Coding the most accurate currency strength meter | Forex Factory

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Coding the most accurate currency strength meter

  • #1
  • First Post: Jun 8, 2012 1:41pm Jun 8, 2012 1:41pm
Hi. looks like this is more difficult to program than i thought. Can anybody help me out, I'm not a coder. Calculation formula: http://s7.directupload.net/images/120606/osbbr34k.png Would look like this: http://s7.directupload.net/images/120608/vmvohgeo.png Thanks!!
  • #2
  • Jun 9, 2012 6:26am Jun 9, 2012 6:26am
Pretty sure Hanover did something like that.
Do a search and see if you can find it.
If you think I'm mad, I must be mad
  • #3
  • Jun 9, 2012 1:05pm Jun 9, 2012 1:05pm
Are there not already done.

Name: xMeter!
  • #4
  • Jun 9, 2012 2:37pm Jun 9, 2012 2:37pm
If this indicator would really exist i wouldn't ask here. I know there are all kind of different strength meter available. But for my trading style they are inaccurate and useless. I have my reasons why this indicator must be built on this exact formula.
  • #5
  • Jun 27, 2012 1:40pm Jun 27, 2012 1:40pm
NO Luck

what your looking for is simply a ROC indicator with the history data point achored at 5 pm EST. That is the percent change between real time (current) price and that of 5 pm the anchor. MT doesnot have a ROC indicator but I would bet that one can be found on this forum, by searching for 'ROC' or 'Rate Of Change' with some code changes you can create what your looking for.

A 'Rate Of Change' Indicator by the way is just a form of momentum indicator and not too difficault to program.

Keit




Quoting No-Luck
Hi. looks like this is more difficult to program than i thought. Can anybody help me out, I'm not a coder. Calculation formula: http://s7.directupload.net/images/120606/osbbr34k.png Would look like this: http://s7.directupload.net/images/120608/vmvohgeo.png Thanks!!
Trader Keit ... Methods Of A Dirt Road Mad Man....
  • #6
  • Jun 27, 2012 10:05pm Jun 27, 2012 10:05pm
Quoting No-Luck
they are inaccurate and useless
Any strength meter can be used to trade profitably, if you know how to interpret the information. As with all trading tools, it is the underlying concept that's either robust or not, and profit comes from the way in which a total methodology is applied.
  • #7
  • Jul 28, 2012 11:16pm Jul 28, 2012 11:16pm
Quoting No-Luck
Hi. looks like this is more difficult to program than i thought. Can anybody help me out, I'm not a coder. Calculation formula: http://s7.directupload.net/images/120606/osbbr34k.png Would look like this: http://s7.directupload.net/images/120608/vmvohgeo.png Thanks!!
Handovers strength meter here
http://www.forexfactory.com/showthread.php?t=163158

I like this strength meter the most compared to others becuase Handover had intergrated the use of a base point.

It just makes sense to me. I hope he will continued on improving this meter and updating it.

It only makes sense to me to always trade the strong against the weak.

Ish
  • #8
  • Apr 10, 2013 2:19am Apr 10, 2013 2:19am
Quoting No-Luck
If this indicator would really exist i wouldn't ask here. I know there are all kind of different strength meter available. But for my trading style they are inaccurate and useless. I have my reasons why this indicator must be built on this exact formula.
No-luck.. You can create your own formula based on your trading style with this tool. Really recommended. You don't need to have phd in Maths or Statistic..

Go here chaoshunter.com/manual/ChaosHunter.html?create_the_formula.html

Play with it you might find what you want.

Since u r not coder you may use neuroshell trader and put the formula and trade with it.

Everything in Neuroshell Trader just click and go and no programming required to create trading strategy. Very easy. You get what you paid.
  • #9
  • Apr 13, 2013 10:04am Apr 13, 2013 10:04am
Quoting eto
No-luck.. You can create your own formula based on your trading style with this tool. Really recommended. You don't need to have phd in Maths or Statistic.. Go here chaoshunter.com/manual/ChaosHunter.html?create_the_formula.html Play with it you might find what you want. Since u r not coder you may use neuroshell trader and put the formula and trade with it. Everything in Neuroshell Trader just click and go and no programming required to create trading strategy. Very easy. You get what you paid.
I have no luck to go chasoshunter.com seems like the sub pages is not found.
  • #10
  • Edited 10:59am Apr 13, 2013 10:44am | Edited 10:59am
You can use percent change to calculate strength to compare currencies:

Inserted Code
Momentum = ((New - Old) / Old) x 100
By using a .NET app, it's easy to change the common data point where momentum is calculated, so i slide the candle number bar at the top, depending on the timeframe to gauge sentiment for weekly / daily moves. You can't do this with an MT4 indy, as there's no GUI to interact with the datum point, so it has to be hard-coded.

Attached Image (click to enlarge)
Click to Enlarge Name: 3g2z9Qu.png Size: 120 KB
Politics is the womb in which war develops.
  • #11
  • Jan 2, 2014 6:43pm Jan 2, 2014 6:43pm
I received an interesting indicator.

But sadly it's just an USD Dollar Index.

Please, can anyone makes a strength meter out of that? That would be awesome!
Attached File(s)
File Type: mq4 USDX.mq4   10 KB | 1,406 downloads
  • #12
  • Last Post: Jul 29, 2014 1:14pm Jul 29, 2014 1:14pm
Quoting No-Luck
Hi. looks like this is more difficult to program than i thought. Can anybody help me out, I'm not a coder. Calculation formula: http://s7.directupload.net/images/120606/osbbr34k.png Would look like this: http://s7.directupload.net/images/120608/vmvohgeo.png Thanks!!
If you are still looking try this one I modified. http://www.forexfactory.com/showthre...07#post7611307
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