Free indicator

Hello, I have been learning to code mql4 to start building my own expert advisors and I made this relative strength indicator for a friend.

You need to specify the window you will put it in, the main chart window is 0 so the first extra window is 1, etc. I should be able to work out how to put it in the right window anyway but it's early days yet and I have a lot to learn. You can alter the ma used to calculate the relative strength on the 1 min chart. You can also alter the font size and gap between lines so you can make it bigger or smaller.

Any coder who looks at the code will probably fall off their chair laughing as I have obviously not got the hang of using arrays and loops yet so it's all longhand. Copy and paste helped a lot. Eurchf is calculated manually because VantageFX who are my broker no longer offer this pair. There is SOME nifty coding in there.

The strengths are worked out by looking at each pair and finding whether the price is above or below the 200 sma. The currency that is "winning", ie stronger, gets a point. Each pair is scored between 0 and 7 with 0 being weak and 7 being strong. This is done for 4 different timeframes. Obviously the 1 min changes fairly frequently.

As far as I can tell the code is robust despite being longer than strictly necessary. I'm happy to share this for free as someone might find it useful. Seeing the relative strengths of the 4 different timeframes on the same indicator could be useful to find the best pair to trade if you're into trading lower timeframes.

I am in the process of building expert advisors to run my mechanical end of day systems. I have one up and running now with a trade explorer but there have been no trades as yet. I have two other systems coming online shortly. If you would like to know more as well as keep up to date day to day with my free systems just go to www.hughbrissforex.com and register for free.

By the way, if you are good at coding and would like to let me know how I could have done this with less code (I know it's arrays and loops but how exactly?) then feel free. Thanks.

Edward/Hugh Briss

Here's an update. I've changed the timeframes to m5, m15, hourly, h4 and daily. If anyone is interested in the coding I have managed to use arrays and loops to significantly shorten the code. It may still not be the most elegant coding but I'm pretty pleased with it for now, I'm learning fast. I hope someone likes this and finds it useful.

Great indicator, Edward.

Just a couple comments. First, it would not let me install it in window #7. It installed in window #2.

Then when I deleted it, it left all the many objects in window #2 that had to be deleted manually.

I currently have it on a separate chart that I use for the big picture. - Richard.

Hi Richard, glad you like it. I know there are a lot of relative strength indicators about but this fits what my friend wanted so I did it. Sorry about the window problems, I'm yet to work that one out. It normally deletes it all when I remove the indicator. I will try to figure out how to put it in the first available window slot like most indicators do...

Here are another two indicators that do similar things. The first is the 4 hour relative strength and the second is the daily. They don't always refresh perfectly and sometimes overlap, it's something I'm working on sorting out.

Here's how I have been using them myself recently alongside my automated trading.

First look at both indicators together and if one currency is in the top section (coloured red) then that is a currency to be buying. If there is a currency in both of the bottom (blue) sections then that is the one to sell it against.

Pull up the pair selected on an hourly chart and most of the time it will be trending in the direction suggested by the relative strength analysis.

Now just trade that pair in the right direction. It is as simple as identifying support and resistance, buying at support and selling at resistance in the direction of the relative strength analysis and the trend... Don't overcomplicate things.

Good luck.

I also have these attached to my overview chart. I normally associate red with a bearish situation so it takes a little mental effort to remember to buy the red ones.

What do the colours mean on the Clives version?

Thank you for all the many hours you have put into your threads. They are great study material.

No worries. On the version in the bottom window the colours are red for the strong currencies in each timeframe and blue for the weak ones. I've got an updated version I'll post when I get to my other computer.

I need " Candles Ratio " mt5 indicator which is designed to identify specific types of price action based on the relative size of the candlestick body compared to the body of the previous candlestick and on the relative size of the wicks (or shadows) compared to the body of the candlestick.

Formula
Candle Body % = (Candle Body Length / Previous Candle Body Length) *100
Candle Opening Wick % = (Candle Opening Wick Length / Candle Body Length) *100
Candle Closing Wick % = (Candle Closing Wick Length / Candle Body Length) *100

In mt5 Indicator " Candles Ratio " parameters window I can choose what type of candles should be finding:

Inputs
Candle Body % = 200
Candle Opening Wick % = 20
Candle Closing Wick % = 30