{quote} well done friendscan you share this both indicator name download?
{image}
Sure thing,
It is one indicator.
{quote} hi mtharwat please explain more about the benefits of this method...
Sure,
This post was in MQL5 by Stuart Browne. https://www.mql5.com/en/forum/38156
"I prefer to use "raw" currency strength rather than abstract values that some currency strength indicators use. And it's simple. You simply add up all moves in each currency pair. This is normally done on the 8 major currencies (28 pairs).
So to get say AUD's current strength you would look at each pair AUD is in and see how much it has moved (in percentage terms) from open to current price. Remember that a positive or negative move will depend on if the AUD is the base or quote of a pair. So the (exaggerated) calculation would look something like this:
AUDCAD = 2.2%
AUDCHF = 1.8%
AUDJPY = 2.5%
AUDNZD = 1.2%
AUDUSD = 1.6%
EURAUD = -2.3% (so + 2.3%)
GBPAUD = -1.9% (so +1.9%)
Total = 13.5%
You don't then divide it by 7 to get an average. You want the raw strength and 13.5% is it. That is the current strength of the Aussie compared to the other 7 currencies. You now do the same calculation for each of the other currencies.
If you've done it correctly, when you add up all 8 currencies, the final answer should be......zero! Why? Currency correlation
You can then display the results as either a meter or as I prefer, a line study. This way you can see the change over time and rate of change to see which is gaining strength, which is losing strength and the speed or strength of the change. So you end up with something like this:" End of Quote.
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Ok so now I can think of Two benefits:
1- I am a chartist and I do not like numbers or scores. I want to analyze a chart with candles and patterns, S/R , Breakout, That is why I came up with the idea of percentage change not only on close but also on the other three inputs High, Low, Open. Maybe there is some unforeseen merit?
2-We will get the absolute value without needing to add or subtract or multiply by N root to get real strength value. If all percentages are added, we get zero.
I believe the way you are calculating strength in your EA is the same but it displays it in numbers rather than a chart.
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Attaching a picture of an indicator called percentage range candle- a public indi in tradingview. Was thinking of applying this principle on a group of currency pairs by adding their percentages.
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- Sep 13, 2019 3:01am Sep 13, 2019 3:01am
- | Commercial User | Joined Sep 2018 | 1,427 Posts
hi to all This indicator "CurrencyBody" is a very good tool and the important thing is every currency is a sensitive number. For example, JPY is sensitive to the number 30 and greater than 30. Very useful tip: The combination of this tool with TMA is excellent A few examples of JPY's currency : {image} {image}
A warm welcome to everyone here , I've designed a CSM (CS_Shaned58) and i tried to be simple , Because I do not like the complexity Hope to be useful to you , i welcome questions and I will answer your question if I find that (Please read all the posts first). ---------------------------Last Update 03/25/2019------------------- CurrencyStrength : https://www.forexfactory.com/attachm...1&d=1568100482 ---------------------------Last Update 09/22/2019------------------- CurrencyBody : https://www.forexfactory.com/showthr...4#post12493064...
Good night Shade58, could you give us your pdf tutorial how to install your indicator. because I was try and fail.
Thank you
