beta test this currency strength indicator system

updated version with new name: MCTSI
- strength lines highlighted
- arrows on indicator windows
- arrows on chart
- alerting enabled

thanks




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hi there fellow trader.
I have just completed a indicator that Im inviting you to test.
it is looking good , although there might be a few bugs.
only working on eur usd , dont try it on anything else.
blue is eur , red is usd.

blue crosses above red = buy
blue crosses below red = sell

any time frame

thanks so much.
note , its pretty heavy on the processor , so a reasonable fast pc is needed.

hi buju,have any trade examples?
thanks.

from my view, well done ... based on what is your strength calculation?

ok its late , this is still kinda beta , but now on any currency.

its based on moving averages across all the pairs.

please test and post here

thanks so much

on direct cross it is reacting interesting ... did you think about multipair EA for forward test?

Looks good, but I don't see CAD listed in the currencies.

thanks for the feedback
yes , the EA is coming , Im hoping for some ideas from this thread on when to open and close
I will post a free EA here
I did not put in CAD and CHF , but it can be done , because I want to keep it simple , as it is , you can trade 6x5 =30 pairs
also: the meter on the right side cannot be sorted ascending / decending as mt4 does not seem to handle minus values very well
- anyone help me out here ArraySort(DataArray,WHOLE_ARRAY,0,MODE_ASCEND);

the basic formula is this:
measure the moving average (5,13) of a currency against all of the other currencies.
if it is up it gets a +1 , down -1

example
value ( +7 to -7) of USD is measured against : eurusd gbpusd usdchf usdjpy audusd usdcad nzdusd

if the value is say +5 , then the USD is stronger in 6 of the above currency pairs and weaker in 1. (+6-1)
or
-3 = stronger in 2 but weaker in 5 currencies. (+2-5)

the rate of change or rate of change strength is adjusted by the moving average numbers , IE 5,13
so make it 3,5 and it is very sensitive , 14,29 and it is a lot less sensitive to change.
imho 5,13 is a sweet spot , but Im hoping for some feedback from the community on all of this , and how it relates to the timeframes as well. btw the timeframe is taken from the chart that the indicator is placed on.

the other method that I have considered is just +1 if the measured currency is stronger , 0 if it is weaker , so you would end up with a strength meter of 0-7.

I have considered many other methods , one is to measure the actual price difference of the 2 moving averages , put that into a array and spit out the results - hmm or a combination of both or add in the RSI and or CCI, it goes on.

but of now I think this is something that can work and is tradeable.

so please post feedback and ideas
thanks

the method as you did now (posted here in forum) is great, you dont need to change it ...

EA can working on H1 timeframe
TP/SL can be based on ADR (ATR on daily + multiplicators)
trade based on currency cross (only one trade per cross) in cross direction (if "EUR x> USD = buy", or "EUR x< USD = sell")
and selectable you can add option for "null cross" .. it means when EUR==USD and than EUR>USD open buy or oposite for sell

updated version with new name: MCTSI
- strength lines highlighted
- arrows on indicator windows
- arrows on chart
- alerting enabled

thanks

hi buju, great job. could i ask you please if it possible to add CAD and CHF currencies. so i can compare with and other indicator, because i think it must be set (5,13) according to different timeframe.
TIA

Hi there
the basic formula is this:
measure the moving average (5,13) of a currency against all of the other currencies moving average (5,13)

the rate of change or rate of change strength is adjusted by the moving average numbers , IE 5,13
so make it 3,5 and it is very sensitive , 14,29 and it is a lot less sensitive to change.

so depending on your trading style , IE lower or higher time frames , you adjust the moving average (x,x) to suite.

Dear @buju,
First of all thank you for this very helpful indicator.
I think it will be very successful if an ea is developed on this indicator and strategy.

With a similar strategy, "robinho ea" (from @sevan62) has been made but unfortunately can not produce very successful results.
Because it's catches trends "too late" and often can not make a profit!
(http://www.forexfactory.com/showthread.php?t=583311)

Briefly,
I would like to test it if you are publish an ea from this strategy.
I wish you success in your work...

this indi has been updated to include cad and chf
also I have put in a huge work effort to make it more efficient and stable.

I am of the opinion that to 'try' to see ahead by only seeing a price vs time graph is impossible , the market changes direction at any time.
that said , we can see if a currency is strong or weaker by looking at what it is doing against other currencies , as they all have some influence on each other.
this can show us some future direction.
example if eur is strong and usd is weak there is a stronger possibility that we can buy the eur/usd.

If you would like to take a look , the basic and advanced indi's can be found here:

https://www.mql5.com/en/users/buju/seller

Im still hoping to make a EA from this indicator , so if you have any solid ideas please post them here or just PM me.