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Recent Strength indicator

  • #201
  • Aug 14, 2010 8:28am Aug 14, 2010 8:28am
Quoting Tread
From the first page mate

Yes my mistake, I always think the word "script" as meaning program source code, and in most cases that would be correct, but I keep forget that MT uses the word differently. Sorry.

Nice graphics, by the way, which software do you use to create it?
Keit
Trader Keit ... Methods Of A Dirt Road Mad Man....
  • #202
  • Aug 14, 2010 10:52am Aug 14, 2010 10:52am
I use a program called Snagit v 10... very nice piece of software
  • #203
  • Aug 14, 2010 2:55pm Aug 14, 2010 2:55pm
Quoting Tread
I use a program called Snagit v 10... very nice piece of software

I am going to try it out, thanks. I currently use IrfanView to capture the screen but the colors are not good with it.... or may be I should clean the dust of my monitor so the colors come out better...
Trader Keit ... Methods Of A Dirt Road Mad Man....
  • #204
  • Aug 24, 2010 3:42am Aug 24, 2010 3:42am
Thanks for this great free indicator.
Thanks for your efforts.
  • #205
  • Aug 25, 2010 7:21am Aug 25, 2010 7:21am
Quoting antoniomago
Thanks for this great free indicator.
Thanks for your efforts.
You're welcome. Thanks for the feedback.
  • #206
  • Aug 25, 2010 7:28am Aug 25, 2010 7:28am
Quoting hanover
I don't know how it's possible to predict the future.
Lol, that's because it's not.

Don't worry, you're not the only one who doesn't know.
  • #207
  • Aug 31, 2010 11:40am Aug 31, 2010 11:40am
Nice one, thanks for sharing - looks a bit like my eyeballs after a long haul trading !

pipdit
  • #208
  • Oct 1, 2010 7:56am Oct 1, 2010 7:56am
Hello Han,

On your post #7, I think there is an typo. Please see green fonts below.

Note that this assumes that you've set the weights for each pair the same, i.e. 100. But if you've set the weight of AUDUSD to 200, then the calculation becomes [200 x AUDUSD(13:00) / AUDUSD(11:00)] + [100 x AUDUSD(13:00) / AUDJPY(11:00)] + [100 x AUDNZD(13:00) / AUDNZD(11:00)]

Note that this assumes that you've set the weights for each pair the same, i.e. 100. But if you've set the weight of AUDUSD to 200, then the calculation becomes [200 x AUDUSD(13:00) / AUDUSD(11:00)] + [100 x AUDJPY(13:00) / AUDJPY(11:00)] + [100 x AUDNZD(13:00) / AUDNZD(11:00)]

Also wondering if RefreshEveryXMins is set active, the OutputFile should be refreshed as well? This way people can use Excel on real time.

Thx Han!
  • #209
  • Oct 1, 2010 3:46pm Oct 1, 2010 3:46pm
Quoting slowpork
Hello Han, .........
Thanks for pointing out the typo. Unfortunately, it's too late for me to go back and change the post.

The output file is rewritten every time the plot gets updated, which is determined by the RefreshEveryXMins parameter. I've just re-tested it now, and it works as intended. However, if you (simultaneously) have the output file open in another application, and the latter locks the file from write access, then the indy won't be able to update it.
  • #210
  • Oct 3, 2010 1:47pm Oct 3, 2010 1:47pm
Hi,

Your recent strenth indicator looks really good, and it will be a real help in making trading decisions.

I downloaded both the Recent Strenth ex4, and the Recent Strenth txt files to my hard drive.

When I try to install them onto my MT4 platform they show they have been saved as PHP files for some reason?

Now even though the attachment is in the folder, nothing shows up in the custom indicator box...so there is nothing there to attach to my chart.

I must be missing something??
  • #211
  • Oct 3, 2010 2:42pm Oct 3, 2010 2:42pm
Quoting texmade1
I must be missing something??
See posts #168 thru #173.
  • #212
  • Oct 3, 2010 4:48pm Oct 3, 2010 4:48pm
Ok I found the post with the instructions to download from the the attachment box lol
Works fine...



Quoting hanover
See posts #168 thru #173.
  • #213
  • Oct 11, 2010 3:06pm Oct 11, 2010 3:06pm
Happy to join.

My best to all,

Lenoxer
  • #214
  • Oct 11, 2010 3:21pm Oct 11, 2010 3:21pm
Dear Thread,

You'll get the computer issues ironed out. It will be far more difficult to iron out how to best use the indicator. I read the other CCf threads and even tracked the indicator for awhile and put on some demo trades. Theory makes sense: pick and trade pairs based on the relative performance of the currencies involved---you'll have to decide if you're trading convergence or divergence. Thorny question, that one. Practice is, obviously, more difficult. Another main problem, if memory serves, is the lack of scale. In short, there is no way to judge extremes of movement. Said a different way, there is no ability to perceive the range of movement of the various currencies: how far apart is far; how close is close, etc.? You could solve, potentially, the convergence-or-divergence conundrum by being able to judge the limits of the currencies' movement from or toward each other. My 2 cents.

And, my best to all,

Lenoxer
  • #215
  • Oct 31, 2010 11:25pm Oct 31, 2010 11:25pm
This may be a nonsensical question but I'll ask anyway...

Is it possible to adjust the weight of each currency based on the cost of a pip?
  • #216
  • Nov 1, 2010 12:01am Nov 1, 2010 12:01am
Quoting mfurlend
This may be a nonsensical question but I'll ask anyway...

Is it possible to adjust the weight of each currency based on the cost of a pip?
Simple answer is no. Reasons, and possible workaround, explained in post #89.
  • #217
  • Nov 1, 2010 3:53am Nov 1, 2010 3:53am
Quoting hanover
At some point I will try to fix the indicator so that its basis is pips rather than percentages (or at least make 'pips' an option), but I'll need to somehow find a common denominator when summing/averaging the changes in pips across each constituent currency, i.e. NZD is a weighted average of NZDUSD + AUDNZD + EURNZD + GBPNZD + NZDJPY etc. In the mean time it's a case of manually placing one's own estimated values into the Scale Factors.
Not sure whether this help because I didnt read the whole thread. Here is how I create a common denominator for currency index. To find other currency index, you just need to multiply "USD/(1 cluster unit)" with other currency pair.
Attached Image
  • #218
  • Nov 1, 2010 4:36am Nov 1, 2010 4:36am
Quoting ForexQuant
Not sure whether this help because I didnt read the whole thread. Here is how I create a common denominator for currency index. To find other currency index, you just need to multiply "USD/(1 cluster unit)" with other currency pair.
Many thanks for your attempt to help - much appreciated - but I'm afraid it's a case of pearls before swine, as you're talking to a guy who flunked high school math.
  • #219
  • Edited 5:08am Nov 1, 2010 5:06am | Edited 5:08am
Quoting ForexQuant
Not sure whether this help because I didnt read the whole thread. Here is how I create a common denominator for currency index. To find other currency index, you just need to multiply "USD/(1 cluster unit)" with other currency pair.
With all due respect to you all and to the computer's limits,
this formula is a convenient summary to play the span of with a single currency, if displayed in one or more of these ways:

 

  1. a quote sign that calculates every x minutes
  2. a one-line indicator, on or off the chart
  3. a bar / candlestick chart
  4. automated drawing devices between the formula-tick bars and a single currency's bars
  5. common ma-based indicators on the difference between the currencies' average and the current single currency's prices


Maybe I'm skipping too many factors though, such as news in one currency not applying to another currency, patterns typical of one currency having little to do with those of another's, etc.

Wait...
That's an Index, like the S&P or something.

  • #220
  • Nov 1, 2010 5:06am Nov 1, 2010 5:06am
Quoting hanover
Many thanks for your attempt to help - much appreciated - but I'm afraid it's a case of pearls before swine, as you're talking to a guy who flunked high school math.
Ok i'll make it simple. The USD currency index in mt4 code is USDIdx = MathPow(USDCHF* USDJPY * USDCAD / EURUSD / GBPUSD / AUDUSD / NZDUSD, 1.0/8.0);

To find the currency index for EUR, the formula is EURIdx = USDIdx * EURUSD;

Since both USDIdx and EURIdx have a same denominator, you can do addition/subtraction easily.

Hope this help.
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