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Recent Strength indicator

  • #141
  • Apr 18, 2010 9:44pm Apr 18, 2010 9:44pm
nice indicator, thanks David
  • #142
  • Edited 4:17am Apr 23, 2010 4:01am | Edited 4:17am
Download from post #1. Instructions there also.

V 1.08 shows the currency names in the Data Window (press Ctrl-D to obtain the Data Window). This means that you can place the mouse/crosshair over any data point and see the indicator values (from 0 to 100) for all of the eight plots displayed, with the currency name alongside. See attached screenshot. This partially addresses the request in post #134.

Problems downloading? See here.
Attached Image (click to enlarge)
Click to Enlarge Name: recent strength v108.jpg Size: 137 KB
  • #143
  • Apr 23, 2010 5:40am Apr 23, 2010 5:40am
Though i don't use this indi (just have its previous version on my HD; Indi-Collection mania) and yes planning to use this in future (in some way),,,,,
just passing by, i would again take this moment to say "Thank you" for the selfless and hard work and help you do to others by sharing your Special work.
Really appreciate that from heart.
Regards
100 Fold Challenge->Interested? ->https://www.forexfactory.com/thread/32152
  • #144
  • Apr 23, 2010 6:13am Apr 23, 2010 6:13am
Quoting forexsaint
just passing by, i would again take this moment to say "Thank you" for the selfless and hard work and help you do to others by sharing your Special work.
Really appreciate that from heart.
Regards
Thanks.
  • #145
  • Apr 26, 2010 11:05am Apr 26, 2010 11:05am
Hi Hanover

Awesome indicator...tells you what you should be looking at to trade...its priceless..thanks.

Would there be any chance of adding a cross over alert ? or something that could tell us that two currencies are opposing each other, ie moving either further apart or closer together ?

Thanks again...cheers

Andy
  • #146
  • Apr 26, 2010 3:34pm Apr 26, 2010 3:34pm
Quoting ab1
Would there be any chance of adding a cross over alert ? or something that could tell us that two currencies are opposing each other, ie moving either further apart or closer together ?
Hi Andy,

I gave something like you've just described some thought when I originally wrote the indy, and reached the conclusion that it wasn't really suited for alerts. Some reasons why:

1. There are eight different plots; the permutations of potential crossovers, or directional changes relative to each other, would be huge.

2. If the indy is being refreshed frequently enough, or the market as a whole is moving sideways, or the SmoothingSMA parameter is set to a low value, then the lines tend to change direction and cross over each other all the time, which would generate a continuous succession of meaningless 'false' signals.

3. Unlike a price chart, the plot values have no specific meaning, because the way in which the plots are scaled is completely superficial (and moreover, the weighting parameters can be changed, creating a significant effect on the plots). All that's really meaningful (as far as I can tell) is that the angle at which each plot is rising or falling provides a measure of (the changes in) relative strength.

4. Depending on the BasePoint setting, the lines either converge or diverge. If I was going to add any kind of alert, I'd like the concept to be generically applicable, if at all possible.

I'm open to suggestions as to how I might overcome these issues. If somebody can come up with design specifics for generating meaningful signals, then I'll consider the possibility of adding alerts in a later release...... all providing that it's not massively difficult to code, LOL.

Good trading,
David
  • #147
  • Apr 26, 2010 6:58pm Apr 26, 2010 6:58pm
Quoting hanover
Hi Andy,

I gave something like you've just described some thought when I originally wrote the indy, and reached the conclusion that it wasn't really suited for alerts. Some reasons why:


Good trading,
David
Hi David

I hear what your saying....so would there be any mileage in maybe looking to generate a signal when two currencies exceed a certain angle in opposite directions ? For example maybe 45 degrees in opposite directions, this could even be in the inputs and could be changed ? That would a least give an alert and get your attention that something might be happening ?

Anyway just a thought, dont even know if thats possible ? Just a handy addition when your scanning multiple pairs to trade.

Cheers


Andy
  • #148
  • Apr 27, 2010 12:52am Apr 27, 2010 12:52am
Quoting ab1
Hi David

I hear what your saying....so would there be any mileage in maybe looking to generate a signal when two currencies exceed a certain angle in opposite directions ? For example maybe 45 degrees in opposite directions, this could even be in the inputs and could be changed ? That would a least give an alert and get your attention that something might be happening ?

Anyway just a thought, dont even know if thats possible ? Just a handy addition when your scanning multiple pairs to trade.

Cheers


Andy
Same types of problem - the angles are forever changing, and much would depend on which data points the angle is being measured across, and the values in the individual plot weightings. Also the angles converge or diverge depending on the value of BasePoint.

I think I'll pass on this idea, at least for the moment. If it was a quick and easy fix, then fine; I'm currently busy developing other software.
  • #149
  • Apr 27, 2010 5:40am Apr 27, 2010 5:40am
Quoting hanover
Same types of problem - the angles are forever changing, and much would depend on which data points the angle is being measured across, and the values in the individual plot weightings. Also the angles converge or diverge depending on the value of BasePoint.

I think I'll pass on this idea, at least for the moment. If it was a quick and easy fix, then fine; I'm currently busy developing other software.
Ok Thanks for taking the time to have a look anyway and consider the possibilities.

Cheers
  • #150
  • May 8, 2010 10:03am May 8, 2010 10:03am
sry not sure if it's being discussed before but can this indicator be used on ibfx platform
  • #151
  • May 8, 2010 9:35pm May 8, 2010 9:35pm
Quoting yuan83
sry not sure if it's being discussed before but can this indicator be used on ibfx platform
Yes it can - see posts #72, #81, #97.
  • #152
  • May 9, 2010 11:04am May 9, 2010 11:04am
Quoting hanover
Yes it can - see posts #72, #81, #97.
hi hanover,

i have yet to try it; will do so tmr. but i wan to say thanks in advance!
  • #153
  • May 10, 2010 12:11am May 10, 2010 12:11am
Quoting hanover
Yes it can - see posts #72, #81, #97.

hI hanover,

hmmm i faced with some problem, tried to download the Recent Strength.ex4 but ended up with an attachment.php file. is it cos of my com? anyway is that why i cannot drag and attach the indicator to my chart?

sorry for troubling you..
  • #154
  • May 10, 2010 12:41am May 10, 2010 12:41am
Quoting yuan83
hI hanover,

hmmm i faced with some problem, tried to download the Recent Strength.ex4 but ended up with an attachment.php file. is it cos of my com? anyway is that why i cannot drag and attach the indicator to my chart?

sorry for troubling you..
ok managed to dl another copy of that file, but still can't drag and attach to chart. any idea why?
  • #155
  • May 10, 2010 3:11am May 10, 2010 3:11am
Quoting yuan83
hmmm i faced with some problem, tried to download the Recent Strength.ex4 but ended up with an attachment.php file.
For anyone having this problem, you should try to download from the paper clip symbol in the top right corner of the thread. Click that paper clip and you will see a list of all the attachments in this thread. You can then see the latest version of the RecentStrength.ex4 and download it as a zip file instead of the php.

I don't know why downloads sometimes come as php files but it seems to be a common occurrence for many people in many threads. Hopefully this solution helps.
  • #156
  • May 10, 2010 3:22am May 10, 2010 3:22am
Hi Hanover,

This is an outstanding indicator, thank you so much for your hard work on this. Being a bit of a technical biff with the charts, I have been working out this kind of association manually for my own purposes, and as you can imagine it has been time consuming and very inaccurate. So I'm very grateful that you posted this......you've made my life a lot easier.

I have got one problem though. The currencies are not displaying correctly in all time frames as you can see from the screen shot I've attached. I start off with 8 currencies in the Week section, then it drops to 6 in the Day section and finally down to only 4 in the Hour section.

Any idea why this is happening?
Attached Image (click to enlarge)
Click to Enlarge Name: recent-strength.jpg Size: 116 KB
  • #157
  • Edited 6:30am May 10, 2010 6:13am | Edited 6:30am
@yuan83: Flotsom is correct. For more info, please see my post here.

@flotsom: from the info you've provided, my best guess is that it's a data problem. Many MT4 br0kers seem to have bad or missing data on their demo platforms. I'm running exactly the same indy (i.e. the latest version that's downloadable from post #1) and have no problems, hence I don't believe its a software bug. Please refer to post #129 above, especially the paragraph that begins "The next step is optional....". This process, although tedious, needs to be performed only once, and will force data from all pairs/timeframes to be downloaded from your br0ker's servers onto your PC. You will then also be able to see for yourself if data is missing or bad (e.g. spikes down to zero price) on any of the pairs/timeframes. If the data is present and correct, the indy should definitely aggregate and plot it.

When you first attach the indy to your chart, it can take anything up to 15-20 minutes to load all of the available data. That's another good reason to manually force the data to be downloaded, in the manner that I described.

My PC is currently away being repaired (I'm typing this from my wife's desktop). If the above doesn't solve the problem, then let me know who your br0ker is, and (assuming it's demo) I'll download their MT4 platform and investigate further for you........ when I get my computer back (hopefully by Wednesday).

[EDIT] It just occurred to me that another possibility is that you don't have the parameters set correctly. In the example below, the AUD plot will be an aggregate of all of the pairs listed in the C1_Pairs_Wgts parameter. If these symbol names don't match those supplied by your br0ker, then that would cause a problem. However, this would cause missing plots for the currency on ALL timeframes. So it's probably not the cause..... but anyway, just letting you know that it's important to have all of this set up correctly, so that the indy gathers data from all of the pairs offered by your br0ker.

___Currency1___ = "AUD";
C1_Color = Green;
C1_Style = 20;
C1_Pairs_Wgts = "AUDUSD,100, AUDCAD,100, AUDCHF,100, AUDJPY,100, AUDNZD,100, EURAUD,100, GBPAUD,100";
C1_ScaleFactor = 100;
  • #158
  • May 10, 2010 9:09am May 10, 2010 9:09am
Thanks hanover, I went through the process of adding each currency pair to a chart and scrolling through each time frame for a few seconds as you suggested and then reloaded the indicator.....hey presto, it works!

I'm with Alpari UK for my charts. I don't know what the initial problem was caused by, but your advice did the trick so thank you.
  • #159
  • May 10, 2010 8:17pm May 10, 2010 8:17pm
Quoting flotsom
For anyone having this problem, you should try to download from the paper clip symbol in the top right corner of the thread. Click that paper clip and you will see a list of all the attachments in this thread. You can then see the latest version of the RecentStrength.ex4 and download it as a zip file instead of the php.

I don't know why downloads sometimes come as php files but it seems to be a common occurrence for many people in many threads. Hopefully this solution helps.
ok thanks bro
  • #160
  • May 13, 2010 7:13am May 13, 2010 7:13am
Flotsom, in case you are not aware of it Alpari UK are missing several pairs needed for the Recent Strength. This makes the results clearly incomplete and inaccurate when comparing to FxPro which have all.

The pairs missing are GBPAUD, GBPCAD, GBPNZD, NZDCAD, NZDCHF. So both the AUD, GBP, CAD, NZD, and CHF becomes affected. I have a live account with Alpari UK.

I mostly monitor the USD, GBP, and JPY and I personally believe that FXCM gives the most accurate pricefeed. So I use them as a substitute, but then again they don't have the NZDCAD and NZDCHF. At least not on the demo.

Last, thank you very much for the great work you have done hanover
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