Dear FF coders (and everybody else).
What i'm looking for, is to create a script (or even better an indicator, so it would continue to work at every tick).
Now, what should this indicator do:
Here a detailed example:
1)
a take the value of gbpaud of 1000 bars ago.
b take the value of gbpnzd of 1000 bars ago.
c take the value of gbpcad of 1000 bars ago.
d take the value of gbpeur (eurgbp inversed) of 1000 bars ago.
e take the value of gbpusd of 1000 bars ago.
f take the value of gbpjpy of 1000 bars ago.
this bar n 1000 will be the "pilot" value, it will be used always this same bar.
2)
a take the difference in % between the 1)a value and the current value bar of gbpaud (for example, -0.25% or +0.1% etc.).
--same same for 1)b (gbpnzd in this case) 1)c (gbpcad) 1)d etc.
calculate the difference in % between the 1000 bars ago value and the current bar.
(do this for the 999bar, 998, 997.... untill the current bar 0).
3)
make the sum of 2)a 2)b 2)c 2)d 2)e 2)f. for each bar from 999 to 0.
Now, the value 3) will be the sum of the variation in % from the bar n 1000 of the various gbp pairs.
In other words, a sort of currency strength/evolution value.
What do we do with this value, we create an offline chart, that start from let's say a value of 10000,00
This 10000,00 will be the bar n 1 of our offline chart, or the bar n 1000 of our gbp pairs mt4 charts (this offline chart will have only 1000 bars in this example).
From here, we add the 3) value of each bar to the corresponding offline chart bar, in other words we are just creating a sort of currency index, now we do this for the high, low, open and close of every bar, so we can have a real offline candlestick currency index chart on mt4, where we will be able to use our preferred technical analysis systems etc.
The indicator should so, create this offline chart (every timeframe), and update it on every tick (or simply erase and re-create at every tick, not really a hard job for any decent cpu).
So we can then use offline index charts of the major currencies.
let's say of eur, usd, gbp, jpy, aud, nzd, cad.
If you have some doubt, take simply a look to this site:
http://www.forex-tribe.com/Forex-Currency-Index.php
This chart do basically something similar, start from a precise point in the past and "the evolution of the currency relative to one or other major currencies (USD, EUR, GBP, JPY, CHF), on different timeframes. The Currency Index is calculated by averaging the variations of one currency against another. Represented graphically, it easily allows to see individual trends of each currency.".
On my idea we just sum up the variations instead of making an average, but we can make an average as well like this website do, with the sum there is just more precision.
Why the first offline chart bar value must be 10000 (or any big number):
Because mt4 charts cannot go negative, so let's just start from a ridiculous high number.
So, the idea is to have this kind of data on mt4, via offline charts that gets updated at every tick.
We can then see the real charts of the various currencies, study them separately, and have a better understanding, and make a better choice of which one to buy/sell against which other.
It is not an easy indicator to code, but not an hard thing for an experienced coder for sure.
Perhaps a bit time consuming, but the reward are big!
Any voluntary?
thanks
What i'm looking for, is to create a script (or even better an indicator, so it would continue to work at every tick).
Now, what should this indicator do:
Here a detailed example:
1)
a take the value of gbpaud of 1000 bars ago.
b take the value of gbpnzd of 1000 bars ago.
c take the value of gbpcad of 1000 bars ago.
d take the value of gbpeur (eurgbp inversed) of 1000 bars ago.
e take the value of gbpusd of 1000 bars ago.
f take the value of gbpjpy of 1000 bars ago.
this bar n 1000 will be the "pilot" value, it will be used always this same bar.
2)
a take the difference in % between the 1)a value and the current value bar of gbpaud (for example, -0.25% or +0.1% etc.).
--same same for 1)b (gbpnzd in this case) 1)c (gbpcad) 1)d etc.
calculate the difference in % between the 1000 bars ago value and the current bar.
(do this for the 999bar, 998, 997.... untill the current bar 0).
3)
make the sum of 2)a 2)b 2)c 2)d 2)e 2)f. for each bar from 999 to 0.
Now, the value 3) will be the sum of the variation in % from the bar n 1000 of the various gbp pairs.
In other words, a sort of currency strength/evolution value.
What do we do with this value, we create an offline chart, that start from let's say a value of 10000,00
This 10000,00 will be the bar n 1 of our offline chart, or the bar n 1000 of our gbp pairs mt4 charts (this offline chart will have only 1000 bars in this example).
From here, we add the 3) value of each bar to the corresponding offline chart bar, in other words we are just creating a sort of currency index, now we do this for the high, low, open and close of every bar, so we can have a real offline candlestick currency index chart on mt4, where we will be able to use our preferred technical analysis systems etc.
The indicator should so, create this offline chart (every timeframe), and update it on every tick (or simply erase and re-create at every tick, not really a hard job for any decent cpu).
So we can then use offline index charts of the major currencies.
let's say of eur, usd, gbp, jpy, aud, nzd, cad.
If you have some doubt, take simply a look to this site:
http://www.forex-tribe.com/Forex-Currency-Index.php
This chart do basically something similar, start from a precise point in the past and "the evolution of the currency relative to one or other major currencies (USD, EUR, GBP, JPY, CHF), on different timeframes. The Currency Index is calculated by averaging the variations of one currency against another. Represented graphically, it easily allows to see individual trends of each currency.".
On my idea we just sum up the variations instead of making an average, but we can make an average as well like this website do, with the sum there is just more precision.
Why the first offline chart bar value must be 10000 (or any big number):
Because mt4 charts cannot go negative, so let's just start from a ridiculous high number.
So, the idea is to have this kind of data on mt4, via offline charts that gets updated at every tick.
We can then see the real charts of the various currencies, study them separately, and have a better understanding, and make a better choice of which one to buy/sell against which other.
It is not an easy indicator to code, but not an hard thing for an experienced coder for sure.
Perhaps a bit time consuming, but the reward are big!
Any voluntary?
thanks