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Pair Strength Analyzer indicator

  • #341
  • Edited Aug 6, 2019 8:01pm Aug 5, 2019 11:45pm | Edited Aug 6, 2019 8:01pm
Quoting jusiur
when I change the instrument it also changes the PSA readings in some way, I would like to know the underlying reason if possible.
Sorry, but I haven't been able to reproduce your problem. The values change a little as I switch pairs using your buttons indicator, but I would expect small changes as the underlying FX prices are constantly moving (or somewhat larger changes on if the PeriodsForRegr entry involves shorter timeframes, as this would make the indicator more responsive to price movement).

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.

Quoting jusiur
here a my current settings
This is probably not causing the problem that you described, but I just thought I'd point it out anyway.
The RescaleUsingATR entry should be one of:

a) If you want PSA to perform the calculation using regression lines:
[ATR period size],[timeframe]
e.g. 100,H4

OR

b) If you want PSA to perform the calculation using percentages:
%,[multiplier]
e.g. %,10000

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.
  • #342
  • Aug 6, 2019 2:35am Aug 6, 2019 2:35am
Quoting hanover
{quote}... The values change a little as I switch pairs using your buttons indicator, but I would expect small changes as the underlying FX prices are constantly moving. ...
I'm guessing that's the cause. The BUTTONS indicator jusiur posted is an easy way to change the chart symbol (or timeframe) at the click of a button, and he was using it to change between symbols.

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 ??
  • #343
  • Edited 5:08am Aug 6, 2019 3:53am | Edited 5:08am
Quoting pips4life
I'm guessing that's the cause.......
P4L,

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.

David
  • #344
  • Aug 6, 2019 4:10pm Aug 6, 2019 4:10pm
Thanks hanover and pips4life for your interest, I agree that it is possible due to the new incomig data that enters in to the platform. It is not really a problem for me sincerely but I had the couriosity, here a my current settings image.
Attached Image (click to enlarge)
Click to Enlarge Name: set data PSA.png Size: 40 KB
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  • #345
  • Aug 8, 2019 7:48am Aug 8, 2019 7:48am
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 couldn’t 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 can’t able to do it, do you have someone you can recommend?

Thank you in advance
  • #346
  • Edited 5:30pm Aug 8, 2019 9:44am | Edited 5:30pm
Quoting itsDavid
This is fantastic. Thank you so much for sharing it and for all your hard work in creating it.
You're welcome. Glad you like it.
________________

Quoting forextwo
If you can’t able to do it, do you have someone you can recommend?
If you're willing to pay to have a programmer do the work, you could try MQL or upwork. There are many programmers who are happy to code for money. Or if you prefer to stay within the boundaries of FF, there are many competent programmers you could try contacting, e.g. FerruFX, cja, sangmane, minmin830, mladen, Nicholishen, pips4life, abokwaik, Xaphod, cyber1, euclid, futurespec, MathTrader7, braintheboss, ......

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).
Attached Image (click to enlarge)
Click to Enlarge Name: PPI 102.png Size: 42 KB
  • #347
  • Aug 8, 2019 11:27am Aug 8, 2019 11:27am
This is fantastic. Thank you so much for sharing it and for all your hard work in creating it.
  • #348
  • Aug 9, 2019 10:07am Aug 9, 2019 10:07am
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 don’t know if the problem is with my broker that doesn’t have a lower case character or not (is the lowercase character a small letters?), I use IC Market.

Thank you once again.
  • #349
  • Aug 9, 2019 3:40pm Aug 9, 2019 3:40pm
Quoting forextwo
I get green reading but when I go to the chart the market is bearish, I don’t know if the problem is with my broker that doesn’t have a lower case character or not (is the lowercase character a small letters?)
If you download the latest version of PSA from post #1, any lowercase characters (small letters) in the symbol names should no longer be a problem.

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.
Attached Image (click to enlarge)
Click to Enlarge Name: PPI 104.png Size: 34 KB
  • #350
  • Aug 10, 2019 12:26pm Aug 10, 2019 12:26pm

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.

Kindly regards
  • #351
  • Edited 12:58pm Aug 10, 2019 12:45pm | Edited 12:58pm
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?

Kindly Regards
Attached Image (click to enlarge)
Click to Enlarge Name: Strength meter.jpg Size: 435 KB
  • #352
  • Aug 10, 2019 1:46pm Aug 10, 2019 1:46pm
Quoting forextwo
My observation..........
The problem, as I see it, is that slope is measured as pips divided by time, and pips are not uniform across different asset classes (or even for the same asset class across different MT4 brokers). Also, as you zoom in/out of the chart, the slope changes its angle. Hence I added the % option, for anybody who prefers it.

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.
  • #353
  • Aug 10, 2019 2:57pm Aug 10, 2019 2:57pm
Thanks a lot with your response and your kindness.
  • #354
  • Aug 11, 2019 3:59am Aug 11, 2019 3:59am
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.
  • #355
  • Aug 11, 2019 5:06pm Aug 11, 2019 5:06pm
Quoting Sobx
I searched the threads I got one email of yours but I dont know if its still operational.
It's probably still operational, although most emails go through to my spam folder, and I ignore them.
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.
  • #356
  • Aug 12, 2019 2:41am Aug 12, 2019 2:41am
Quoting hanover
{quote} It's probably still operational, although most emails go through to my spam folder, and I ignore them. 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.
Ok hanover No Problem. I got you.
  • #357
  • Sep 5, 2019 6:06pm Sep 5, 2019 6:06pm
Hi hanover,
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?

Thank you!
Attached Image
  • #358
  • Oct 1, 2019 1:05pm Oct 1, 2019 1:05pm
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
  • #359
  • Oct 1, 2019 1:52pm Oct 1, 2019 1:52pm
Quoting Leepakhan
.....riding the momentum for just 5 to 10 pips.
___
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.
__
☺
L.L.L.T
  • #360
  • Jan 8, 2020 1:43am Jan 8, 2020 1:43am
Is it only my problem or does any of you guys have also an issue with the font family and font size? On both laptops and different MT4 apps it displays the font only in Arial and a very small size (like 10 or sth like that). I would like to be able to make the font size bigger. I have tried different font names and sizes. Maybe this function broke with the latest MT4 update?
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