CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66.30 % of retail investors lose their capital when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
In our MetaTrader 4 trading platform you will find currency indices for all major currency pairs. These can be used to gain better insight into your price action analysis when trading Forex both by swing or intraday approach.
Currency indices are designed to inform us about the value of a particular currency by tracking and measuring changes in exchange rates against several currencies simultaneously. Download our comprehensive ebook about currency indices, where you can find tips how to utilize them in order to estimate market strength and direction.
These non-tradable indices serve as an indicator of the strength of a particular currency in the global market, i.e. not just in terms of a currency pair. With a currency index, you can, for example, better determine the overall impact of fundamentals on the currency you are trading and then use this information to trade it. Usually, when analyzing a particular currency pair, you have to open charts with other cross currencies and analyse them as well. Thanks to currency indices, this is no longer needed.
Standard Dollar Index
Established in 1973, the dollar index is used to determine the weight and relevance of the dollar against the world's leading currencies (EUR, JPY, GBP, CAD, SEK, CHF), which are also included in this index. At Purple Trading we also offer a tradable version of it in the form of futures (you can find it in the platform as DX.f). The version called DXY is non-tradable.
Tag in the platform: DXY
US Dollar Synthetic Index
Derived from the standard DXY index, but calculated based on our unique formula. The USDX index in this form can only be found in our MT4 platform. Its use will further help you with price action dollar trading.
Tag in the platform: USDX
Euro index
The second most traded currency in the world certainly deserves its own index. That's why we have a euro index in our platform that you can use for more accurate price action analysis on currency pairs with the euro.
Tag in the platform: EURX
These indices are calculated based on our own unique formula and can only be found in Purple Trading's MT4 trading platform.
Euro Index (EURX)
New Zealand Dollar Index (NZDX)
Learn how to use the dollar index and synthetic currency indices to more accurately estimate price direction and determine trends in Forex.
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CFDs with underlying asset a virtual currency pair are complex, extremely risky, and usually highly speculative and entail a high risk of losing all the invested capital and therefore are not appropriate for all investors. The values of virtual currencies values are subject to extreme price volatility and therefore may result in significant loss over a short period of time. Clients should not engage in trading in CFDs with underlying asset a virtual currency pair unless they have the necessary knowledge in this specific product; or if they can bear the loss of the entire invested amount. For more details please see the Risk Warnings and Disclosures.