Strength of Pairs indicator | Forex Factory

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Strength of Pairs indicator

  • #1
  • First Post: Edited Jan 3, 2015 2:55am Jun 24, 2010 3:17pm | Edited Jan 3, 2015 2:55am
Here is an MT4 indicator that I developed that some of you might enjoy.
The indicator measures the strengh of 7 major currencies:
EUR, USD, JPY, GBP, AUD, CHF and CAD
This thread explains the concept of measuring the strenght of a currency.
http://www.forexfactory.com/showthread.php?t=159210

//UPDATE Jan 15th 2012 - New version if the indicator with 8 major currencies: NZD has been added.

//UPDATE Jan 3rd 2015 - New version of the multi timeframe indicator with 8 major currencies. Also displays info about spread and swap
**This indicator contains NO external dll's and no 3rd application setups, just the mq4**

The indicator works as follows.. Example EURUSD:
the indicator takes EUR and measures it against USD,JPY,GBP,AUD,CHF and CAD using RSI (default setup)
If RSI > 50 on EURJPY then the EUR gets 1 point, if RSI > 50 on EURGBP then EUR gets 1 point more.
Same measurement is done with the USD.
After all measurements you can end up with as an example EUR 6 points and USD -6 points. That means that the EUR is very strong.
The values are displayed as oscillator. The blue line is the value of the base currency EUR red line is USD
The indicator is named SOP (Strength of Pairs) single timeframe

I have developed the same indicator displaying strength on multiple timeframes. Will post soon..

best regards
Hans
Attached Image (click to enlarge)
Click to Enlarge Name: SOP.GIF Size: 30 KB
Attached File(s)
File Type: mq4 SOP_SingleTimeframe.mq4   18 KB | 1,684 downloads | Uploaded Jan 15, 2012 12:22pm
File Type: mq4 SOP_MultiTimeframe.mq4   22 KB | 851 downloads | Uploaded Jan 3, 2015 2:51am
  • #2
  • Jun 24, 2010 3:37pm Jun 24, 2010 3:37pm
Here is the same indicator with values for multiple timeframes
Use this indicator on smaller timeframes M5,M15,M30

Please notice indicator parameters:
NoOfBars 20 indicator will only be painted for last x no of bars (due to peformance problems)

Timeframe2 60 displays values for H1 timeframe
Timeframe3 240 displays values for H4 timeframe
Timeframe2 1440 displays values for Daily timeframe

If indicator is added to M15 chart and default settings are used, you will have values for M15(current),H1,H4 and Daily

Im sorry about that the indicator looks a bit messy, if some of you have any good ideas how to make it more user friendly.. please post your suggestions...

Enjoy!
Hans
Attached Image (click to enlarge)
Click to Enlarge Name: SOPMulti.GIF Size: 30 KB
Attached File(s)
File Type: mq4 SOP_MultiTimeframe.mq4   14 KB | 1,151 downloads
  • #3
  • Jun 24, 2010 3:50pm Jun 24, 2010 3:50pm
This is an example of a trade I took some time ago. As you can see on the picture, there is a good separation between the red and the blue lines. Means that the USD is strong vs all major currencies on all timeframes and the CHF is weak.
Attached Image (click to enlarge)
Click to Enlarge Name: USDCHF.GIF Size: 20 KB
  • #4
  • Jun 25, 2010 4:42am Jun 25, 2010 4:42am
Add trend lines might be use full
like the attached indicator
Attached File(s)
File Type: mq4 InvChanel.mq4   6 KB | 1,062 downloads
  • #5
  • Jun 25, 2010 6:56pm Jun 25, 2010 6:56pm
look up the user hanover he has an awesome currency strength meter i use it personally and its kickass

regards damien
i pull the trigger when others are fearful---me
  • #6
  • Jul 4, 2010 4:28pm Jul 4, 2010 4:28pm
to be honest, I have no idea how to properly read your MTF indicator. Only two colours, lot of lines and no any descriptions about the currencies
  • #7
  • Aug 13, 2010 1:59am Aug 13, 2010 1:59am
Quoting Goshx
to be honest, I have no idea how to properly read your MTF indicator. Only two colours, lot of lines and no any descriptions about the currencies
I agree that the Multi Indicator can be a bit confusing. If you have suggestions how to improve it, I can create new version.
It is more easy to use the Single Timeframe indicator (see pic on first post)
The Euro is the strongest measured against USD,JPY,GBP,AUD,CHF and CAD
The euro then gets + 6 points. USD is not the strongest, but stronger than average so USD gets 2 points.
If the currency is weaker than average, then you get minus points

The multi timeframe shows the same result, but paints multiple lines for many timeframes. If all red lines are above zero and blue lines are below, then you have a very good entry based on all timeframes (e.g.M15,H1,H4,Daily)

Hans
  • #8
  • Aug 13, 2010 10:08am Aug 13, 2010 10:08am
Quoting hanslachmann
I agree that the Multi Indicator can be a bit confusing. If you have suggestions how to improve it, I can create new version.
It is more easy to use the Single Timeframe indicator (see pic on first post)
The Euro is the strongest measured against USD,JPY,GBP,AUD,CHF and CAD
The euro then gets + 6 points. USD is not the strongest, but stronger than average so USD gets 2 points.
If the currency is weaker than average, then you get minus points

The multi timeframe shows the same result, but paints multiple lines for many timeframes. If all red...
Hans

It is a very good indicator and I think it is quite easy to use and interpret.
I am used to trade with the strengths of currencies and your indicators help me a lot and I know there are a lot of potentials.

Is it possible to add a point when RSI of EUR/XXX is higher than, say , 70?

and If it can provide information ( say I know now EUR got 6 points, but why it got 6 points, which pairs of EUR/XXX is higher than 50?) then I think it is a good way to know more about the REAL strengths of EUR.


sorry for my bad english

Mithras
  • #9
  • Edited 6:48am Dec 10, 2010 5:41am | Edited 6:48am
Hi, I have created an EA that will send automated e-mails with the currency strength list. Auto e-mail will be sent every 4th hour.
If some of you want to receive this. Send me a PM with your e-mail.. will add (or remove) you from the list.

Hans


This is an automated generated e-mail from xxxxx

The currency strenght list @ 10:00 GMT

AUD 9
CAD 4
USD 2
GBP 1
CHF -2
JPY -6
EUR -9
  • #10
  • Dec 10, 2010 10:47am Dec 10, 2010 10:47am
Why not post the ea or are you trying to sell it


Quoting hanslachmann
Hi, I have created an EA that will send automated e-mails with the currency strength list. Auto e-mail will be sent every 4th hour.
If some of you want to receive this. Send me a PM with your e-mail.. will add (or remove) you from the list.

Hans


This is an automated generated e-mail from xxxxx

The currency strenght list @ 10:00 GMT

AUD 9
CAD 4
USD 2
GBP 1
CHF -2
JPY -6
EUR -9
  • #11
  • Dec 11, 2010 12:33pm Dec 11, 2010 12:33pm
Its not for sale.. its free! here it is
important: you need to install SOP SingleTimeframe custom indicator on your MT4 platform. The indicator is attached to the first post on this thread
Attached File(s)
File Type: mq4 MailAlertEA.mq4   8 KB | 1,026 downloads
Quoting toddanderson
Why not post the ea or are you trying to sell it
  • #12
  • Dec 16, 2010 10:03am Dec 16, 2010 10:03am
Quoting hanslachmann
Its not for sale.. its free! here it is
important: you need to install SOP SingleTimeframe custom indicator on your MT4 platform. The indicator is attached to the first post on this thread
Attachment
Hi Hans, great work.

Have you seen Hanovers work?

"Recent Strength Indicator"

http://www.forexfactory.com/showthread.php?t=163158

The algorithm he uses is unknown to me.
  • #13
  • Jan 14, 2012 8:05am Jan 14, 2012 8:05am
Hi Hans,your indicator is great. !
What RSI period is it using?
Is It possible to add NZD pairs?
Thanks
  • #14
  • Jan 15, 2012 11:58am Jan 15, 2012 11:58am
Quoting gorangel
Hi Hans,your indicator is great. !
What RSI period is it using?
Is It possible to add NZD pairs?
Thanks
Attached latest version including NZD.
Im also constructing a website with live updated values from this indicator. Website is not finished yet. (Im trying to make the update every minute)
http://www.carryswap.com under tab Strengthmeter.

Hans
Attached File(s)
File Type: mq4 SOP_SingleTimeframe.mq4   18 KB | 826 downloads
  • #15
  • Jan 15, 2012 12:31pm Jan 15, 2012 12:31pm
Quoting gorangel
Hi Hans,your indicator is great. !
What RSI period is it using?
Is It possible to add NZD pairs?
Thanks
It is using default RSI values: 14 and apply to CLOSE
  • #16
  • Jan 15, 2012 4:04pm Jan 15, 2012 4:04pm
Hi Hans, thank you!!
  • #17
  • Jan 17, 2012 9:30am Jan 17, 2012 9:30am
Hi Hans, I'm sorry to bother you again.
As you know, the RSI tends to flat with longer periods, and with shorter periods it provides a lot of false signals .
I've tried to replace the RSI using an icustom function , but i'm no coder and my skills are very limited.
I wonder if you are interested in develop your SOP indy and maybe use a different oscillator like HLR or turbo jrsx (Attached)
Please let me know. Thanks for your help.
Attached File(s)
File Type: mq4 HLR.mq4   3 KB | 734 downloads
File Type: mq4 Turbo_JRSX.mq4   3 KB | 782 downloads
  • #18
  • Jan 21, 2012 1:04pm Jan 21, 2012 1:04pm
Quoting gorangel
Hi Hans, I'm sorry to bother you again.
As you know, the RSI tends to flat with longer periods, and with shorter periods it provides a lot of false signals .
I've tried to replace the RSI using an icustom function , but i'm no coder and my skills are very limited.
I wonder if you are interested in develop your SOP indy and maybe use a different oscillator like HLR or turbo jrsx (Attached)
Please let me know. Thanks for your help.

Try this modified version. Turbo_JRSX needs to be installed as custom indicator.
Attached File(s)
File Type: mq4 SOP_SingleTimeframe_JRSX.mq4   18 KB | 835 downloads
  • #19
  • Jan 21, 2012 1:09pm Jan 21, 2012 1:09pm
Quoting gorangel
Hi Hans, I'm sorry to bother you again.
As you know, the RSI tends to flat with longer periods, and with shorter periods it provides a lot of false signals .
I've tried to replace the RSI using an icustom function , but i'm no coder and my skills are very limited.
I wonder if you are interested in develop your SOP indy and maybe use a different oscillator like HLR or turbo jrsx (Attached)
Please let me know. Thanks for your help.
Here is the modified version with HLR.
Please post some feedback witch one works best..
Attached File(s)
File Type: mq4 SOP_SingleTimeframe_HLR.mq4   18 KB | 847 downloads
  • #20
  • Jan 21, 2012 6:04pm Jan 21, 2012 6:04pm
Great work!! Thanks a lot . I will try the indys as soon as the market opens.
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