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Recent Strength indicator

  • #741
  • Edited 12:44pm Sep 6, 2017 4:30am | Edited 12:44pm
Quoting kalpavata
thanks for this great indi i'd like to find my TRADE ENTRY using CSM.
Many thanks for your kind words, but all the indicator does is perform some arbitrary calculations based on past data and display the results as a histogram. In terms of being able to detect underlying bias or predict future price behavior, it is no better or worse than any other indicator. It is not able to assess fundamental drivers and determine whether existing strength or weakness is likely to continue or not. More info on the merits of strength indicators here.

Quote
would you help me through (1) i would cross check both TF 4H & TF 15M (2) then wait for a pair to align as strongest & weakest. the pair must be identical in both TF 4H & 15M as the strongest & weakest. (3) when the strongest moves above 80 (average) and the weakest moves below 20 (average) in both TF 4H & 15M, then i make the TRADE ENTRY. am i doing this the right way ?
I'm sorry, but I don't think I can help you. I can't possibly know whether a given TA-based strategy, that I have never used before, is long-term profitable or not. IMHO there is no 'right' or 'wrong' way. You would need to perform your own testing, ideally over several hundred trades and many months' worth of changing markets, and prove profitability and robustness to your own satisfaction, especially as it's your own money that you'll eventually be putting at risk. To trade confidently, you need to trust your own conclusions, not mine.

If you want to pair strength/weakness across two TFs, then IMHO you need to find your own answers to questions like why H4/M15 and not D1/H1, for example. You would also need to decide how your strategy will handle a variety of elements like high impact news, weekend gaps, any special rules for different sessions/times of day, your exit rules, how you will manage risk, etc etc. For more info on system development, you could read a post (for example) like this one as a starting point.

I'm slowly developing my own approach to trading. As opposed to a 'system', it involves the use of several different concepts, and is extremely complex (I disagree with the 'keep it simple' principle). I'm not looking to experiment with new TA-based ideas, or collaborate with anybody who is predominantly TA-focused, at this point.
  • #742
  • Edited 5:56pm Sep 6, 2017 5:46pm | Edited 5:56pm
Hello,
Your work on currency strength is pretty interesting and you might be able to help (or at least curate) an idea I have but need an indicator for. Its reliant on trading supply/demand zones around a strict set of rules (in line with economic projections, sentiment measurements, and technically measuring strength of supply/demand zones to only pick certain ones) but I'm looking for a histogram that allows me to find and draw divergences in the currency strength across all pairs instead of divergences in MACD on one single pair.

This way I can look at the currency strength to determine if momentum is weakening or strengthening across the whole currency before I take a trade based on a supply and demand zone in line with my potential expectations economically/sentimentally.

Basically I'm looking for a histogram that looks like this:
Attached Image (click to enlarge)
Click to Enlarge Name: MACDHistogram.png Size: 18 KB


Where I can trade divergences in currency strength across all pairs approaching an area where price is already likely to find thick orders and shows thinning momentum, potentially a divergence at creation of the zone, or on return to the same zone which showed a prior divergence. The indicator would subtract USD strength from EUR strength and plot the difference around a zero line for each candle, but only for the pair EUR/USD if I was currently looking at it. Combine this with higher time frames and economic/sentiment projections that say price should probably rise/fall in the future, and you get the idea. Do you know of one?
  • #743
  • Sep 6, 2017 8:32pm Sep 6, 2017 8:32pm
Quoting JYtrader
Do you know of one?
Sorry, no I don't. You're combining a few specialist ideas (strength/weakness, supply/demand areas, volume, divergence, economics/sentiment, etc) here. To plot your histogram, you'd need to define your strength calculation in precise mechanical terms, for an indicator to be developed. You could try posting on one of the "I code for free" threads, and hopefully a programmer will see the potential in this idea, and code it for you.
  • #744
  • Sep 9, 2017 4:53am Sep 9, 2017 4:53am
Hi hanover,

Thx for all yor work.
It possible to add the result of the strenght indicator on data buffer? So we can try some strategy tests?

Thx for your time
  • #745
  • Edited 2:19pm Sep 9, 2017 2:05pm | Edited 2:19pm
Quoting ivanantonio
It possible to add the result of the strenght indicator on data buffer?
Assuming you're referring to the Recent Strength indicator in post #1, the values are already plotted from the 8 data buffers that are available in MQL4 build 509. You can see these displayed in the Data Window in the screenshot:
Attached Image (click to enlarge)
Click to Enlarge Name: PPI 510.png Size: 60 KB

Quote
So we can try some strategy tests?
I don't know how the Strategy Tester operates in the latest MT4 builds. I haven't used it for many years. Recent Strength is an indicator, not an EA, and I thought that Strategy Tester works only with EAs, but perhaps it operates differently now?

If you want to export values from Recent Strength to your own EA, then there is info in the links starting with this post. (However, the code fragments might need to be updated to make them compatible with the latest MetaEditor/compiler. They were all written prior to build 600).

If you can't get anything to work with Recent Strength, then I suggest that you try using a different currency strength indicator. There are plenty of choices from the links in the green typeface in post #1, as a starting point.
  • #746
  • Sep 9, 2017 2:17pm Sep 9, 2017 2:17pm
Quoting hanover
{quote} Assuming you're referring to the Recent Strength indicator in post #1, the values are already plotted from the 8 data buffers that are available in MQL4 build 509. You can see these displayed in the Data Window in the screenshot:{image} I don't know how the Strategy Tester operates in the latest MT4 builds. I haven't used it for many years. Recent Strength is an indicator, not an EA, and I thought that Strategy Tester works only with EAs, but perhaps it operates differently now? If you want to export values from Recent Strength to your own...
Hanover,

would it be possible to modify the indicator so that the basepoint value is zero? Weakening currencies would have a negative and strengthening ones a positive value then. That makes more sense in my opinion.

Thanks.
  • #747
  • Edited 3:48pm Sep 9, 2017 2:44pm | Edited 3:48pm
Quoting PipsTorrent
would it be possible to modify the indicator so that the basepoint value is zero? Weakening currencies would have a negative and strengthening ones a positive value then.
IMHO the values are meaningless, it is the slope of one currency's plot (rising/falling) relative to the slopes of the other plots that illustrates strength/weakness. Whereas the values are completely arbitrary, and can be changed by simply altering the parameters. To illustrate this, I took all 3 of these screenshots of the H1 plot just now.

Screenshot #1 shows the plots diverging from the left (set BasePoint = -1). Note how the current USD value (white line) is well below the midpoint:
Attached Image (click to enlarge)
Click to Enlarge Name: PPI 511.png Size: 11 KB

Screenshot #2 shows the plots converging at the right (set BasePoint = 0). The shapes of the plots are the same as in the previous screenshot, but the current USD value is now above the midpoint:
Attached Image (click to enlarge)
Click to Enlarge Name: PPI 512.png Size: 10 KB

Screenshot #3 shows the strengths relative to the USD, which has been flattened (set BaseCurrency = USD):
Attached Image (click to enlarge)
Click to Enlarge Name: PPI 513.png Size: 10 KB

All three screenshots show that the AUD (green) and NZD (blue) are weak (lines are falling), and the CHF (yellow) and GBP (red) are strong (lines are rising).

If you want the remap the values from [0,100] to [-50,50], you can always simply subtract 50 from them.
  • #748
  • Sep 10, 2017 7:04am Sep 10, 2017 7:04am
Quoting hanover
{quote} Assuming you're referring to the Recent Strength indicator in post #1, the values are already plotted from the 8 data buffers that are available in MQL4 build 509. You can see these displayed in the Data Window in the screenshot:{image} {quote}I don't know how the Strategy Tester operates in the latest MT4 builds. I haven't used it for many years. Recent Strength is an indicator, not an EA, and I thought that Strategy Tester works only with EAs, but perhaps it operates differently now? If you want to export values from Recent Strength to...
Thx for the help.
  • #749
  • Nov 12, 2017 11:45am Nov 12, 2017 11:45am
puoi costruire un EA con questo indicatore?
Attached Image (click to enlarge)
Click to Enlarge Name: InkedSILVERH1_LI.jpg Size: 927 KB
  • #750
  • Nov 12, 2017 12:37pm Nov 12, 2017 12:37pm
Quoting gianniko
puoi costruire un EA con questo indicatore?
Sorry, but I'm no longer coding EAs for other traders. For possible alternatives, see the 'MT4 Programming' section here.

Also, if you want a programmer to code your EA, you'd need to supply the indicator (preferably the MQ4 file), and also precise rules on how you want to pair the currencies, and for your entries, exits, MM, etc.
  • #751
  • Nov 27, 2017 6:09am Nov 27, 2017 6:09am
Hi Hanover,

thank you for your work, great indi.
I have a question:

Is it possible to plot one currency average in combination with one pair? For example plot the average of the usd and the pair eur/usd?

Greetings
Chris
  • #752
  • Edited 1:10pm Dec 1, 2017 12:53pm | Edited 1:10pm
Quoting dljonesFan
Is it possible to plot one currency average in combination with one pair? For example plot the average of the usd and the pair eur/usd?
Chris,

Assuming that you're referring to the Recent Strength indicator, then sorry, this is not possible, as it plots the 8 major currencies only (AUD, CAD, CHF, EUR, GBP, JPY, NZD, USD), not pairs/instruments.

If you're willing to look outside MT4 for a (free) solution, you could use a webpage like this (see screenshot below).

David
Attached Image (click to enlarge)
Click to Enlarge Name: PPI 749.png Size: 65 KB
  • #753
  • Dec 3, 2017 8:05am Dec 3, 2017 8:05am
Thank you Hanover for your answer. Yes I know that possibilty, I was hoping that there is a mt4 solution. Do you think I can implement it in your recent strength indi easily? Do yo think it would be possible to program? I have some exp with python 3.5.

Greetings
C
  • #754
  • Dec 3, 2017 11:07am Dec 3, 2017 11:07am
Quoting dljonesFan
Do you think I can implement it in your recent strength indi easily? Do yo think it would be possible to program?
The RS indicator was written using Metaeditor/compiler build 509 and would compile with a zillion errors if the MQ4 source was compiled on the latest MT4 builds. It also has a lot of capabilities/features that complicate the coding significantly, that you probably wouldn't use. Since you would need to rewrite RS anyway (unless you do this), I expect the simplest solution would be to write (or possibly modify) another indicator.
  • #755
  • Dec 11, 2017 11:46pm Dec 11, 2017 11:46pm
Hello hanover
could you pleas help me to get alert from the indicator with push alert if you can
thanks for great job
  • #756
  • Dec 12, 2017 1:00am Dec 12, 2017 1:00am
Quoting hsoltan59
pleas help me to get alert from the indicator with push alert
See this post although this refers to a very old indicator and I don't know if it will work on the latest MT4 builds.

Probably your best option would be to find a different strength meter that already has push alerts. There are dozens of strength indicators around, some are listed in the green typeface text in post #1.

I'm no longer doing any coding or troubleshooting requests; for other alternatives, please see the 'MT4 Programming' section here.
  • #757
  • Dec 12, 2017 12:55pm Dec 12, 2017 12:55pm
hello,

can you link the main indicator downloading link for the last version or the most reliable version please there is a lot of links in the thread i don't know which is the right one.
thanks
  • #758
  • Dec 12, 2017 1:47pm Dec 12, 2017 1:47pm
Quoting basharb
can you link the main indicator downloading link for the last version or the most reliable version please
I've attached the latest version of RS that I currently have:
Attached File(s)
File Type: ex4 Recent Strength.ex4   51 KB | 916 downloads
[NOTE: you can try running this app, if RS takes too long to load data for all of the 28 major pairs x 9 timeframes.]

If you want the latest version of CSM, see post #735.

Both run OK for me on MT4 build 1090, see screenshot:
Attached Image (click to enlarge)
Click to Enlarge Name: PPI 692.png Size: 55 KB

However, there are links to many other strength meter indicators in the green typeface text in post #1, if you can't get these to work on your computer.
  • #759
  • Dec 12, 2017 10:38pm Dec 12, 2017 10:38pm
thank you for your fast reply and for your help.
  • #760
  • Dec 21, 2017 11:18am Dec 21, 2017 11:18am
Quoting hanover
{quote} I think it probably depends on how one wants to use the indicator. I merely use it as a rough guide to determining which currencies are strong or weak. Screenshot #1 is the current D1 plot with BasePoint = -1, which causes the lines to diverge from the leftmost point. Screenshot #2 is the same plot with BasePoint = 0, which causes the lines to converge toward the rightmost point. You'll note that all of the curve shapes are virtually identical, but merely displaced up or down the chart. My personal preference is #2, the reasons being as...
it is possible to cancel the list of currencies on the cluster,
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