Here is an MT4 indicator that I developed that some of you might enjoy.
The indicator measures the strengh of 7 major currencies:
EUR, USD, JPY, GBP, AUD, CHF and CAD
This thread explains the concept of measuring the strenght of a currency.
http://www.forexfactory.com/showthread.php?t=159210
//UPDATE Jan 15th 2012 - New version if the indicator with 8 major currencies: NZD has been added.
//UPDATE Jan 3rd 2015 - New version of the multi timeframe indicator with 8 major currencies. Also displays info about spread and swap
**This indicator contains NO external dll's and no 3rd application setups, just the mq4**
The indicator works as follows.. Example EURUSD:
the indicator takes EUR and measures it against USD,JPY,GBP,AUD,CHF and CAD using RSI (default setup)
If RSI > 50 on EURJPY then the EUR gets 1 point, if RSI > 50 on EURGBP then EUR gets 1 point more.
Same measurement is done with the USD.
After all measurements you can end up with as an example EUR 6 points and USD -6 points. That means that the EUR is very strong.
The values are displayed as oscillator. The blue line is the value of the base currency EUR red line is USD
The indicator is named SOP (Strength of Pairs) single timeframe
I have developed the same indicator displaying strength on multiple timeframes. Will post soon..
best regards
Hans
The indicator measures the strengh of 7 major currencies:
EUR, USD, JPY, GBP, AUD, CHF and CAD
This thread explains the concept of measuring the strenght of a currency.
http://www.forexfactory.com/showthread.php?t=159210
//UPDATE Jan 15th 2012 - New version if the indicator with 8 major currencies: NZD has been added.
//UPDATE Jan 3rd 2015 - New version of the multi timeframe indicator with 8 major currencies. Also displays info about spread and swap
**This indicator contains NO external dll's and no 3rd application setups, just the mq4**
The indicator works as follows.. Example EURUSD:
the indicator takes EUR and measures it against USD,JPY,GBP,AUD,CHF and CAD using RSI (default setup)
If RSI > 50 on EURJPY then the EUR gets 1 point, if RSI > 50 on EURGBP then EUR gets 1 point more.
Same measurement is done with the USD.
After all measurements you can end up with as an example EUR 6 points and USD -6 points. That means that the EUR is very strong.
The values are displayed as oscillator. The blue line is the value of the base currency EUR red line is USD
The indicator is named SOP (Strength of Pairs) single timeframe
I have developed the same indicator displaying strength on multiple timeframes. Will post soon..
best regards
Hans
Attached File(s)
SOP_SingleTimeframe.mq4
18 KB
|
1,486 downloads
|
Uploaded Jan 15, 2012 3:22pm
SOP_MultiTimeframe.mq4
22 KB
|
712 downloads
|
Uploaded Jan 3, 2015 5:51am