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Recent Strength indicator

  • #41
  • Edited 10:16am Jun 22, 2009 2:43am | Edited 10:16am
Hi Hanover,

I must add my sincere thanks and high praise towards you and the work you've done this year on this and your other indicators. I am in awe.

I have a couple of questions about the Recent Strength Indicator:

I cannot make the ScaleFactor or the Weightings work at all. Adjusting any of these within the indicator properties seems to have no effect on resultant plots. I have tried extreme values just in case the changes are too subtle for my older mind to observe, but to no avail. Would love to experiment with these and optimize some way, especially given your valid point about the Kiwi and Yen being out of scale, and also, in certain cases, I'd like for the USD and JPY not to reference each other in the weightings, and so forth... Any ideas? I have read the above post, but changing a single settings file does not strike me as the best answer to the problem - in any case, I have q's below that will necessitate the possible the use of several, allocatable, settings files -for example, is there a way we can create several differently named settings files and specify them in different indicator properties? It would help, I think.

Also, I'd like to customize some charts by actually removing some plots. Is this possible? For instance, say I'd like to remove the plots for the CHF, NZD, AUD and CAD: What I've tried to do is to remove, within the indicator properties (not within the txt file) all of the information in the lines: __Currencyn__, Cn_Style, Cn_Pairs_Wgts and Cn_Scale Factor, but the plots are not removed from the charts. Again, any ideas? - I'd really appreciate this functionality.

Last one: for visual backtesting purposes, is there a way one could place some kind of the time scale onto the individual chart "panels" - either along the top or bottom of the individual indicator charts, or even as an "information box" which shows up as you hover your cursor over a spot/plot on the charts? What I mean, (and I just know I'll botch explaining this), is that using the timeframe of the price chart to which you indicator is attached only works for visual backtesting on the very righthand-most of the selected indicator panels, and only also if the TF of the price chart is set the same as the right hand indicator plot. See, told you I'd be unable to explain this. It's all about making the backtesting easier, rather than counting bars backwards. Lemme figure out how to attach and edit images with text etc..

Anyways, any help would be greatly appreciated. I have been trading using relative strength for some time now, for example, one of the tools I've been using is this: http://www.forexfactory.com/showpost.php?p=2124909&postcount=466), and for some inexplicable reason only recently came across your tools - this one, in particular, has given me a new lease of life!

Regards, Toey.
  • #42
  • Jun 22, 2009 1:17pm Jun 22, 2009 1:17pm
Quoting ToeCutter
Hi Hanover,.......
Welcome to the forum, and thanks for your kind feedback.

Re the Weightings and ScaleFactor not working, please try the following:

1. Ensure that the Presets---Recent Strength.TXT file is present in the ......./experts/files folder.

2. The content of this file overrides any parameter settings typed on the dialog window that appears when you attach/edit the indicator. However, any line in the file starting with the characters // is ignored. This allows you to turn settings on/off easily. After you make a change to the file, you must (obviously) save it, and then refresh the indicator on your MT4 chart. To refresh, do any one of: (i) toggle between timeframes; (ii) edit the indicator settings (press Ctrl-I etc); or (iii) delete the indicator from the chart, and re-attach it.

3. The content of the file itself is crucial. The Cn_Pairs_Wgts should be set to the pairs provided by your broker. Spelling must be correct. The file must meet all of the syntactic rules outlined in post #1, e.g. EVERY line (including blank ones included for clarity) in the file must be terminated with a semi-colon, and this MUST be the only usage of semi-colons. A missing, or unwanted, semi-colon or comma could be your problem.

4. It takes a while for MT4 to gather enough data to make the plots. When you first attach the indicator, an empty sub-window will appear, but it will gradually be filled as MT4 retrieves data from every pair/timeframe you specify, from the broker's server.

In the first screenshot below, the C8_ScaleFactor (for the white USD line) is set to the default value of 100. In the second screenshot, it's set to 300. That's the only change I made (in the settings file) before re-grabbing the same screen area. The effect is (hopefully) obvious. I'm not sure where your error lies, but I just wanted to prove to myself that this feature does still work! If you attach your settings file to a post, I will try to troubleshoot for you.

Re removing some plots, I think your problem might be that the settings file is overriding your typed settings. If you (for example) set ___Currency8___ = ""; then the white USD line (and the caption "USD" at the far right of the window) should disappear from the chart altogether. See third screenshot. Then you can reinstate it easily with ___Currency8___ = "USD"; while its other settings (color, style, pairs/wgts, etc) have remained intact.

In the next release, I will make it possible to have several different parameter files, and then select any one from the parameter dialog. This facility is already available in the Recent Prices indicator.

I think I understand your request for a "time scale" facility. Not easy to implement, especially given the allowable space on the screen, but I'll give it some thought.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: toey1.GIF Size: 40 KB
Click to Enlarge Name: toey2.GIF Size: 24 KB
  • #43
  • Jun 23, 2009 5:17am Jun 23, 2009 5:17am
Hi Mate,

Thanks for your reply - much appreciated.

To cut a very long story short, I've just deleted a lengthy response to you as I think I found the problem.

I had to delete the lower part of the settings file related to axistrader - seems the presets file is sort of "doubled up", if you know what I mean, and the axistrader part of things kept loading up in the indicator even though I altered the "top bit" of the file - have you heard of that happening before? Basically, no matter what I changed in the "top half" of the text file, that bloomin' axistrader bit of it kept coming in and overriding the top bit, and thus prevented me from using the weighting, scaling and removal of plot lines.

Perhaps you want to create two presets files, or edit the one you've made available - just a thought. I don't use axistrader, and removing that 2nd list of settings relating to the pairs they offer has solved my problem. I'm using a 28-pair broker, so the full set of pairs is available.

So I can now use ScaleFactor and Weightings, and can remove plot lines from the chart-ettes!! YEAH!! <smiley face thingy that other people seem to have, but I do not>


PS: What application do you use to write/draw on your images? I presume you upload them to a hosting site and so forth, but I am interested in what you use to create the images..


Cheers, Matt.
  • #44
  • Jun 23, 2009 6:02am Jun 23, 2009 6:02am
Quoting ToeCutter
Hi Mate,

Thanks for your reply - much appreciated..........
If the same parameter is repeated in the file more than once, then the last entry determines its value, e.g.

C1_Color = Green;
C1_Color = Red;

then the C1_Color will be set to Red.
However, any line that begins with // is ignored, as if it didn't exist,
hence

C1_Color = Green;
// C1_Color = Red;

would result in C1_Color being set to Green.

The axis trader settings were included just as an illustrative example. Perhaps I should have made that clear in post #1........ sorry. Anyway, what you've said makes perfect sense; I'm glad you've solved the problem.

The next release will include the capability of multiple parameter files, as promised. And I like your idea of having the relevant date/time showing above each data point so much, that I'll include it as an option also. I hope to complete this work within a day or so; keep an eye on this thread for details.

I use a product called Kleptomania as my screen grabber. (It can grab any rectangular area displayed on the PC monitor, and also has character recognition facilities for converting images into text). I usually dump the area clipped from MT4 into Excel and then use the drawing/text box facilities there to annotate the clipping. Then I copy to Paint to save as a .GIF, and upload to FF using the "Manage Attachments" button. A bit of a cumbersome process, but it does the job.
  • #45
  • Jun 23, 2009 7:12am Jun 23, 2009 7:12am
Quoting hanover
If the same parameter is repeated in the file more than once, then the last entry determines its value, e.g.....
Thank you. Heh heh, I guarantee that bit of advice will never be forgotten - good to know! <chuckle>

Quoting hanover
keep an eye on this thread for details.
I will, oh yes, I will. This stuff of yours is superb. There's a happy Aussie camper here.

Quoting hanover
I use a product called Kleptomania as my screen grabber.
Ta - will take a peek at that.
  • #46
  • Jun 23, 2009 1:38pm Jun 23, 2009 1:38pm
V 1.05 can now be downloaded from post #1.
  • #47
  • Jun 24, 2009 12:29am Jun 24, 2009 12:29am
Quoting hanover
V 1.05 can now be downloaded from post #1.
Looks great - LOVE those date stamps, and can now use different setups for different purposes via multiple parm files. These two updates will be invaluable.

With the ParameterFile, are there any syntax issues we need to be aware of? Ie, is it MyFile.txtor just MyFile? Can spaces be used, for instance
My File, or does it have to be My_File. You get the drift of the question.

Thanks again, Hanover.
  • #48
  • Jun 24, 2009 1:52am Jun 24, 2009 1:52am
Quoting ToeCutter
Looks great - LOVE those date stamps, and can now use different setups for different purposes via multiple parm files. These two updates will be invaluable.

With the ParameterFile, are there any syntax issues we need to be aware of? Ie, is it MyFile.txtor just MyFile? Can spaces be used, for instance
My File, or does it have to be My_File. You get the drift of the question.

Thanks again, Hanover.
The file name must be exactly "Presets---Recent Strength" and it must reside in the ...../experts/files folder, otherwise the file won't be recognized.
It's the extension that's variable, e.g. you could have 6 different parameter files named:

Presets---Recent Strength.01
Presets---Recent Strength.02
Presets---Recent Strength.A
Presets---Recent Strength.B
Presets---Recent Strength.GBP
Presets---Recent Strength.EUR

and then type 01, 02, A, B, GBP or EUR into the ParameterFile entry to select your desired file. If you leave the entry blank, the indicator will look for the file Presets---Recent Strength.TXT, just like it did before.
  • #49
  • Jun 24, 2009 2:14am Jun 24, 2009 2:14am
Quoting hanover
The file name must be exactly "Presets---Recent Strength" and it must reside in the...
Brilliant. Thank You. Now I've got some work to do!
  • #50
  • Jun 25, 2009 3:46am Jun 25, 2009 3:46am
V 1.06 can now be downloaded from post #1.
  • #51
  • Jul 20, 2009 3:13pm Jul 20, 2009 3:13pm
Hi David
thanks for this indicator. I use the spreadsheet of the link bellow to strengh. Did you already know about this spreadsheet?

http://www.forexfactory.com/showthread.php?t=125147

if the answer is yes, then do you think it is possible to have the exactly same infor of this spreadsheet with your indicator?
if not i want to try. For i was trying your indicator with these settings:
parameterfile: blank
tf: d1
numpoints: 66
basepoint: 1 and 0
the anothers setting default.
unfortunally all i see is last 16~21 bars.
1 all i want is see only the strengh of the current day bu tin a 1 min chart (to try to mimic the spreadsheet). How i corretly do this?
2 ther is a way to use not 1 but 2 currencies as a index (0 line)? How can i do this?

best regards.
  • #52
  • Jul 20, 2009 4:28pm Jul 20, 2009 4:28pm
Quoting giraia_br
Hi David
thanks for this indicator. I use the spreadsheet of the link bellow...
Hi Giraia,

I hadn't seen the XLS before, but I just looked at it now. It's fairly easy to understand how it works.

The indicator and XLS seek to measure a similar concept, but work quite differently. The indicator uses a rolling window, and sums percentage differences between each point, for each of the nine MT4 timeframes; while the XLS looks at the current price relative to the evolving daily range.

The simplest solution would be for me to write another indicator that performs the same calculations as the XLS (and summarizes the result as a single number), but over different timeframes. I will try to do this when I get some spare time, maybe in a week or two.

David
  • #53
  • Jul 21, 2009 11:03am Jul 21, 2009 11:03am
Quoting hanover
Hi Giraia,


The simplest solution would be for me to write another indicator that performs the same calculations as the XLS (and summarizes the result as a single number), but over different timeframes. I will try to do this when I get some spare time, maybe in a week or two.

David
that would be very kind of you.

many thanks for it.


i like to study 2 or more currencies as index. I saw many people refrerint to this kind of aproach.

i will check the thread regulary.


best regards
  • #54
  • Aug 3, 2009 4:14pm Aug 3, 2009 4:14pm
Quoting giraia_br
that would be very kind of you.......i will check the thread regulary.
Giraia,

Try the attached indicator. You should be able to attach it to any MT4 chart, and then compare the results directly with the XLS. The only problem is that the indy can only update whenever a tick occurs on the chart to which it's attached. So if, for example, you attached it to an EU chart, but then a tick occurs on another pair, the XLS will update, but the indy won't update until the next tick occurs on EU. Of course you can force the indy to update itself by either re-attaching it, editing it (press Ctrl-I), or toggling between timeframes.

Good luck,
David
Attached File(s)
File Type: mq4 Currency Strength - Giraia.mq4   18 KB | 3,579 downloads
File Type: xls CURRENCY STRENGHT.xls   43 KB | 3,500 downloads
  • #55
  • Aug 4, 2009 7:20pm Aug 4, 2009 7:20pm
Quoting hanover
Giraia,

Try the attached indicator. You should be able to attach it to any MT4 chart, and then compare the results directly with the XLS. The only problem is that the indy can only update whenever a tick occurs on the chart to which it's attached. So if, for example, you attached it to an EU chart, but then a tick occurs on another pair, the XLS will update, but the indy won't update until the next tick occurs on EU. Of course you can force the indy to update itself by either re-attaching it, editing it (press Ctrl-I), or toggling between timeframes.

Good...
many thanks David.


i will send you a private message.


best regards.
  • #56
  • Aug 5, 2009 3:13pm Aug 5, 2009 3:13pm
Quoting giraia_br
many thanks David.


i will send you a private message.


best regards.
The attached version allows NZD. In fact, you can now add any pairs (that are supplied by your broker) to the list in the CurrencyPairs parameter, up to a maximum of 99 pairs. For example, to include NZDUSD and NZDJPY, add ,NU,NJ to the list. The permitted abbreviations are the same as for the Recent Strength indy (see post #1). Each pair must be separated by a comma. The more pairs you add to the list, the more comprehensive the result will be. If you want to give a pair double, triple weight etc to the displayed strength, include it in the list 2, 3 etc times, e.g. ,EU,EU,EU

Setting the ShowNoOfPairs parameter to TRUE will display the number of pairs used to calculate the result in parentheses (this is the same as the "evaluation points" in the XLS).

Of course if you add more pairs, the currency strengths will no longer match those shown in the XLS.
Attached File(s)
File Type: mq4 Currency Strength - Giraia.mq4   18 KB | 4,286 downloads
  • #57
  • Aug 6, 2009 10:25am Aug 6, 2009 10:25am
Quoting hanover
The attached version allows NZD. In fact, you can now add any pairs (that are supplied by your broker) to the list in the CurrencyPairs parameter, up to a maximum of 99 pairs. For example, to include NZDUSD and NZDJPY, add ,NU,NJ to the list. The permitted abbreviations are the same as for the Recent Strength indy (see post #1). Each pair must be separated by a comma. The more pairs you add to the list, the more comprehensive the result will be. If you want to give a pair double, triple weight etc to the displayed strength, include...
  • #58
  • Edited 2:30pm Aug 8, 2009 2:27pm | Edited 2:30pm
Hats of to you Hanover. What an excellent piece of work. Excellent….

As I understand your calculations – this indicator is showing “how much” market is buying or selling currency of choice.

Thus we have a gauge of overall buy/sell across all available pairs at TF of choice.

For example sharp rise of AUD (pic at post 20) may indicate a strong demand for AUD which have a chance of continuation. And buying AUD against for example weakest USD or JPY gives us DOUBLE edge – as demand for AUD is strong and supply for dollar and yen is also strong (which means that $ and yen are being sold).

This is brilliant. WOW…

Thanks again Hanover

My first conclusions:

 

  1. The more pairs are available for calculating the better, reliable output as we can gauge the broad market move – supply and demand for a currency (not a pair).
  2. Observation of different TF gives us additional insight: daily – gives an overall direction of the market, 4H – don’t know, (something in between, it depends how far we reach with our base point) 1H or M30 – I believe of feel will be the best for short term trading decision intraday, as this will be a "today's" supply or demand for a currencies during last couple of hours. And this gives us an additional info - additional probability for example for entering on M5 after a pulll-back.
  3. Seeing high (for example) strength at .38 Fibo pullback can give us an additional edge increasing probability of a winning long.
  4. It is interesting how this indicator (for example TF H1) will behave after a strong move due to news.

  • #59
  • Edited 5:17am Aug 9, 2009 5:06am | Edited 5:17am
Quoting institute
Hats of to you Hanover. What an excellent piece of work. Excellent…....
Many thanks for the feedback.

I had really high hopes for this indicator (my reasons in post #20). They have since diminished a little, but I nonetheless still find it very useful.

I trade predominantly H1 candle patterns (taking S/R into consideration), hence I start by looking at the Recent Strength (RS) H1 chart. I have the RS settings at: NumPoints = 15, BasePoint = 0, HistoricalShift = 0, SmoothingSMA = 4. The H1 chart confirms which currencies are rising, and which are falling. However, it's usually just as easy to see this by looking at price charts.

For an H1 trader, the H4 and D1 RS is more useful, IMO. They tell us which currencies are trending most strongly/weakly in the next longer wave(s). So I use the H4/D1 RS to choose maybe 3-6 candidate pairs, and then use their H1 price charts to narrow down my choice, and also to time my entries.

The 'double edge' idea (i.e. that both currencies must reverse in RS, to effect a reversal in the price chart) is partly negated by correlation. Let's say we are considering AUDJPY, and AUD is rising while JPY is falling. Double reversals tend to happen frequently, i.e. AUD will fall and JPY will rise, temporarily, along with a pullback in the AUDJPY chart. It's difficult to tell whether this is the result of a momentary strengthening in JPY, a weakening in AUD, or simply traders taking profit in AUDJPY. In other words, to what extent the price chart is the result of a shift in strength, or conversely, that strength is the result of traders trading the chart (or fundamentals, or whatever). As I pointed out in post #20, RS is NOT a leading indicator, but it is no more lagging than price itself. Price and RS move in concurrent harmony with each other.

I will try explain the correlation aspect further. RS tells us that, at the moment, AUD and NZD are frequently highly correlated, as are EUR and CHF, and also USD and JPY. Hence under these circumstances, AUDNZD, EURCHF and USDJPY are all inferior candidate trades. GBP and CAD tend to 'float'. Hence a trade like EURGBP becomes viable when EUR and GBP are moving in opposite directions. Lately on the H1 RS I find AUD and NZD are frequently negatively correlated (moving in opposite directions) to USD and JPY. When GBP and CAD move with AUD and NZD, I assume that this means that USD and JPY are particularly strong (or particularly weak). I find myself frequently trading AUDJPY with some success. USDCAD has also been good to me lately.

If I trade 2 pairs simultaneously, then I try to reduce potential correlation a little, by at least ensuring that 4 different currencies are involved, e.g. AUDJPY and USDCAD.

I totally agree with your statement that the more currency pairs offered by the broker, the more comprehensive the RS picture becomes. And also that RS operates independently in that it's primary function is pair selection, i.e. it doesn't interfere with the TA that you choose to trade a given pair.

There are some good posts on the forum by forexharry, who is apparently very profitable using his own RS-based scalping technique. If I understand him correctly, he uses the TopGun software with an e-Signal data feed. But I can't see any reason why the RS concept couldn't be used with MT4 to achieve much the same result.

You might like to check out the Recent Candles and Candle Indentifier indicators. I'm not trying to promote them (they're FREE, of course ), but I designed them specifically for use in conjunction with RS.

Thanks again for the feedback, and good luck with your trading.

David
  • #60
  • Edited 7:01am Aug 10, 2009 6:38am | Edited 7:01am
Quoting hanover
Many thanks for the feedback.

I had really high hopes for this indicator (my reasons in post #20). They have since diminished a little, but I nonetheless still find it very useful.
As I understand it properly – RS gives us an estimate of supply/demand for a currency.

Of course its predictive power is limited – as anything can happen at every moment completely changing market situation. However – in my opinion (in general) “predictive power” of RS is better than any other indicator because it catches a glimpse of the “whole supply/demand” for a currency on the market. And it is far easier to change situation (for example for a big institution) on a single pair than on every pair containing our chosen currency. The same applies for news non related to chosen currency.

Hope you understand my English

So part of the power of RS is in “catching the whole market”.

I believe that “next generation” of indices will take into consideration two factors:

 

  1. situation of the currency on the market (not a pair) – RS is an excellent example,
  2. multi time frames (there are some indices present, I believe their number will increase in close future),
  3. correlations – on TF of choice (at this moment I don’t know any indicator showing the CURRENT correlation between pairs).


Ad. 3: sometimes I see that on M1 pound precedes euro or euroyen – for example moves on pound are two, three seconds before for example euro. Such a situation can last a 30 mins or an hour. It means that ….

I like the Renslik’s concept of “aggregation of edges” – RS improves probability of wins as it gives additional information (edge) - outside the single pair - from the whole market.

Quoting hanover
I trade predominantly H1 candle patterns (taking S/R into consideration), hence I start by looking at the Recent Strength (RS) H1 chart. I have the RS settings at: NumPoints = 15, BasePoint = 0, HistoricalShift = 0, SmoothingSMA = 4. The H1 chart confirms which currencies are rising, and which are falling. However, it's usually just as easy to see this by looking at price charts.

For an H1 trader, the H4 and D1 RS is more useful, IMO. They tell us which currencies are trending most strongly/weakly in the next longer wave(s). So I use the H4/D1...
Yes, I see it as a natural application of RS – H1 can be a point of entry to a D1 trend after a retracement with strong RS reading. This means that for example demand for a one currency is strong and for a second – supply is strong. This increases probability of a winning trade ie. edge.

I will test RS with your settings when I’ll be back, have two weeks leave now. Most of my trading is scalping, but I start with an examination of situation on higher TFs.

Quoting hanover

The 'double edge' idea (i.e. that both currencies must reverse in RS, to effect a reversal in the price chart) is partly negated by correlation.
I’m always trying to understand what market behavior lies behind the indicator. So I will try to imagine what occurs on the market when the retracement/reversal is present.

And the second question: can a RS “predict” a reversal or retracement and if answer is yes - when. Seriously I doubt, but....

The correlation is imho only one problem here. I’ll think about it.

Quoting hanover
Let's say we are considering AUDJPY, and AUD is rising while JPY is falling. Double reversals tend to happen frequently, i.e. AUD will fall and JPY will rise, temporarily, along with a pullback in the AUDJPY chart. It's difficult to tell whether this is the result of a momentary strengthening in JPY, a weakening in AUD, or simply traders taking profit in AUDJPY.
This last situation we can filter out by temporarily excluding the AUDJPY from RS (I’m not sure if I am right).

Also some light can be shed by the situation on the market on AUD JPY– if a strong trendline, S/R, Fibo or Pivot are present.

Quoting hanover

In other words, to what extent the price chart is the result of a shift in strength, or conversely, that strength is the result of traders trading the chart (or fundamentals, or whatever). As I pointed out in post #20, RS is NOT a leading indicator, but it is no more lagging than price itself. Price and RS move in concurrent harmony with each other.

To me strength (or weakness) is an other word for strong demand/supply for a currency. It is a feature of the currency at given moment.

Shift on the particular pair (AUDJPY) can be caused by different factors: news (on second currency), technical situation (S/R, Fibo, Pivots) – when strength of a currency generally (i mean “across the market”) remains “almost” steady.

Quoting hanover
I will try explain the correlation aspect further. RS tells us that, at the moment, AUD and NZD are frequently highly correlated, as are EUR and CHF, and also USD and JPY. Hence under these circumstances, AUDNZD, EURCHF and USDJPY are all inferior candidate trades. GBP and CAD tend to 'float'. Hence a trade like EURGBP becomes viable when EUR and GBP are moving in opposite directions. Lately on the H1 RS I find AUD and NZD are frequently negatively correlated (moving in opposite directions) to USD and JPY. When GBP and CAD move with AUD and NZD,...
Very interesting observation! I’ll cant wait to study RS further.

Quoting hanover

I totally agree with your statement that the more currency pairs offered by the broker, the more comprehensive the RS picture becomes. And also that RS operates independently in that it's primary function is pair selection, i.e. it doesn't interfere with the TA that you choose to trade a given pair.
Selection of a “probably best pair to trade” (“Miss of the pairs contest” ) is a first and a natural application of RS.

But I believe we can find many other ways to extract additional info from the market thanks to RS.

For example what means that there is a sharp (more than 45 degres) rise/fall of a currency/ I believe that it means that supply/demand is rapidly increasing across the market. Will this info give us an additional edge?

Well... yes if one pair is "lagging" - ie. has readings as before and other pairs are strongly moving. If we can find such a situation - it can be a winner...

Another interesting question...

Quoting hanover
There are some good posts on the forum by forexharry, who is apparently very profitable using his own RS-based scalping technique. If I understand him correctly, he uses the TopGun software with an e-Signal data feed. But I can't see any reason why the RS concept couldn't be used with MT4 to achieve much the same result.

You might like to check out the Recent Candles and [url="http://www.forexfactory.com/showthread.php?t=155529"]Candle...
I’ll study TopGun, there are a couple of videos (HeatMap or Multimap), I’ll watch ‘em in a spare time.

Thanks again for an excellent piece of work…

Dariusz

Edit:

When we see diminishing RS (tending to zero) we can expect that a trend is going to an end. This could be a forewarning sign – signal for exit, or potential signal for entry.

Sometimes it could be a good sign of a market reversal – for example strong trend is approaching important S/R and it loses steam or is uptrending strongly when reading of RS is close to zero or negative.

This could show us that there is a high probability that someone is hunting stops present near S/R on our pair. Overall demand is weak and one pair is moving fast up... Suspicious at last. Some screen time can give us an answer I believe.
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