The pending orders rate on a currency pair shows the rate of Buy Limit, Buy Stop, Sell Limit, and Sell Stop orders on the market. It reflects if the traders are ready to enter into positions on a currency pair in case it moves up or down. The advantage of this indicator is that it shows not the open positions but the positions that are about to be opened.
The rate of pending orders on a currency pair reflects the market interest in this pair not at the moment, but in case a trend starts.
The high rate of pending orders means that the market expects bearish or bullish trend to form. The relatively low rate of the pending orders on a currency pair most likely means that the trend has already started.
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