Saxo Bank launches FX open orders on trading community site

The Forex Open Orders module provides a snapshot of Saxo Bank clients' aggregated FX open orders on 10 major currency pairs, allowing users access to the historical order book across and within currency pairs. The module makes it possible to search for concentrations of orders that might result in support, resistance or break-out points.

Hugh Taggart, Head of Content at Saxo Bank, says:

"We are excited to add the FX Open Orders module to our suite of traders' tools, which now includes FX Open Positions, FX Correlations and a real-time updating Financial Calendar. The data available in the Open Orders module significantly enhances forex market transparency by sharing as much information as possible to enable informed trading decisions."

Saxo Bank began publishing OTC options data in May last year and has since had as a core ambition to promote openness and transparency in the forex market. The Open Orders module is another tool to help achieve this. It is also the fourth interactive application released on TradingFloor.com in just over half a year.

Module features include:

Aggregate Open Orders which shows the relative size of orders by USD value held by clients in a selection of currency pairs, and the relative proportion of buy versus sell orders by currency pair.
Instrument Open Orders which show clients' buy and sell orders at any instance in time in a single currency pair, selected from the Aggregated Open Orders chart.
Normalised Net Orders for a single currency pair, which shows the relative positioning of clients within a certain time horizon.
The module is interactive, like its peer the FX Open Positions module, and users can set the start and end date to the time range they are interested in seeing data for, and drag a vertical bar to see how the open orders have changed over time. The chart data is updated hourly by default but members of TradingFloor.com can see 15-minute resolution data.