@Rafei,
First of all Rafei, never underestimate your idea. I have read it before in MQL4 but I could not find an indicator to download. The idea of balancing all strenth/weakness to zero is the only way to do it.
You have previously asked for how to make use of your creation. Simple: trade pullbacks on smaller time frames with confirmation from HTFs. If You are checking Three TFs (Daily:H4:H1). then check strength/weakness on Daily/H4 and totally disregard it in entry H1 TF. Just find the best pullback in price action with no confirmation from indis or currency strength.
My suggestion also is to enable your currency strength on custom time frames (H12, H8, D3, etc..).
I am on holidays for a week or so but when I get back, I will try it.
I was looking for exactly what you created. A currency strength based on the current open/previous close percentage change in weekly, Daily and H4 or any custom time frames.
It is best to have a very raw currency strength (percentage close) in conjunction with other indi-derived currency strengths. And also to trade Multiple Time Frames of the strengths.
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In the meantime, I have a question, please. I was creating a synthetic chart for each currency in trading view. I want to follow your logic and balance everything to Zero.
For EUR strength for example:
Which is the better formula to create a synthetic chart?
Adding them: EURUSD+EURCAD+EURAUD+EURJPY, etc..?
Adding them and dividing each value by its rate to get "1" for each pair: EurUSD/its rate + EURAUD/its rate+ EURJPY/its rate, etc..?
Adding them but dividing any Yen pair by 100?
Or the multiplication of all of the pairs? EURUSD*EURUSD*EURCAD*EURAUD, etc,?
Or "N" Square rooting the multiplication of the above formula?
I want to apply the same principle by finding the formula for synthetic charts that truly reflects the market.
-----------------------
I am totally into currency strength at the moment and Iam digging deep in it.
I created a synthetic chart based on Summation and been analyzing Price Actin, patterns, Divergences, etc...
I also Created crosses of RSI and MACDs for each currency group. I am still experimenting with it.
----------------
I could not apply the percentage change in tradingview yet.
--------------
First of all Rafei, never underestimate your idea. I have read it before in MQL4 but I could not find an indicator to download. The idea of balancing all strenth/weakness to zero is the only way to do it.
You have previously asked for how to make use of your creation. Simple: trade pullbacks on smaller time frames with confirmation from HTFs. If You are checking Three TFs (Daily:H4:H1). then check strength/weakness on Daily/H4 and totally disregard it in entry H1 TF. Just find the best pullback in price action with no confirmation from indis or currency strength.
My suggestion also is to enable your currency strength on custom time frames (H12, H8, D3, etc..).
I am on holidays for a week or so but when I get back, I will try it.
I was looking for exactly what you created. A currency strength based on the current open/previous close percentage change in weekly, Daily and H4 or any custom time frames.
It is best to have a very raw currency strength (percentage close) in conjunction with other indi-derived currency strengths. And also to trade Multiple Time Frames of the strengths.
-------------------
In the meantime, I have a question, please. I was creating a synthetic chart for each currency in trading view. I want to follow your logic and balance everything to Zero.
For EUR strength for example:
Which is the better formula to create a synthetic chart?
Adding them: EURUSD+EURCAD+EURAUD+EURJPY, etc..?
Adding them and dividing each value by its rate to get "1" for each pair: EurUSD/its rate + EURAUD/its rate+ EURJPY/its rate, etc..?
Adding them but dividing any Yen pair by 100?
Or the multiplication of all of the pairs? EURUSD*EURUSD*EURCAD*EURAUD, etc,?
Or "N" Square rooting the multiplication of the above formula?
I want to apply the same principle by finding the formula for synthetic charts that truly reflects the market.
-----------------------
I am totally into currency strength at the moment and Iam digging deep in it.
I created a synthetic chart based on Summation and been analyzing Price Actin, patterns, Divergences, etc...
I also Created crosses of RSI and MACDs for each currency group. I am still experimenting with it.
----------------
I could not apply the percentage change in tradingview yet.
--------------