Currency Strength Meter

Ya big sook.

How about using an Index based approach? This may give you a more balanced macro perspective on the best pair selection.

The Orion Index Gain Analyzer calculates real time LFX index data and compares each major currency using a matrix system as shown below. The trader can then set up custom filters so that when two currencies satisfy the custom filter requirements the system creates an alert with a trading candidate. The candidates are essentially alligned with market flow over the timeframes the traders has used within the filter. In other words you're buying the strongest currency and selling the weakest currency hence trading with market flow. You could refine an entry mechanism using PA derived support/resistance/pivots etc. Arguably, indicators are too lagging to be used with real time flow data.

The tool doesn't need LFX data on the platform - it dynamically derives it irrespective of the MT4 platform.



Available here

Index Analysis for 13/10/13 07:24 GMT

http://www.fxalgotrader.com/Website%...010130724.html

Special Offers for the Orion Index Analysis Tool - normally $149.95 - currently on special offer for $99.95 here

Main site: www.fxalgotrader.com

Suffix platform like EURUSDFXF you mean? Yes, and Prefix. There is an entry in Settings to add either. Send an email to steve [at] wyfxco.com

hi to everyone here - does somebody know where to get the microsoft XL spreadsheet for that shows currency strengths please? does somebody here know if this works then with microsoft office 2010 also? Is it needed to contact tomas yeomens by site and email to pay for this? and also is this the same man as henry lieu and his meter

You can try this one: http://www.forexfactory.com/showthre...07#post7611307. The original uses a fixed number of bars from every single bar. My modified one uses a set point (time) to compare price.

Ok this is so good and I can also pay for this for the different metatrader for now

now the computer is lock up from time from it and do you have instructions for this

I'm sorry, I don't understand your question. You may need to clean all the temp files and garbage that computers collect. It is still running fine on my PC with 3 on 1 chart.

i am apologetic to have bother it was my computer fault

Anybody have strategy with currence strenght metter?

Here are few currency meters website:

http://finviz.com/forex.ashx

http://www.livecharts.co.uk/currency-strength.php

reference from http://mt4tt.blogspot.sg/2014/10/currency-strength.html

Or go for a Real Time FX Index Based Approach... now this is powerful...... no pair specific mumbo jumbo - just the currency specific real time index....

http://www.fxalgotrader.com/Products...-Analyzer.html

Platform independent Java based tool with historical data logging and email based alerts when pairs meet trader defined filter criteria.

So based on today's index data (19/02/15)when ranked into strength and weakness - the best pairs to trade - depending on your chosen trading timeframe would be Long GBPCHF - Long GBPAUD... check the charts to see why..... essentially a trader using index based techniques is aligning themselves with market flow/trend. So buy the strongest currencies and sell the weakest.... no need to top down analyse 28 charts... the tool does all the work for you...

NOTES: the data logging screenshot is not current data... to get the most recent historical index data you would need to have the tool running on your machine for some time.

Plus, short term index data ie H1 can change drastically as flow comes into the market on the Frankfurt/London open so day traders should be watching the H1 and H4 index data carefully. The historical index data is a useful way to analyse the move of currencies from strength to weakness and vice versa... the logging facility records all index data over the analysed timeframes - so for the smart traders out there the longer term index changes are of key importance.

tarrentino,

Pardon my ignorance, but what is LFX index data? What does LFX stand for? Is it futures contract data?

Why does it stop at the H1 tf?

In you experience is the information gathered form the D1 H4 H1 part of the matrix usable when trading M5 and M15 tfs?

Thank you,
Rapid

Hi,

LFX is an abbreviation for the Lite Forex currency index data which the LiteForex brokerage used to produce. FX AlgoTrader recreated the LFX index data in real time using the LFX formulas so that traders can generate real time LFX index data on their own MT4 platform. LiteForex no longer publish currency index data so currently there isn't really any way of getting this data unless you code it yourself. The formula is based on spot prices so no forward contracts.

The index data is based on H1 timeframes and upwards as the lower timeframes are too noisy to be used with any consistency. If you think about it, the Hourly index will reset every hour so you need to look at H1, H4 and up to get a feel for where the flow in the market is. If you look at M30, M15 etc there would be too much transient data to be of use. If you must trade M5 and M15 the longer term index data is absolutely critical as it will help you to align your trading direction with the market flow/trend. So even if your entry on M5 or M15 isn't great.... if you're aligned with the market flow the chances of a decent outcome are massively increased...

BUT... more importantly still - using index data shows you immediately what the best pairs are to trade.. no need to do boring top down analysis on 28 charts... you can see instantly what's hot and what's not in terms of currencies... then you can make an optimized pair selection - ie sell the weakest currency and buy the strongest... after all the trend is your friend

FX AlgoTrader also produce a platform independent currency index tool based in Java which sucks real time index data from the web (FX AlgoTrader's Index Server to be accurate) - this system also logs historic index data on all timeframes so you can analyse historical index data too. It also produces email based alerts based on a trader defined filter.

So you have a couple of options available to you if you want to use real time currency index data in your trading.

Can anyone help make a currency strength meter looking like the below screenshot with Excel? Thanks in advance

From where can i download this software?

Hi
My sistem need currency strength with arro . can you helpe me ? thanks

We've just updated the MT4 based Orion Index Analyzer to include Email alerts when pairs satisfy the trader defined filter.

For more info check out the Orion webpage.

If you want a currency index analysis tool which is trading platform independent we market a Java based subscription service which you can check out here... it's very affordable at $14.95/month... you can cancel the subscription any time you want with no contract lock ins.