Best Currency Strength Meter and why? | Page 7 | Forex Factory

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Best Currency Strength Meter and why?

  • #121
  • Sep 5, 2017 2:54am Sep 5, 2017 2:54am
Quoting Paul24Ariix
I'm struggling to get my 'currency meter pro' loaded onto my metatrader platform. I have the files and followed instructions to transfer to my Metatrade account, but it just won't come up. Any help would be greatly appreciated
You didn't attach the indicator, hence my best attempt to troubleshoot was to first Google 'currency meter pro mt4' to try to find the indicator. I was able to download and compile an indicator of this name successfully using both the Metaeditor build 509 and build 1090 compilers. The indicator runs on my Pepperstone MT4 build 1090 without any problems. However, I just noticed that the MQ4 is decompiled source, hence for ethical reasons I've deleted the indicator from my computer, and I'm reluctant to proceed further.

However, if you have a legitimate version of an indicator of that name, and you're willing to post it, then please feel welcome to do so, and I will attempt to troubleshoot further for you.
  • #122
  • Sep 5, 2017 6:28am Sep 5, 2017 6:28am
@hanover, thank you for this great contribution.
Be fearful when others are greedy
  • #123
  • Oct 3, 2017 1:42am Oct 3, 2017 1:42am
Hi all
Could you give me a link to explain how to trade with a CSM ?
  • #124
  • Oct 19, 2017 12:24am Oct 19, 2017 12:24am
Quoting Erebus
{quote} Yes, just the difference of the values, and note is for the pair on the chart at the time Should be able to find here at FF with a few searches {image}
Thanks Erebus & the others! I'm a newbie & sorry in advance if I say something wrong because I'm not good at English
Quiet a lot of Info...& I see your Chart so clear & look great with these indicators on, especially the Strength meter & the D1 Breakout...
Could you let know where to get these indicator? Or can you share them?, please!

One more quiz! I don't know the logical of ADR used on your chart...what does it mean? if possible!
Many thanks


Cheers
happy trading
Attached Image
...want it most but use it worst!
  • #125
  • Nov 3, 2017 4:39pm Nov 3, 2017 4:39pm
hello everyboby ;; errm please anyone knows CSM from currencynewstrading.com?
I am having a hard time trying to make it work... any help please? it just stopped working since monday 30st october
  • #126
  • Nov 21, 2017 9:32am Nov 21, 2017 9:32am
The currencynewstrading.com meter gives an internet error and none of the currency strenght meters attached work correctly are there any decent free strenght meters around?
  • #127
  • Nov 21, 2017 11:20am Nov 21, 2017 11:20am
Quoting xen11
The currencynewstrading.com meter gives an internet error and none of the currency strenght meters attached work correctly are there any decent free strenght meters around?
In the green typeface here you'll find links to many CSMs.
  • #128
  • Dec 9, 2017 7:40pm Dec 9, 2017 7:40pm
Quoting Erebus
{quote} Good to read that Hanover, can never have too many CSM if you ask me {image} {file}
Does anyone have this indicator with "Suffix"?

Thanks
  • #129
  • Dec 13, 2017 11:48am Dec 13, 2017 11:48am
Quoting Erebus
{quote} Yes, just the difference of the values, and note is for the pair on the chart at the time Should be able to find here at FF with a few searches {image}
pls share with me day break indicator......
thank you

longtrader...
Attached Image
  • #130
  • Dec 13, 2017 1:28pm Dec 13, 2017 1:28pm
Quoting longtrader
{quote} pls share with me day break indicator...... thank you longtrader... {image}
ADVANCED ALIEN CIVILIZATION COPYRIGHTED CODE is not to be shared.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #131
  • Jan 19, 2018 8:09am Jan 19, 2018 8:09am
Erebus your tool is awesome but i am not understanding it completely. i am technical trader, trading with support and resistance candlestick patterns and stochastic, how can i use this tool in my current strategy
  • #132
  • Jan 19, 2018 10:14am Jan 19, 2018 10:14am
Greetings all,
I am very much enjoying this thread. I (and many others here) realize there is no "Holy Grail" for trading, and leading/lagging, technical/fundamental indicators have their limits. I am a big fan of the saying, "If all you have is a hammer, everything is a nail." I like having more than one tool in my box. I can see the potential of having the knowledge of knowing when institutions will be buying/selling, as this may be an indicator we as retail traders can use. I look forward to testing this idea. Many thanks to all who contributed.
Good Fortune,
Bushido123
  • #133
  • Jan 24, 2018 7:43am Jan 24, 2018 7:43am
please this is not working can u make it work
Attached File(s)
File Type: ex4 Currency Strength Giraia 28 pairs TRO MODIFIED.ex4   40 KB | 3,675 downloads
File Type: mq4 Currency Strength Giraia 28 pairs TRO MODIFIED.mq4   22 KB | 4,737 downloads
  • #134
  • Feb 9, 2018 7:42pm Feb 9, 2018 7:42pm
Wonderful !!! Thanks. People are charging hundreds for presenting Currency Strength. It works.
  • #135
  • Feb 10, 2018 3:06am Feb 10, 2018 3:06am
U can try also this:

https://www.forexfactory.com/attachm...5&d=1517520991
  • #136
  • Feb 10, 2018 8:12am Feb 10, 2018 8:12am
There's not a lot of discussion regarding the "why" when it comes to price driven indicators posted ITT, and of all the currency meters posted with source, they're all using the same formula despite different presentations. Here's my issue with them...

The formula being used for currency strength (in these indicators) is as follows:
Inserted Code
bid_ratio = (Bid-Low) / (High - Low)
Therefore:

  1. Only a single bar is taken into consideration
  2. For this single bar, there's no consideration to context, only where the bid is in relation to the ends of the candle. You could have a small candle showing high strength with price at the end of it, while a very large candle will show weaker strength if it has a wick.

I invite your friendly debate on "why" this formula has become the gold standard in currency meters around the web.

  • #137
  • Feb 10, 2018 11:35am Feb 10, 2018 11:35am
Quoting Nicholishen
There's not a lot of discussion regarding the "why" when it comes to price driven indicators posted ITT, and of all the currency meters posted with source, they're all using the same formula despite different presentations
.......
I invite your friendly debate on "why" this formula has become the gold standard in currency meters around the web.
It's possibly partly my fault. If I recall correctly, the bid_ratio approach originated from a request back in 2009 to specifically adapt this spreadsheet into an MT4 indicator. I'm only guessing, but I suspect that one reason it's maintained its popularity is because if you use the D1 timeframe as the basis for the high/low, it can measure the bank/institutional push during the London session.

My favourite strength indicator is the PSA because of its capability to consolidate multiple periods and timeframes into a single value, reducing horizon-based bias and thus giving a more comprehensive result. It also gives values for both individual instruments and currencies. That's why I designed it that way.

For the occasions where I prefer a squiggly line as representing a more 'continuous' type of view, I wrote the Recent Strength indicator. The CSM indicator began as an MTF version of the bid_ratio formula, which I then developed further, as an alternative and confirmational calculation to Recent Strength.

Because they are derived from historical price, all strength meters are lagging indicators, and like all other indicators, have limited predictive capability. Pairing a strong against a weak currency tells the trader what has recently been the strongest trending pair, but the trader must then decide whether this sentiment will continue, or whether the pair is now overbought or oversold and hence a reversal is more likely to be imminent. I wrote about this in more detail and posts #111 and #120. In my experience, the best use for strength measure is in the longer timeframes, where they can be used as a proxy for macroeconomics. For example, if the British economy is currently strong and the US economy is currently weak, then if price-based sentiment agrees, a strength indicator will highlight that, without the trader having to go to the trouble of performing any fundamental analysis. However, it seems that other traders have found uses for strength meters on shorter timeframes, which has helped cause the recent proliferation of a number of dashboard type indicators.
  • #138
  • Feb 10, 2018 12:58pm Feb 10, 2018 12:58pm
Quoting hanover
{quote}It's possibly partly my fault. If I recall correctly, the bid_ratio approach originated from a request back in 2009 to specifically adapt this spreadsheet into an MT4 indicator. I'm only guessing, but I suspect that one reason it's maintained its popularity is because if you use the D1 timeframe as the basis for the high/low, it can measure the bank/institutional push during the London session. My...
Thanks for introducing me to the PSA indicator, very interesting results. I've been playing around with the timeframes and looking at the results and was wondering how I can get results focusing on trading the M5/M15 charts? In a nut shell I want to identify what will potentially be a ranging or trending pairs to trade. I usually hold trades for 4-6 hours on the M5/M15 chart. Any ideas?



In response to the main post, I would certainly recommend csDash: https://www.forexfactory.com/showthread.php?t=537107
Fantastic GUI, great flexibility and lots of features. Served me well the last few years.
  • #139
  • Feb 10, 2018 1:09pm Feb 10, 2018 1:09pm
Currency meter is good for focusing on the strong currency to trade.
But there is a caveat.
Sometimes, the strong currency with positive direction does go into the negative direction (i.e. Bull/Bear trap).
I wonder how you guys trade with it (time frame used, how strong the currency, etc).
  • #140
  • Feb 10, 2018 1:37pm Feb 10, 2018 1:37pm
Quoting johnsmith2nd
I've been playing around with the timeframes and looking at the results and was wondering how I can get results focusing on trading the M5/M15 charts? In a nut shell I want to identify what will potentially be a ranging or trending pairs to trade.
As I pointed out here, I tend to use PSA merely as a rough guide to confirm fundamental analysis on longer time frames. I don't know if there are any optimal settings, as such, that would capture particular moves that might occur repeatedly on shorter time frames. (Also, to whatever extent each pair has its own idiosyncratic tendencies, this would necessitate using different settings for each pair, which is not possible with PSA.)

If you specifically want a measure strength on M5/M15, then all I can suggest is there you try setting PeriodsForRegr to M5 and experiment with LengthsForRegr to capture the lookback period(s) that you are seeking to analyze. You could try drawing regression lines manually (using MT4's regression line tool) as a visual aid, as illustrated here. Then in PSA's displayed list, the pairs with the highest positive value are trending most steeply upwards, the pairs with the highest negative value are trending most steeply downwards, and the pairs with the values closest to zero are ranging sideways -- all across the lookback lengths that you've specified. Help with PSA's settings can be found in both the instruction PDF that can be downloaded from post #1, and also from the links in that post.

For the reasons that I gave here, I don't believe that one strength indicator necessarily gives more accurate or more profitable results than any other. If you are familiar and comfortable with csDash and it is delivering good results for you then I would stick with it.
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