csDash (currency strength meter) | Forex Factory

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csDash (currency strength meter)

  • #1
  • First Post: Edited Dec 25, 2020 9:35pm Apr 26, 2015 5:28am | Edited Dec 25, 2020 9:35pm
Latest Version: 1.31

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There is a quite well known Excel spreadsheet that uses the DDE capabilities of MT4 to calculate the currency strength using a formula based on the D1 high, D1 low and bid:


As a spin-off from a different project I'm working on, I have ported this to MT4.

It is a simple EA indicator that should replicate the results of the excel spreadsheet.
It has a few other enhancements (alerts, ability to select other timeframes for the calculation, click-to-open-with-template-applied for each pair) but overall it is a relatively simple thing.


I'm creating a thread here because:
1. A few different systems on FF use the currency strength meter so it makes more sense to have a single thread for it; and
2. It avoids going off-topic on those threads

Please note: it is a (non-trading) EA so you need to put it in the Experts folder.

Some background info and questions answered
First post
Warning messages / Missing pairs
Alerts and waiting
Attached Image(s) (click to enlarge)
Click to Enlarge Name: dashboard.png Size: 38 KB
Click to Enlarge Name: spreadsheet.png Size: 68 KB
  • #2
  • Apr 26, 2015 5:43am Apr 26, 2015 5:43am
Please note: I'm not looking at doing too much development on this version because my main focus is on an MTF version (not ready yet):
Attached Image (click to enlarge)
Click to Enlarge Name: #.png Size: 151 KB
  • #3
  • Apr 26, 2015 6:59am Apr 26, 2015 6:59am
Hi

I just found this and had a quick look
Looks excellent
Will check it live this coming week
Perhaps you could consider making it placeble with simple x/y if you work on it again?
Thanks for sharing!
Don't limit yourself!!
  • #4
  • Apr 26, 2015 8:09am Apr 26, 2015 8:09am
Quoting honestknave
There is a quite well known Excel spreadsheet that uses the DDE capabilities of MT4 to calculate the currency strength using a formula based on the D1 high, D1 low and bid: {image} As a spin-off from a different project I'm working on, I have ported this to MT4. It is a simple EA that should replicate the results of the excel spreadsheet. It has a few other enhancements (alerts, ability to select other timeframes for the calculation, click-to-open-with-template-applied for each pair) but overall it is a relatively simple thing. {image} I'm creating...
First of all, thank you for this great tool and great job .......

My question is, if you can implement an option to select the pairs to follow.
For example, I just do the follow up of 4 pairs, EURUSD, EURJPY, GBPUSD and GBPJPY (no calculation, because I think it is made with 28 pairs) Only when only visualize these four pairs.

I do not know if I explained well, my English is a mess.
  • #5
  • Apr 26, 2015 10:54am Apr 26, 2015 10:54am
subscribed, thanks for sharing your hard work
  • #6
  • Apr 26, 2015 2:25pm Apr 26, 2015 2:25pm
Interesting strength meter, thanks for posting.
I will observe it during live markets.
It never gets easier, you just get better
  • #7
  • Apr 26, 2015 2:30pm Apr 26, 2015 2:30pm
i like it, too. Thank you

Will test it in some hours...
  • #8
  • Apr 26, 2015 3:50pm Apr 26, 2015 3:50pm
Quoting mosiskv
Hi I just found this and had a quick look Looks excellent Will check it live this coming week Perhaps you could consider making it placeble with simple x/y if you work on it again? Thanks for sharing!
Thanks for the suggestion, mosiskv.
I'll do that in the next release because I know not everyone wants it centralized.
  • #9
  • Apr 26, 2015 3:52pm Apr 26, 2015 3:52pm
Quoting chaveznqoos
{quote} First of all, thank you for this great tool and great job ....... My question is, if you can implement an option to select the pairs to follow. For example, I just do the follow up of 4 pairs, EURUSD, EURJPY, GBPUSD and GBPJPY (no calculation, because I think it is made with 28 pairs) Only when only visualize these four pairs. I do not know if I explained well, my English is a mess.
Hello chaveznqoos, thanks for the suggestion.
I understand what you mean but that would take quite a lot of modification, so if I get the time I'll take a look at it. It won't be immediate though
  • #10
  • Apr 26, 2015 3:52pm Apr 26, 2015 3:52pm
Quoting mokuro89
subscribed, thanks for sharing your hard work

Quoting Shabs19
Interesting strength meter, thanks for posting. I will observe it during live markets.

Quoting Draffi
i like it, too. Thank you Will test it in some hours...
  • #11
  • Apr 26, 2015 6:08pm Apr 26, 2015 6:08pm
would be great to add push notification or email notification...

well done, great work
Peace & Pips
  • #12
  • Apr 27, 2015 2:00am Apr 27, 2015 2:00am
Quoting YardiFX
would be great to add push notification or email notification... well done, great work
Hello YardiFX, yes that is easy to do. I'll add it to the next release.
  • #13
  • Apr 27, 2015 5:04am Apr 27, 2015 5:04am
honestknave,

The Bid ratio question.

The green Bar is long, but pale green means ?
The green bar is long but bright green means ?
likewise for the length & colour of the red bar means ?

I do not want to assume what it means can you please explain.
Thank you .
It never gets easier, you just get better
  • #14
  • Apr 27, 2015 5:25am Apr 27, 2015 5:25am
Quoting Shabs19
honestknave, The Bid ratio question. The green Bar is long, but pale green means ? The green bar is long but bright green means ? likewise for the length & colour of the red bar means ? I do not want to assume what it means can you please explain. Thank you .
Good question Shabs19.

See if this answers your question.

If it doesn't, please let me know.

The pale/bright colors are just a simple scale. Pale colors are nearer to the middle of the range. Brighter colors near the extreme.
  • #15
  • Apr 27, 2015 6:03am Apr 27, 2015 6:03am
I did see that before, but not clear.

Bright Green Bar does it mean price has exceeded previous days High ?
Bright Red Bar does it mean price has exceeded previous days Low ?

The Red Bar length does not tally with the length of the Green Bar, as in the strongest Sell / strongest Buy respectively ?

Am I reading this correctly ?
It never gets easier, you just get better
  • #16
  • Apr 27, 2015 6:18am Apr 27, 2015 6:18am
Quoting Shabs19
I did see that before, but not clear. Bright Green Bar does it mean price has exceeded previous days High ? Bright Red Bar does it mean price has exceeded previous days Low ? The Red Bar length does not tally with the length of the Green Bar, as in the strongest Sell / strongest Buy respectively ? Am I reading this correctly ?
This only uses the original excel spreadsheet's calculation method, which doesn't reference the previous day's data.

Bid ratio as a formula is: (Current Bid - Daily Low) / (Daily High - Daily Low)

The bar meter shows the real bid ratio for that pair; it hasn't been adjusted or factored in any way.

Example:
Bid: 1.0175
Daily High: 1.0200
Daily Low: 1.0100

(1.0175-1.0100) / (1.0200-1.0100) = 0.0075 / 0.01 = 0.75 = 75%
So the bar would be drawn green, 3/4 full

Hope that helps..?
  • #17
  • Apr 27, 2015 6:42am Apr 27, 2015 6:42am
Thanks for the explanation, honestknave,

So we are looking at where the current bid price is in relation to current low compared to the current days range.
So if the current Bid Price is the current Low price, we will have no bar showing ?

The colour of the bar has to do with the relative strength of each currency pair as shown in the far right column ( ~ ).
Would it be possible to colour these numbers ?
Higher than +4.0 Bright Green
Lower than -4.0 Bright Red

That would help to see change in strengths.
It never gets easier, you just get better
  • #18
  • Edited 7:03am Apr 27, 2015 6:52am | Edited 7:03am
thanks
Honest
  • #19
  • Apr 27, 2015 6:54am Apr 27, 2015 6:54am
Quoting Shabs19
Thanks for the explanation, honestknave, So we are looking at where the current bid price is in relation to current low compared to the current days range. So if the current Bid Price is the current Low price, we will have no bar showing ?
Yep, that's spot on.
Likewise, if the Bid is the daily high, you get 100% of the bar showing.

Quoting Shabs19
The colour of the bar has to do with the relative strength of each currency pair as shown in the far right column ( ~ ). Would it be possible to colour these numbers ? Higher than +4.0 Bright
At the moment, the color doesn't have anything to do with the relative strength. However, that is a good suggestion and I'll look at incorporating it.

I'm bug fixing the parent project at the moment, but once I'm done with that I'll come back to this and see what improvements can be made. There are a few in the pipeline already.
  • #20
  • Apr 27, 2015 7:33am Apr 27, 2015 7:33am
Quoting Juan007
thanks Honest
You're welcome
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