The FX Currency Map is a thinkorswim gadget that allows you to quickly and easily check the dynamics of currency pairs. Like all other gadgets, the FX Currency Map can be displayed as a section of the left sidebar or a separate window (see the Left Sidebar article for details).
The first thing you need to do when using the FX Currency map is specify the quote currency (also known as counter currency) in the currency toggle located in the gadget header. This is the currency against which the map will be built. Basically speaking, the map illustrates the comparison of available currencies with the one you specified in the toggle. On top of the map, there is a display of base currencies. Those are major currencies from around the world, each assigned a proper map section, spanning from the U.S. dollar on the left to the New Zealand dollar on the right.
Each of the base currencies is compared with the quote currency and the result of the comparison is displayed as a histogram. Note that this histogram is plotted based on the base-to-quote currency ratio which is not necessarily equal to the FX pair ratio. Red columns directed downwards signify that at this very moment it takes less quote currency to buy the base currency than it did this morning. Green columns directed upwards mean exactly the opposite.
Hovering the mouse over currency sections will bring up a pop-up window where you can see the following:
- The full symbol of the currency pair. Note that it is not necessarily the same as the base-to-quote currency ratio: for example, if you specify USD as the quote currency, the CAD section of the map will display the value of CAD/USD value, while in the pop-up, you will see the standard USD/CAD pair. This transposition allows you to compare a currency to all of its quote currencies on an apples-to-apples basis, regardless of which side of the currency product it is placed in.
- The current last sale price and the net change of the currency pair as calculated from midnight CT.
- A major city name from the base currency area (location of the major exchange of that area), current time in that area, and current market open/closed status. The market is open from Sunday afternoon to Friday afternoon.
Below the currency map, there is an FX Pair watch list. Like all other watch lists, this one can be customized; for more information on that, refer to the Watch Lists article.
*Forex trading involves leverage, carries a high level of risk and is not suitable for all investors. Please read the Forex Risk Disclosure prior to trading forex products.