ninZa.co has something for every trader including forex. Two of their tools I use daily are Bid/Ask Display and USD Index. Both are FREE tools from ninZa.co. Thank you ninZa.co!
Bid/Ask Display can be used in the NT8 Market Analyzer as well as on charts. The key to using it is to watch the spread and not enter when the spread is wider than normal, like when the day rolls over and when money flows from one-time zone to another.
Now for USD Index, it is a synthetic dollar index composed of the USD pairs on your forex feed. It compares favorably with the dollar index on Kinetic feed and with the ICE (intercontinental exchange). The key to using USD Index is you will need a licensed NT8 so you can connect to multiple feeds simultaneously. For example, my NT8 connects to Rithmic, Forex.com, and Kinetic simultaneously.
The value of USD Index is in its correlation and anticorrelation relationship with Forex USD pairs, Gold, Crude Oil, and Equity indexes. Do a google on dollar correlations and you will find some profitable clues to monitor. Make some forex charts with USD Index indicator applied. It can be put in a subgraph or overlaid it on the pair price data, but assign it to the left scale and forex data on the right scale. Then watch for congruent trends when the USD is the base (USDJPY) and anti-congruent trends when it isn't the base as in EURUSD. Watch for the turning points. The dollar index trend relationship isn't exactly 1 to 1, and it can be leading or lagging, so wait for the synchronicity.
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