Currency Strength Indicator

hello my friend not available to buy it anymore my apology

Someone knows if there is a volume based CSM ...? tks

Hello Bob, could you please send me the CSM that you've created? I'm looking for one CSM that works have a good time, and I can't find. Could you please share with us? Thanks dude

this doesnt work?

is this currency meter good enought,they say you use icybo day on 15 min chart nad icybo weekly on 1 hour chart.

I get absolutely nothing on my chart for either indicator .

Can you please post a screenshot of what it is supposed to show??

This gives BUY and SELL sig. for the pair you are trading eg from the CAD USD chart Normally bellow or above 2.5

Good morning I added code to this wonderful indicator, this is my version.

Nice one thank you.


Bob

Interesting CS. If you don't mind how do you tweak the settings for higher TF like Weekly vs LTF?
I tried it and it seems to display the same results for higher and lower TFs.

Thanks in advance, cheers!

Hello
The visible number on the balls is the signal given by the indicator. The management of this number is the sum of the four columns: Currency (maximum two points) FiboL FiboH (maximum two points). The sum of these determines the signal for a possible purchase (number 4 ball). The only possibility you have to change the signal status is to work on FiboL FiboH columns using the variables found in the dashboard "timeframe" and "lookback" number of candles used by fibonacci. I'm adding more filters (one point each) to get an increasingly reliable signal.

My view is more Macro first perspective. With that, Fib levels are not magic and are best used as a percentage change. In currency markets the only thing we know as we evaluate a spreadsheet is that Price returns to the mean. So the most valid numbers are 1, 0, and .5. The variations are shown to be the Standard Deviation from the mean. Without actually doing the spreadsheet to calculate the current 1 and 2 std dev. Statistically you use 1-Std Dev as 68.25% and 2-Std Dev as 70.8% as seen in a Normal Distribution. So, Fib Levels are most accurate (without tracking it on a spreadsheet exactly) as 0, 31.5, 50, 68.5, 70.8, 100. Or in reverse as in a Retracement 1, .708, .682, .5, .315, 0. If you were to limit signals and maximize the probabilities in the accumulation and distribution then you would simply use 0, .5, .682, 1. As we know that 3 of those 4 always happen in a distribution and accumulation cycle. Very much Wyckoff and VSA principles with Macro Statistical comparisons, not 'Magic Numbers' as in Fibonacci false narrative levels where the composite operators stop to make money.

Hello This figure represents the second step of the indicator. If we take the GBPAUD copy as an example I have a good correlation 2.6 6.6 (+2 points) a break of the zero level of fibonacci -0.04 (+1 point) the RG column (regression bar "new instruction") which indicates an upward trend . Due to the low value of the FiboH column 0.59 (0 points) a BUY entry is not considered valid, this value (which represents the distance calculated as a percentage between level zero and level 100) must always be greater than 1. I'm interested in hearing your opinion

I'm not the expert on Currency Strength and how it can and should be traded. I see that when I view it on my charts that I don't see how a fib (or %) level is valid for trading. What I see is that as the compared currencies cross (as in a ROC rate of change) then you'll view a valid move more then not. I don't believe that it's the best use of time to attempt to turn CS into a trade signal. The CS value (as view it) happens at the extremes and the cross. You can utilize ROC to validate momentum towards the 0 line cross of the two currencies. The only % (or Fib levels) would be most useful simplified with 1, .5, 0. Not really valid with other parameters in my view. I believe by adding a 4th level is going to confuse any usefulness of the CS as a useful indicator. Maybe I'm missing something.

Here is a screenshot of my H1 trading screen as an example of how I use Price, Volume, Rate of Change. Using Volume Profile (VWAP, PVP) with VSA and ROC. I don't really use RSI though I place it on the chart to view how the masses might attempt to trade something with 'overbought or oversold', however that doesn't really exist in currencies imo. As well, I will place retail trader fib levels to see where the composite MM'er will stop to make money. As I pointed to prior, I look at Wyckoff principles of price, volume, rate of change as the best indications for tracking what they are attempting to accomplish. The session boxes show the time of expected volatility in the markets as Asia, Euro & Uk, and NY sessions open close and overlap.

Hello I have never used the ROC indicator and I don't know its merits. I downloaded the first one I found on the forum and added the code needed to make it talk to the CS indicator. Using the scoring technique (+1 point) what level of break would you recommend ?

thank you PlSoft

Ok, I see you're diligent. Good job! I'm full of coffee so I'll explain my view a bit further here. This is far more useful information then before. However, it's useful only towards your Weekly Trading Plan. So, on the weekend I get the new COT report data for Non-Commercial Open Interest Longs and evaluate the % change to evaluate the best trading currencies for that week. You MUST use an overall Macro Fundamental view of the current Quarterly Data Model. This process is very time consuming so I subscribe to Hedgeye's Macro Show for $40 a month and get Daily guidance for all Macro Fundamentals. It's the best data value for currency trading you'll find. They published a free youtube from the last week here:
This saves countless hours of time and points you to specifically what to look for in trading, period.

For instance, this week was a counter-trend week for the current Macro Quarter 3 in 2019 (3Q19). In their model, they use economic Quadrants to make it simple as to where the Monetary Policy (FED) and the Economics Data (Fiscal Trends) indicate proper direction. In 3Q19 their model puts us in Quad 4 which is the only Bullish USD modeling. We are at the top of the curve (or peak) going into 4Q19. Here we are supposed to watch for a topping USD. This changes week to week, so paying $40 month for pro Macro guidance is extremely valuable.

On the weekend, after reviewing the Cots data and macro guidance I eliminate 80% of the currencies to trade and focus in on the highest probability for the week. From there I'm watching Price - Volume - Volatility (VSA) for trading. Example was on Sunday I identified EURNZD Sell, JPY's Short, EURAUD Short, AUDCAD reversing Long. At that point you can now turn off all the other currencies for the week (Metals are separate). Also called for a range trade with Gold positioning where you sell the High of the range and add on what you sold when it hits the bottom of the range. All of these trades are what you'd be watching for what you've created with that indicator now changed. It's not an Entry or Exit tool. I would think of it as an evaluation tool that compliments your weekly trading plan. Something you'd start the day evaluating as a ROC.

Example: Looking for GOLD at that top of the trading range for the week to take some profit. Hedgeye Macros give you their range. You do your TA on the Gold chart. When GOLD hits the top of the range, you sell a percentage of your GOLD position (you don't short it!). The overall view is Bullish Gold for the 3Q19, so you're not shorting GOLD (Silver or Platinum). You take 25% profits at the top of the weekly range (which it's at right now), then you're waiting for the rest of the week to move to the low end of the range to add back that portion of your position that you took profit on. That's the overall idea. You should have been Long building a GOLD position months ago when the Macros pointed to it. If you didn't, then you would be looking to go Long at the bottom end of the Weekly range. Same with any of the identified currencies on your Watchlist for the week.

With this improvement in the 28 pairs Currency Strength and ROC, the value isn't in anything else, except what you've quantified when you did your Weekly Plan on Sunday. Otherwise, you are trading like a dumbshit and will lose money. Here's my TradingView historical for GOLD showing Wyckoff method I use to trade the Weekly identified ranges as per the Macro guidance.

Now, it's Wednesday and look at what you just posted with this Currency Strength and ROC as it's playing out from what I was focusing on from the Weekend evaluations. EURAUD -.61%, EURNZD -.29%, AUDCAD+.77%, and JPY is weak.

As you can see, the usefulness of this version of a Currency Strength and ROC indicator across all pairs is useful from a perspective confirming your Weekly plan, Daily observations, and not so much Intraday. If you're looking for trades, based on your Weekly Plan, then you either take the trade when the market opens on Monday if strength and roc are indicating in the direction you were looking for and price is at the trading range. Or you would be waiting for H4 signals (meaning Price and volume analysis on H4 close) at your identified ranges.

You cannot get an Entry at a top or bottom. The composite operators don't allow that to happen. However, you can Exit at tops and bottoms. The ROC indicator for Entry is best viewed as a Zero Line Cross. You let the composite operators do their thing at Tops (12 o'clock) or Bottoms (6 o'clock) and with your plan in place, you are looking for those confirmations in the price ranges for Entry at 2 o'clock (for shorts) or 4-3 o'clock for longs. An identified price range with VSA and ROC zero line cross on higher time frames provides you with consistency. Only need to adjust your risk.

Your indicator has usefulness. It's not an Entry or Exit indicator. It's a valuable evaluation tool. Best used for you Weekly watchlist and trade monitoring. I will definitely add this to my template for trading during the week and my weekend evaluations.

Hope this lends my opinion as useful.

I can not reply to your message because of your settings. FYI