Latest version of CSM is attached to this post.
The indicator now includes a 'Trend Summary' feature which is enabled if you set SummarySpacing to a value > 0. The summary plots all of the CSM values for each TF as a line graph, allowing you to quickly view which currencies are strong across several TFs (colored line is above the midpoint in consecutive TFs) or are becoming stronger (colored line slopes upward). Vice versa for weakness. See screenshot (this uses the default parameter settings).
For example, one possible use might be: find a pair where one currency is above the midpoint (strong) in all of the W1/D1/H4 TFs, and has pulled back below the median line in the lower TFs; then enter immediately its curve starts sloping up again. Pair this against a (weak) currency that is doing the exact opposite.
When currencies are not strong (or weak) on all of W1/D1/H4, the market is in a state of flux, and I suggest using a range trading strategy, or staying out altogether. This is the type of situation shown the screenshot. AUD weakness and CHF strength has dissipated recently, leaving the direction unclear: I've been closing out my AUDCHF sells.
To install the latest update:
--- Download the .mq4 and .ex4 files to your ....(MT4)/experts/indicators folder.
--- Download the .mqh files to your ....(MT4)/experts/include folder (note: the .mq4 file will not compile correctly without these).
--- Then exit and restart MT4.
Happy holidays.
David
The indicator now includes a 'Trend Summary' feature which is enabled if you set SummarySpacing to a value > 0. The summary plots all of the CSM values for each TF as a line graph, allowing you to quickly view which currencies are strong across several TFs (colored line is above the midpoint in consecutive TFs) or are becoming stronger (colored line slopes upward). Vice versa for weakness. See screenshot (this uses the default parameter settings).
For example, one possible use might be: find a pair where one currency is above the midpoint (strong) in all of the W1/D1/H4 TFs, and has pulled back below the median line in the lower TFs; then enter immediately its curve starts sloping up again. Pair this against a (weak) currency that is doing the exact opposite.
When currencies are not strong (or weak) on all of W1/D1/H4, the market is in a state of flux, and I suggest using a range trading strategy, or staying out altogether. This is the type of situation shown the screenshot. AUD weakness and CHF strength has dissipated recently, leaving the direction unclear: I've been closing out my AUDCHF sells.
To install the latest update:
--- Download the .mq4 and .ex4 files to your ....(MT4)/experts/indicators folder.
--- Download the .mqh files to your ....(MT4)/experts/include folder (note: the .mq4 file will not compile correctly without these).
--- Then exit and restart MT4.
Happy holidays.
David
Attached File(s)
hanover --- function header (np).mqh
14 KB
|
3,566 downloads
hanover --- extensible functions (np).mqh
118 KB
|
3,386 downloads
CSM original.mq4
14 KB
|
4,573 downloads
CSM original.ex4
41 KB
|
3,866 downloads
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