If your PeriodsForRegr entry is relative (e.g. +0), then changing the chart timeframe will obviously cause the calculations to be performed over different candles. But changing the instrument/pair should not make too much difference.
Of course my PSA settings are probably different to yours. If you post a screenshot of your settings, I'll give them a try.
The RescaleUsingATR entry should be one of:
a) If you want PSA to perform the calculation using regression lines:
[ATR period size],[timeframe]
b) If you want PSA to perform the calculation using percentages:
Either way, there should be only two entries (anything after that will be ignored)
For more info, please see the PDF attached to post #1, and this post also.
I attached PSA with the settings in your screenshot, and the only changes in the values that I noticed, when clicking the buttons, were small enough to be explained by price movements.
Superficially, I would have expected all the PSA calculations to be the same, regardless of which symbol is my current chart, but like him, I too saw small changes to the profiles.
But when I disconnected my internet cable to stop incoming price changes, then indeed, the calculations stay exactly the same as I switch between all the symbol pairs.
I'm merely curious about this indicator. I've not read much of the thread and not done any due diligence, but if jusiur or anyone would care to describe how this is used to help find better trades, I'd welcome your insights.
Fyi, I tried the timeseries version posted by Metatsock, but it now says "demo period expired". Too bad, since I think I would prefer to see PSA as it developed over time, so I could observe which currencies are high-and-rising and try to distinguish from those that are high-and-falling, for example. I'm going to guess that a good pair would be a match of "been-very-high-and-now-falling" with a "been-very-low-and-now-rising". Maybe that would visually jump out ??
Thanks for the feedback.
I've removed all reference to metatsock's indicator, as it appears that it no longer works (and perhaps he had commercial intentions that I was unaware of). I see that he's a commercial member now.
Regarding price-derived strength meters, I shared some thoughts here fwiw. The way I understand one use of strength meters is as follows: you pair the strongest currency/ies against the weakest (with PSA, it's those pairs at the top of the list). These have been the strongest trending pairs, supposedly for fundamental/sentiment-based reasons. If the selected pairs continue to move in the direction of the trend, you get the opportunity to exit at a profit. However if, by the time the pair reaches the top of the list, the move is almost over, you must manage the trade so as to best minimize the damage.
I'll let others describe other ways in which they use strength meters profitably.
Thank you Hanover for sharing Pair Strength Analyzer, this indicator is very useful and it made me to want more of what it gives on other asset classes like stocks, commodities, indices.
I have been looking for an Mt4 indicator that works exactly like Pair Strength Analyzer (sort pairs/assets, find weak and strong pair on a specific time frame) by Hanover, but that would work on all asset classes like Forex, Commodities, Indices, Stocks and I couldnít find any.
The reason I want it on all asset classes is because I want to find the most moving asset at a specific time frame.
If I may ask you to do it for me how much would it cost? If you canít able to do it, do you have someone you can recommend?
Thank you in advance
I'm not sure which of these folk will code for money, but imo they are all very competent. You would need to contact them, and discuss terms and conditions.
[EDIT] I've made a small fix to the PSA indicator to allow it to calculate and display the values for symbols with lowercase characters (however, if the symbol has more than 6 characters, only the first 6 characters are displayed). Obviously these must be symbols offered by your broker, and you must enter the symbol name exactly as it appears in MT4's Market Watch. Below is a screenshot showing the parameter settings I used, and the end result. It shows that NATGAS.fs has fallen 17.07% in the last 50 days, FT100.fs has risen 0.51%, and so on.
If this doesn't meet your requirement, you'll need to have your own indicator developed by another programmer (see above).
This is fantastic. Thank you so much for sharing it and for all your hard work in creating it.
Thanks a lot with your response and your kindness
This is what I am looking for, when I put the settings as you shown above, I do get the readings Green (Bullish) and Red (Bearish) readings, on other assets (UK100) I get green reading but when I go to the chart the market is bearish, I donít know if the problem is with my broker that doesnít have a lower case character or not (is the lowercase character a small letters?), I use IC Market.
Thank you once again.
If you set RescaleUsingATR to %,10000 (see posts #253 and #341 for an explanation), you can easily verify the calculation. For example, and using the same parameter settings as in my previous post, see the screenshot below. (Note: PeriodsForRegr needs to be set to the same TF as the chart — D1 in this case). Hence the problem is probably that your parameter settings (specifically LengthsForRegr, PeriodsForRegr, RescaleUsingATR) don't represent the horizon with which you're viewing your chart.
I have downloaded the updated Pair Strength indicator and is working just fine,
%, 10000 Percentage option helps to compare 'apples to apples' as you said above, and this is great thank you for adding this option.
My observation between the two settings of Rescale Using ATR Calculations (100,+0 regression line & %,10000 Percentage) is that:
%, 10000 Percentage: can compare 'apples to apples' as you said above, this gives a trader an opportunity to monitor the selected asset of his choice to trade, this calculation can be done on all assets classes, this is great thank you for adding this option.
100,+0 regression line: can compare ‘ apples to banana/anything’, this gives a trader an opportunity to select the most moving assets to trade, this is superb, thank you for this option.
I think using regression lines to determine the weak and the strong currency pair/most moving asset is an excellent idea.
I might be wrong with this but I think regression lines are more accurate than percentage calculation, check the picture below look at picture number 2 Pair Strength Analyzer & 3 Finviz percentage calculations , according to percentage calculation GBP/JPY is the most moving pair, and according to regression lines (look at picture number 1) EUR/GBP is the most moving pair, when you go to the charts EUR/GBP is the most moving pair compared to GBP/JPY.
I would like to know is it possible to only use regression line(Candle Stick Slope) without including forex calculation to compare forex and other most moving asset classes and sort them by its big moves/slope?
Moreover, there is no right or wrong way to calculate strength: different settings give significantly different results; all price-derived strength meters are lagging, and markets move randomly for much of the time, limiting their predictive capability. More info here.
The indicator works well enough for me the way that it is, and I don't plan on adding any more complication to it.
This will be my last post for a while; I've been spending too much time on these forums.
Thanks a lot with your response and your kindness.
Hello hanover How are you.
I want to contact you regarding one Inquiry. Can you please post your email. Thank you.
I searched the threads I got one email of yours but I dont know if its still operational.
Also, you might want to read this before you take the time and effort to compose an email.
If you're looking for coding help, please see my reply to forextwo in post# 346.
I've tested your indicator for 2 months now and it's the basis indi for my trading system as I choose which pairs to trade today.
However, I have a request: I found out that it's not worth trading those pairs who "score" less than a certain amount of "points" on the PSA indicator.
Would it be possibe for you to add a threshold alert that would work once a day once a certain pair has exceeded a threshold points?
E.g. in this example, once GBPUSD has gone above 1500, can I have an email alert?
Can anyone kindly suggest me regression settings that help adjust with my scalping method i.e. riding the momentum for just 5 to 10 pips. I have tried different period sets but i find top of the list pairs having just entered consolidation after a decent rally. Thanks
No such clear setting exists.
You will have to go through a series of checks and trials...until you land on something that attempts to achieve that.
I personally use it to find areas to fade the market...looks promising.
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