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mt4 basket index chart?

  • #1
  • First Post: Aug 16, 2011 6:25am Aug 16, 2011 6:25am
hey guys,

I'm looking for an indicator that draws me a chart based on a basket of currencies - like the dollar index in metatrader 4(sorry I forgot to mention that in the topic, but I can't edit it anymore). However I need this index for all major currencies (aud, eur, chf, gpb, jpy). I've found a lot of indicators that display the dollar index below a pair chart, but what I have not found yet is an indicator that actually creates a new chart, not an indicator below a chart(best would be with high/low/open/close for candlesticks etc). I do not want to trade those charts, but to see how strong/weak single currencies are and do some basic technical analysis on them.

Does anyone know where I can find something like this? It would be enough to have a indicator for i.e. the dollar index chart in that way, I am confident that my metatrader language skills are enough to create other formulas for the other currencies afterwards.

Thanks for any help!!

P.S.: I've already used the search function but I came only up with currency basket lines on indicators below charts, not independent charts.
  • #2
  • May 10, 2012 11:25am May 10, 2012 11:25am
Hello,


Is a great idea, I dont know a MT4 that have all the indexes, but I know a webpage wich have them all:

http://www.finviz.com/futures_charts...URRENCIES&p=d1

is delayed 15 mins. but you can use them to analyse, if want to draw, right-click and save image as .png and use paint to draw your lines

Also I know one plataform that have the indexes, but is not MT4, is called Thinkorswim, google it...

hope it helps...

and by the way is a very very good idea to use indexes to trade strong vs weak pairs in forex... the peope dont realize eur/usd are two instruments... not one.

Cheers and trade safe !
  • #3
  • May 11, 2012 8:15pm May 11, 2012 8:15pm
Quoting herbun
hey guys,

I'm looking for an indicator that draws me a chart based on a basket of currencies - like the dollar index in metatrader 4(sorry I forgot to mention that in the topic, but I can't edit it anymore). However I need this index for all major currencies (aud, eur, chf, gpb, jpy). I've found a lot of indicators that display the dollar index below a pair chart, but what I have not found yet is an indicator that actually creates a new chart, not an indicator below a chart(best would be with high/low/open/close for candlesticks etc). I do not...
Hi ,

Did you ever find an indicator that draws a chart based on a basket of currencies ? On the main chart, of the currency pairs I select?
  • #4
  • May 12, 2012 3:59pm May 12, 2012 3:59pm
hey 12 step

I am working on just that, but most people dont understand that creating a price series with H L O C data will server little benefits and will greatly increase the number crunching time of the indicator. The dollar index is constructed of one line and thats the only thing that is really needed.

The real benefit comes in seeing the 'currencies' compaired as a pair against each other, and in view of its correlation to each other over time.

How ever that correlation can give you some short time 'pair trades'.

Also you can create a major currency index, created with the use of all currencies, IF you can create a common denoranater between them. With this, one can then determine true Relavent Strength of each currency verse the major currency index.

Theres other considerations to handle;
the pip value
spread
swap rates
the correlation between any two Pairs you are considering on trading
etc..

see the screen shot with the JPY pairs...


in the other attached screen shot the AUDNZD shows high positive correlation to each other, but the traders index shows the AUD has droped to 2 an indication of a posible down trend starting. even though both currencies are positively correlated doesnot elimiate them from trading, if the spread between the two is geting wider there a posibility of profits, when the traders index gets below 2 or above 8 theres a trend starting. Also if you had a position in the EURUSD it shows that this pair is not greatly correlated to it and a position in this pair will not be adding similar risk.

theres a lot more to consider but you can see that theres more important things that forming candles of this data.

Keit (just 2 stepping)



Quoting 4xPIPAHOLIC
Hi ,

Did you ever find an indicator that draws a chart based on a basket of currencies ? On the main chart, of the currency pairs I select?
Attached Image(s) (click to enlarge)
Click to Enlarge Name: UsdJpy.jpg Size: 170 KB
Click to Enlarge Name: AUD NZD.jpg Size: 53 KB
Trader Keit ... Methods Of A Dirt Road Mad Man....
  • #5
  • May 12, 2012 4:55pm May 12, 2012 4:55pm
Quoting CockeyedCowboy
hey 12 step

I am working on just that, but most people dont understand that creating a price series with H L O C data will server little benefits and will greatly increase the number crunching time of the indicator. The dollar index is constructed of one line and thats the only thing that is really needed.

The real benefit comes in seeing the 'currencies' compaired as a pair against each other, and in view of its correlation to each other over time.

How ever that correlation can give you some short time 'pair trades'.

Also you can...
Hi CockeyedCowboy,

"theres a lot more to consider but you can see that theres more important things that forming candles of this data."

For you maybe, but maybe you misunderstood me......what I need is for a particular reason....I am not looking for an idea or a system.....I create mine,been trading 20 years and the last 3 I have been trading basket systems, so something like that would be VERY handy for me, that is why I asked for that.
I have created some basket systems that I trade without a chart and would like to chart them, I need to be able to change the "currency pairs" in the basket cause not at all times all currency pairs move with the same momentum....also some times the basket may have 8 pairs and sometimes it may have 12,13,or 15.....anyways....basket are a world of there own so I can go on for ever.
If you read T101 basket trading you will find basic basket trading but it gets a lot more complicated than this, but it is a good place to start.

I do want to thank you very much for tying to help.

PIPAHOLIC
  • #6
  • May 13, 2012 10:44am May 13, 2012 10:44am
I see your vareing your basket and trading multiple pairs at a time, where as I am holding it constanst and looking for the best situations. I too have been trading 15 years and one has to trade what one believes.


Keit


Quoting 4xPIPAHOLIC
Hi CockeyedCowboy,

"theres a lot more to consider but you can see that theres more important things that forming candles of this data."

For you maybe, but maybe you misunderstood me......what I need is for a particular reason....I am not looking for an idea or a system.....I create mine,been trading 20 years and the last 3 I have been trading basket systems, so something like that would be VERY handy for me, that is why I asked for that.
I have created some basket systems that I trade without a chart and would like to chart them, I...
Trader Keit ... Methods Of A Dirt Road Mad Man....
  • #7
  • Aug 22, 2016 5:57pm Aug 22, 2016 5:57pm
Quoting 4xPIPAHOLIC
{quote} Hi , Did you ever find an indicator that draws a chart based on a basket of currencies ? On the main chart, of the currency pairs I select?
i can get an excellent one , really a dream expert
  • #8
  • Aug 22, 2016 6:10pm Aug 22, 2016 6:10pm
Quoting zakiT
{quote} i can get an excellent one , really a dream expert
You may check the Basket Robots thread, not update though.
No guts, no glory
  • #9
  • Aug 22, 2016 6:11pm Aug 22, 2016 6:11pm
Quoting 4xPIPAHOLIC
{quote} Hi , Did you ever find an indicator that draws a chart based on a basket of currencies ? On the main chart, of the currency pairs I select?
Attached Image (click to enlarge)
Click to Enlarge Name: Untitled.png Size: 122 KB
  • #10
  • Aug 22, 2016 6:17pm Aug 22, 2016 6:17pm
Quoting abokwaik
{quote} You may check the Basket Robots thread, not update though.
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  • #11
  • Last Post: Aug 22, 2016 6:26pm Aug 22, 2016 6:26pm
Quoting abokwaik
{quote} You may check the Basket Robots thread, not update though.
Attached Image (click to enlarge)
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