like:

currency rates

Uses of the Live Currency Rate Widget

We can see from a glance that the widget displays the high, low, open and current prices of the currency pairs in the market.

Perhaps the best application of the live currency rates widget is to get a good idea of what the price of a currency price currently is in the forex market. Traders who live in areas where fast internet connection is a luxury will find this very helpful. Such traders usually encounter problems with their trading platforms in the form of delayed price feeds, endless re-quotes (because orders are placed based on prices that are no longer valid as a result of fast market movement), “freezing” platforms and other issues that are associated with delays and lags including slippage. By looking at the live currency rates widget which shows the price of a currency pair in real time, such traders can make a comparison between what is obtainable on their platforms and what the live currency rates widget says. That way, the trader will know when the pricing on the platforms is at variance with what is in the market. Order placements can then be properly timed to synchronize with the actual pricing seen on the live currency rate widget.

For traders who do not like to watch charts, the live currency rates widget can tell a trader what his current market position is doing. There have been occasions when I was away from my laptop and because I was connected to a live currency rates widget, I could tell when my positions were close to profit targets. With such information, a trader who is not at his trading desk could get back on it and use profit protection strategies such as trailing stops to secure profits.

Conclusion

This tool is a great tool that can be applied in the ways we have listed above. However, there is a limitation to this tool. It would have been great for the tool to incorporate the high, low, close and open prices for the currency pairs for the previous day, so as to enable traders use these values with the Fibonacci calculator, which we have discussed in an earlier article. If this were to be in place, it will enhance the user status of this tool.

Despite this drawback, the live currency rates widget can still be used to perform rudimentary analysis in the market as well as to utilize it in the ways that we have discussed above.

Adam

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Adam is an experienced financial trader who writes about Forex trading, binary options, technical analysis and more.

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