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Recent Strength indicator

  • #481
  • Feb 14, 2013 3:28am Feb 14, 2013 3:28am
Hi David

Thank you very much for the Screen shot EA It will be of great help.
I use the indicator only as a guide to determine the directional bais for the session .I only use the values of the set at the open of the session.
I trade London session intraday. I use H1 chart only to determain direction . The inputs I use in the CSM indicator are as follows.
Time Frame : H1
Number of Candles : 72 (3 Days of Data)
Apply Smoothing : True
Triangular Weighting : ?? ( My setting is False) I am not sure what it should be
Historical Shift : 0 ( If I want to know what the set looked like 10 days ago I would enter 240 to get the values at that point in time ? )

Thank You
  • #482
  • Feb 14, 2013 3:44am Feb 14, 2013 3:44am
Thank you for the EA it will be a great help
I use the CSM indicator to determine a directional bais at the London open only . My inputs are :
Time Frame : H1
Number of Candles : 72
Apply Smoothing : True
Triangular Weighting : False ( I don`t know what it should be or how it will change the calculation )
Historical Shift : 0 (If want to know what the set looked like 10 days ago at this point in time I would enter 240 )
Am I correct assuming this .
I will appreciate your help

Regards
  • #483
  • Feb 14, 2013 5:17am Feb 14, 2013 5:17am
Quoting Rivabex
Thank you for the EA it will be a great help
I use the CSM indicator to determine a directional bais at the London open only . My inputs are :
Time Frame : H1
Number of Candles : 72
Apply Smoothing : True
Triangular Weighting : False ( I don`t know what it should be or how it will change the calculation )
Historical Shift : 0 (If want to know what the set looked like 10 days ago at this point in time I would enter 240 )
Am I correct assuming this .
I will appreciate your help

Regards
Hi,

The HistoricalShift in CSM appears to work differently to the HistoricalShift in Recent Strength. It's a long time since I wrote these indys, and the code is not easy to follow. In RS you can set a different shift for each TF, as explained in post #1. In CSM, as far as I can tell, the same shift factor is applied across all TFs. Hence if you enter HistoricalShift=1, the M15 histogram will appear as it did 15 minutes ago, while the M30 histogram will appear as it did 30 minutes ago, and so on. In other words, there is no way of viewing all TFs as they were at the same historical point, because each will effectively be shifted a different number of minutes. This greatly reduces the worth of the HistoricalShift parameter.

Hence the best way to see what historical values were at a certain point in time, is to use the Screenshot EA.

For whatever it's worth, I use NumberOfCandles=25, ApplySmoothing=true, TriangularWeighting=false. As best as I can recall, here's how they work:

i) If ApplySmoothing=false, then TriangularWeighting is ignored, and the value calculated for each pair is simply the rise/fall from candle #25 (if NumberOfCandles=25) to the current price.

ii) If ApplySmoothing=true, and TriangularWeighting=false, then the rise/fall for each candle from candle #25 to candle #1, from that candle to the current price, is averaged to give a 'smoothed' value over the last 25 candles.

iii) If ApplySmoothing=true, and TriangularWeighting=true, then the rise/fall from candle #25 to current price is multiplied by 1, the rise/fall from candle #24 to current price is multiplied by 2, the rise/fall from candle #23 to current price is multiplied by 3, ........ the rise/fall from candle #1 to current price is multiplied by 25, before the averaging takes place. This attaches an even higher weighting to the most recent candles.

Then the calculation proceeds as explained in post #426.

The rest of your questions are strategy based, and there is no one best-fits-every-strategy solution. It is somewhat like asking which is the best moving average to use, a SMA or an EMA? Ask 2 different traders, you'll get 2 different answers (and a third trader will say that he doesn't use MAs at all). An indicator is merely a tool and everybody uses them differently. I am simply using strength indys to get a rough idea of which currencies are the strongest and weakest in the H4/D1/W1 TFs. But this is not likely to suit an intraday trader who trades the London open.

David
  • #484
  • Feb 14, 2013 5:35am Feb 14, 2013 5:35am
@Rivabex:

Here is an example of the way that I use the strength indys. You can see that NZD (blue) is significantly stronger than GBP (red) in all of the H4/D1/W1 TFs. Therefore, everything else being equal, selling GBPNZD gives me the highest probability of accessing the strongest, cleanest trend. As you can see from the price chart, this currency is currently falling (red arrow).

Note how this is also borne out by the blue and red plots of the RS indy. Hence it is not the exact values that are important to me; it's just knowing which currencies are strongest and which are weakest, preferably across multiple TFs. Given my trading horizon, that happens to be H4/D1/W1.

Of course any of these trends can turn around quickly and easily enough; nothing is guaranteed in forex, LOL. But one must either trade 'conventionally', by assuming that the current trend will continue; or trade counter-trend, when one believes that the current trend is overbought or oversold, and/or has met a roadblock (e.g. support/resistance) or another powerful reason that is likely to cause an imminent reversal.

I am not saying that you should trade this way; rather I am trying to illustrate that the way I use the indys is not necessarily suitable for the way that you might use them, to trade the London open.
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  • #485
  • Edited 12:54pm Mar 25, 2013 9:23am | Edited 12:54pm
  •  winn
  • | Joined Aug 2009 | Status: photography-Fotografie-фотография | 63 Posts
1. hi, hanover, what's exactly meaning for the circling words? can you point the download link?

2. how to add XAUUSD; XAGUSD; XAUAUD PAIRs to recent stregth indicator _

and other question: do you have an indi that show montly, weekly, daily's open, high low close price?

thank you very much
Attached Image
gold
  • #486
  • Mar 25, 2013 7:30pm Mar 25, 2013 7:30pm
Quoting winn
1. hi, hanover, what's exactly meaning for the circling words? can you point the download link?

2. how to add XAUUSD; XAGUSD; XAUAUD PAIRs to recent stregth indicator _

and other question: do you have an indi that show montly, weekly, daily's open, high low close price?

thank you very much
1. Signal indicator.

2. It can't be done. Reasons:
(i) MT4 allows only 8 buffers, hence it's possible to display only 8 currencies.
(ii) Even if you added the pairs as shown below, the way pips are defined for metals differs from br0ker to br0ker (Recent Strength has not been programmed to take these into account), and would distort the results:
C8_Pairs_Wgts = "EURUSD,100,GBPUSD,100,AUDUSD,100,NZDUSD,100,USDCAD,100,USDCHF,100,USDJPY,100,XAUUSD,100,XAGUSD,100";

Also, it would distort any comparison, if you were to include metals in the USD and AUD plots, but not for the other currencies.
If you want to view relative strengths for more than 8 instruments (including metals), see Oanda's heatmap page.

3. Sorry, I don't have one. But there's almost certain to be one around the forum. Try performing a search, or posting a new thread (that will have more visibility than posting here). Or try forex-tsd.com or Google.
  • #487
  • Mar 25, 2013 9:20pm Mar 25, 2013 9:20pm
Hanover -

Thanks for this, been looking for something reliable along these lines, preferable using RSI for the calculation.
So thanks, and you tend to make some really cool stuff (i am not always able to upload them successfully)
<---Look Left
  • #488
  • Mar 25, 2013 10:19pm Mar 25, 2013 10:19pm
hallo hanover,
how to set the MA when Stoch line under the line 80 shows to sell and when Stoch on level 20 shows to buy, and TP free. can give an idea? sory for my english .. thank you very much.
Nile (Malaysia)
  • #489
  • Edited 6:57am Mar 26, 2013 6:35am | Edited 6:57am
  •  winn
  • | Joined Aug 2009 | Status: photography-Fotografie-фотография | 63 Posts
to, hanover
the informations you gaven are quite appreciated,
I almost ignored Oanda online service before.

"Currency Strength Giriara.mt4 " I downloaded yesterday from your post, is it possible to add XAU, XAG to this indi?

have a great day
thank you very very much..........



Quoting hanover
1. Signal indicator.

2. It can't be done. Reasons:
(i) MT4 allows only 8 buffers, hence it's possible to display only 8 currencies.
(ii) Even if you added the pairs as shown below, the way pips are defined for metals differs from br0ker to br0ker (Recent Strength has not been programmed to take these into account), and would distort the results:
C8_Pairs_Wgts = "EURUSD,100,GBPUSD,100,AUDUSD,100,NZDUSD,100,USDCAD,100,USDCHF,100,USDJPY,100,XAUUSD,100,XAGUSD,100";

Also,...
gold
  • #490
  • Edited 1:37pm Mar 26, 2013 1:12pm | Edited 1:37pm
@IequalS: this thread/indicators is unrelated to RSI.

@nile: this thread/indicators is unrelated to Stochastic.

@winn: re adding XAU, XAG to Giraia indy, same problems re comparisons and distortion, as explained in my previous post.
  • #491
  • Mar 26, 2013 5:38pm Mar 26, 2013 5:38pm
It is indeed a limitation than you can only use 8 buffers in MT4; here's 22 pairs showing momentum from this sunday's open (192 candles on 15min TF); black line is EURUSD and top three pairs are CADCHF, AUDCHF and USDCHF, so underlying swiss weakness creeping in.

Added support / resistance line, so you can see the majority of momentum is to the downside (lowest 3 = EURCAD, EURAUD & EURJPY).

So there's a common denominator of CAD and AUD strength building for the week, which corroborates with this headline today in the run up to easter weekend (CAD is a commodity pair):

Quote
Biggest 3-Day Surge In 8 Months Drives Oil To 5-Week High On No News
Link

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Politics is the womb in which war develops.
  • #492
  • Mar 27, 2013 2:34am Mar 27, 2013 2:34am
Quoting FiatFap
It is indeed a limitation than you can only use 8 buffers in MT4; here's 22 pairs showing momentum from this sunday's open (192 candles on 15min TF); black line is EURUSD and top three pairs are CADCHF, AUDCHF and USDCHF, so underlying swiss weakness creeping in.

Added support / resistance line, so you can see the majority of momentum is to the downside (lowest 3 = EURCAD, EURAUD & EURJPY).

So there's a common denominator of CAD and AUD...
Nice work.
  • #493
  • Apr 4, 2013 6:11am Apr 4, 2013 6:11am
hi hanover,

I couldn't find the mq4 for recent strength indicator .. where can download it ?

Thanks.
  • #494
  • Apr 15, 2013 3:18am Apr 15, 2013 3:18am
Hi Hanover
I find your CSM-Giraia indicator one of the best indicators I have ever encountered. I use it all the time while trading.
Is it possible to display two decimals after the point?
Would you be so kind to add a feature that it can be shown in a subwindow?
Many thanks in advance.
  • #495
  • Apr 15, 2013 5:52am Apr 15, 2013 5:52am
Hi Hanover
I succeeded solving it. By changing the parameter "R3.1" to "R3.2" it displays two decimals points. I also found out that it is simple to create the ability to display it in a subwindow by changing the code ObjectCreate.
Therefore no assistance is needed anymore.
Many thanks for sharing your genial CSM and its code.
  • #496
  • Apr 27, 2013 5:27am Apr 27, 2013 5:27am
Hi to everyone here and especially the code guru OP @Hanover.
Please I am looking for an indicator that shows the weakness and strength of individual currency in real time. Example Eur = weak vs JPY = strong. If both are same = neutral (ranging or no trade). That's across all time frame. I am developing a method which should give me 95% accuracy all the time only IF I can incorporate this indy as confirmation when my levels are hit before deciding whether to enter the trade or not. Currency strength indy is NEVER used to trigger a trade as standalone but for some confirmation. Waiting for response. Thanks
  • #497
  • May 7, 2013 8:41am May 7, 2013 8:41am
So where is the indicator?

Quoting jokanok
Hi Hanover I find your CSM-Giraia indicator one of the best indicators I have ever encountered. I use it all the time while trading. Is it possible to display two decimals after the point? Would you be so kind to add a feature that it can be shown in a subwindow? Many thanks in advance.
  • #498
  • Edited 2:01pm Jun 9, 2013 11:43am | Edited 2:01pm
I installed but it does not work.Please see screenshot and help me. My currency suffix is .Pro . Maybe I did error when I setup it. Can you please help me how will I setup it and than how will I setup symbol suffix .Pro? I am new to mt4 indicators.
Attached Image
  • #499
  • Jun 10, 2013 8:19am Jun 10, 2013 8:19am
Quoting agulerer
I installed but it does not work.Please see screenshot and help me. My currency suffix is .Pro . Maybe I did error when I setup it. Can you please help me how will I setup it and than how will I setup symbol suffix .Pro? I am new to mt4 indicators. {image}
Try zooming in/out on your chart
  • #500
  • Jun 10, 2013 9:45am Jun 10, 2013 9:45am
Hi Hanover is possibel make an indicator to give us an alert when one happens engolf, so with this warning was not always need to monitor the pairs we are considering.
greetings.
jvbs
Work very hard until you get there (excuse my english)
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