This thread's topic is a warning about the BankersFX Core Volume indicator. The indicator (a paid service) was promoted by two FF users in the following threads:
https://www.forexfactory.com/showthread.php?t=644501
https://www.forexfactory.com/showthread.php?t=757420
To be clear, I can't and won't say anything regarding the two above mentioned FF users and whether or not they are involved in the fraud to be discovered. My focus is only the indicator itself.
Why another thread? I think the fact deserves major attention, mainly to inform others and protect potentially new victims. In the above threads the information is just not visible, and I was afraid GangstersFX can continue with it's fraud.
I found the time to decrypt their so-called data feed connection. It turned out there is no feed. The indicator calculates its values only from broker data, it DOES NOT receive ANY transaction data coming from so-called institutional trading floors. The indicator is therefore considered a fraud.
BonkersFX took some lazy efforts to hide the scam. The bells started ringing when I wrote my own wrapper indicator to display the actual volume values. For a strange reason the original indicator hid them (no data display). As it turned out for good reason. So called Core Volume differed between brokers.
To analyse the indicator more I wrote a little project. After the discovery I got requests and now I decided to make the project public. It's open-source, there are no restrictions from my side. Here it is:
https://github.com/rosasurfer/bfx-core-volume
What can you do with it? After all it turns out the indicator doesn't provide a true value. However I got many request, so now everyone can check the scam by himself. There are multiple ways to test it:
- One can clone the project and set it up locally (average developer skills required, I assume you know how to proceed).
- One can also download a ZIP archive with the project's complete content from the green download button top-right (no development skills reqired). Such a downloaded archive can be analyzed and later installed exactly like a cloned one (except that no development history is contained in the archive).
- One can simply use the public demo server and skip development hurdles alltogether. Instructions regarding the demo server are at the end of the Github documentation.
As in the project the server connection is not encrypted anyone interested can take a network sniffer and look at the flowing data for himself. There is not a single volume byte requested or delivered but the indicator obviously works without issues. That's because the promoted feed is a lie (I'm not going to simulate a non-existing feed).
All the documentation is contained in the project, there is no need to repeat it here except for one detail: Officially the indicator license is restricted to a single MetaTrader account. But it turned out that it has the option to be activated for every account by a special magic license code if used with the test case.
That code is...drum...drum...drum...
BANKERSSCAM (11 capital letters)
Where can one get the indicator? Again multiple ways:
- There is a website where you can buy it for lame 99.- euros. What do you think?
- You are an involved client (hopefully only harmed by the monthly fee). Before going bonkers send me a PM and explain that you don't own the indicator anymore and ask for a backup. I will not ask for proof. The opposite is true, I would be very happy if somebody were to be in the position and willing to initiate an official case or investigation. In that case the indicator is a piece of evidence with no copy right left and it is my duty to provide it on request. @Angela1985? @JayRai?
- You can download the regular ZIP archive. The project needs the indicator to work. Easy, ehhh?
- You can (still) download the indicator directly from GangstersFX. The download is publicly available. URL per PM to not cause more headaches to Twee.
Finally, don't get confused. It seems there is no volume involved at all in the internals of this piece of shit.
I will prepare screenshots to have two terminals running with my Volume Delta indicator (the middle one in below picture) when the market opens again. This way it becomes obvious when different data is displayed tick by tick without looking at the network at all. I also got requests for this wrapper indicator as it seemed people to be more usable then the original indicator (is that even possible?). Finally I can reproduce the internal formula to some degree and can provide a better "volume" indicator. This is also the moment where the new indicator becomes usable as it shows information otherwise not so clearly visible.
For now it's weekend and I'll go to enjoy the rest of it.
Good luck on the grid - and try to survive :-)
PS: Why is this thread in the "Commercial" section? - Because its topic is a paid service.
ALMA as used in post #13
MACD from post #24 as used in #13