I have been trading with this strength meter for a while using various settings on different time frames. The original indicator displays the strength of each currency as wave lines and bar chart on a smaller and a larger time frame basis(see attachment below). It then suggests the pairs to trade- EURUSD (yellow arrow) because EUR is gaining strength(green) on both the smaller and larger time frames and because USD is losing strength(red) on both the smaller and larger time frames. As a result we should be buying EURUSD. Same goes for USDCAD(orange arrow).
With experience,i've come to know that just because the indicator suggests this or that pair does not mean that these currencies will continue moving in this way for a reasonable amount of time. So eliminate this flaw, i've attached levels to this indicator starting from the bottom to the top of each bar and vice versa for the red bars. This is how i trade this meter using these levels.......the middle level line(pink arrows) are my trigger lines. Reason being that they are half way between extremely strong and extremely weak currency. Since each currency pair traded involved 4 bars(2 on the smaller tf and 2 on the higher tf), I look for entries on pairs with at least 3 bars that have touched or exceeded the trigger levels when the 4th bar starts proceeding in the right direction.
In attachment 2, the indicator is suggesting i buy CADCHF but i'm not because ONLY 2 bars(CAD on Lower tf and CHF on Higher TF)have exceeded the trigger level. Instead i should be trading AUDCHF because i have at least 3bars exceeding the trigger(AUD on both the smaller and larger tfs' and CHF on the larger tf). I want the indicator to suggest AUDCHF immediately CHF (the 4th bar)starts falling on the smaller tf.
I have gained a lot using ff as a forex resource and for this i am grateful to all those who have shared their knowledge, indicators e.t.c to help newbies like me. Am not a coder of indicators and for this i am appealing to all those who can make this indicator suggest pairs that have 3bars touching/exceeding this trigger when the 4th bar proceeds in the expected direction to help me. Its kinda strenuous pairing these currencies in real time to identify those that match these conditions. God bless you immensely as you attempt to assist a mate..........
With experience,i've come to know that just because the indicator suggests this or that pair does not mean that these currencies will continue moving in this way for a reasonable amount of time. So eliminate this flaw, i've attached levels to this indicator starting from the bottom to the top of each bar and vice versa for the red bars. This is how i trade this meter using these levels.......the middle level line(pink arrows) are my trigger lines. Reason being that they are half way between extremely strong and extremely weak currency. Since each currency pair traded involved 4 bars(2 on the smaller tf and 2 on the higher tf), I look for entries on pairs with at least 3 bars that have touched or exceeded the trigger levels when the 4th bar starts proceeding in the right direction.
In attachment 2, the indicator is suggesting i buy CADCHF but i'm not because ONLY 2 bars(CAD on Lower tf and CHF on Higher TF)have exceeded the trigger level. Instead i should be trading AUDCHF because i have at least 3bars exceeding the trigger(AUD on both the smaller and larger tfs' and CHF on the larger tf). I want the indicator to suggest AUDCHF immediately CHF (the 4th bar)starts falling on the smaller tf.
I have gained a lot using ff as a forex resource and for this i am grateful to all those who have shared their knowledge, indicators e.t.c to help newbies like me. Am not a coder of indicators and for this i am appealing to all those who can make this indicator suggest pairs that have 3bars touching/exceeding this trigger when the 4th bar proceeds in the expected direction to help me. Its kinda strenuous pairing these currencies in real time to identify those that match these conditions. God bless you immensely as you attempt to assist a mate..........
Attached File(s)
StrengthMeter.ex4
23 KB
|
245 downloads
StrengthMeter.mq4
15 KB
|
262 downloads