Best Scalping Pairs Indicator

When scalping, volatility and the spread are one of the two most important things when looking at an instrument to trade. You are not going to trade a pair with a spread of 12 points and atr of 20 points as a majority of the average movement was eaten away at the spread. Since I couldn't find an indicator that measure this and compares it to other pairs, I decided to make one. And if there was one already out there oh well lol. You can use this for scalping or day trading, its just good info to have since all brokers and their spreads differ.

The indicator has two methods:
-Non Weighted Index: Will create an index for each pair based on the pairs spread and atr and plots indexes from high to low.
-Weighted Index: Will look at the non weighted index for each pair and compare the index to the atr and plots indexes from high to low.

The non weighted index will simply compare the atr and spread, however the weighted index will compare the already generated index to the atr again. This measures the instruments index against its volatility.

Anyways I hope this helps people and I hope I explained it well enough, If you have any questions let me know.

Here are the parameters:
**NOTE- It will only compare the symbols that you have selected in your market watch. Go to View -> Symbols and you can select or unselect symbols to looks at. Also if you are receiving values of zero for any pair, you need to open a chart and download the history by scrolling the chart**

TF - which time frame to look at for the atr. Mine is set to M1 cause that's what I trade off of.
ATR_Period - Period for specified timeframe. Mine is set to 240 to look at the past 4 hours on M1.
Method - Weighted/Non Weighted. Explained at the top. I like looking at weighted that's how I discovered I can trade usdzar.
Slots - How many slots to display

If anyone has input or suggestions feel free to put them down

Also sorry I placed wrong version in the first post. Its supposed to be V3

I am still getting stocks instead of currency pairs. Thanks and
Regards

Same.

But it is a good idea to have such indicator. I hope you get it working.

The program will only look at pairs you have selected in your market watch. If you want it to look at a pair you need to go to View -> Symbols and double click it so the dollar sign lights up, likewise if you don't want to look at a pair make sure its not selected.

Thank you!
Working now.

@honeggeral this is great! Also wondering if you could possibly add an optional column that shows "Spread as a % of ATR" and the ability to rank accordingly?

Thanks!