Currency Strength Meter

I've attached the indicator I've had made. It will show you 3 things:
Overall strength of individual currencies.
Rate of change in strength (strengtheningwea!ening" of individual currencies
#airs whose currencies are diverging away from each other most strongly
$or me %ersonally I am most interested in which currencies are gaining or losing strength rather
than their overall strength reading. &ou should 'e aware that the strength readings on this
indicator( li!e all strength meters( will vary from any and all other strength indicators. I'm yet to
see two different indicators which calculate the strength in e)actly the same way. So the
readings on this may loo! slightly different to what you get on your %referred indicator.
*here are + gra%hs shown %ermanently. *he left most gra%h showing 'lue lines is the strength
meter and will show the overall strength or wea!ness of a currency. , low value of - means a
wea! currency( and a high value of -. means a strong currency.
*he second gra%h showing red and green 'ars dis%lays the rate of change of a currency. *he
more 'ars 'eing dis%layed( the greater the rate of change. Red signifies a wea!ening currency
and green signifies a strengthening currency. It is %ossi'le to have a currency with a high
strength reading on the 'lue gra%h( simultaneously having very high red reading on the rate of
change gra%h showing that it is wea!ening fast. *his is the gra%h I am %ersonally most
interested in.
*here is a third set of gra%hs which will not always 'e visi'le. *his will dis%lay the a%%ro%riate
/%airs/ which are containing currencies which are diverging away from each other most ra%idly.
If no currencies are diverging then no %airs will a%%ear in this area. If currencies are diverging(
then one or more %airs may a%%ear. *a!e a loo! at the image e)am%le 'elow for 3 different
situations you will get with this indicator.
0ow an im%ortant thing to remem'er with this indicator is I have had it 'uilt on my %ersonal
ideas which I had to try and e)%lain to a coder in terms that involved 1ero technical !nowledge. I
!new what I wanted to achieve( 'ut I had no idea /how/ to achieve (i.e. what mathematical
calculations were needed". *herefore there is every li!elihood that this indicator as it stands at
the moment( is not as good as many others availa'le. I would as! that anyone who is interested
in this( to %lease %lay a'out with it and test it out. If you find faults or ways to im%rove it( %lease
share with the rest of us on here.
I ho%e this is of some use to at least a few %eo%le.
*han!s
*he %arameters:
Currencies: the currencies you are measuring against each other. 2y default this is set to 3
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SymbolFixes: this is empty by default, but if your broker uses prefix or suffix, you enter it here.
For example if your broker symbols are "mEURUSD" you enter "m". If your broker symbols are
"EURUSDm" you enter ",m". If your broker symbols are "mEURUSDx" you enter "m,x".
TimeFrame: Set to by default and this !ill mat"h the time frame of the "hart you atta"h the
indi"ator to. #ou "an of "ourse "han$e this %alue to anythin$ you like &',(,)* et"+
StrSmoothing: ,his is a smoothin$ period -. to smooth out the readin$ on the stren$th $raph
&sho!n in blue+.
ChgSmoothing: ,his is a smoothin$ period -. to smooth out the readin$ on the rate of "han$e
$raph &sho!n in red/$reen+.
ChangePeriod: ,his is the number of bars from !hi"h to "al"ulate the rate of "han$e. So if this
is set to 0, the indi"ator !ill measure the amount of "han$e in a "urren"y o%er the last 0 bars, and
then "ompare it to the base point for the "han$e period.
BaseStr: ,his is the point in the past from !hi"h to measure the stren$th of a "urren"y. So if set
to '), it !ill measure the stren$th of the "urren"y o%er the last ') periods.
BaseChg: ,his is the point in the past from !hi"h to measure the rate of "han$e of a "urren"y.
So if set to 1, it !ill use the point 1 periods a$o as a referen"e for then "omparin$ the rate of
"han$e as measured o%er the last 0 periods as spe"ified in the "2han$e3eriod" mentioned abo%e.
ValueOfBar: Ea"h bar in the $raph &no need to "han$e+.
StrLevels: Used for determinin$ the le%els '4' on the bar $raph &no need to "han$e+
ChgLevels: Used for determinin$ the le%els '4' on the bar $raph &no need to "han$e+
MinDivChgLevel: ,his spe"ifies ho! many bars need to be filled on the rate of "han$e $raph
before a "urren"y is deemed to be "han$in$ rapidly. Default is set to 0. So if ) or more "urren"ies
are on 0 or more bars ea"h in the rate of "han$e $raph, a ne! $raph !ill appear sho!in$ the pair
!hi"h "ontains the "urren"ies and in !hi"h dire"tion to trade it &$reen for buy, red for sell+
AlloAlert: 3op up box alert !hen a ne! pair is identified as di%er$in$ stron$ly.
AlloSound: . sound alert !hen a ne! pair is identified as di%er$in$ stron$ly.
!efreshOnTi"#: If set to true !ill update the indi"ator on e%ery ti"k.
!efresh$nterval: If the refresh on ti"k %ariable is set to false, the indi"ator !ill update at the
inter%al &in se"onds+ that you spe"ify here.
.tta"hed Ima$e &"li"k to enlar$e+
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.tta"hed File
str-eter.m5* '1 67 8 ',(91 do!nload
If the stren$th meter !as a typi"al !i$$ly line type affair in an indi"ator !indo! !ith a :ero
le%el in the middle, and ne$ati%e %alues belo! and positi%e %alues abo%e, then the follo!in$
le%els &set as default+ !ould "orrespond to the number of bars dra!n. So.....
less than 4*0 ; :ero bars displayed.
4*0 to 410 ; ' bar
410 to 4)0 ; ) bar
4)0 to 4'0 ; 1 bar
4'0 to 40 ; * bar
40 to 0 ; 0 bar
0 to '0 ; ( bar
'0 to )0 ; < bar
)0 to 10 ; 9 bar
10 to 4*0 ; = bar
*0 and abo%e ; ' bar
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>o! apparently the settin$s I ha%e as default !ork !ell on lo! time frames, but !ould be too
small on hi$her time frames. So if the default settin$s !ere used on a daily "hart, all the
"urren"ies !ould look to be either extremely stron$ or extremely !eak. So !e need to "han$e
these settin$s dependin$ on the time frame !e are usin$, but I ha%e no idea !hat should be used.
,his needs some testin$ out.
>o! the le%els for 2h$?e%el &rele%ant to the rate of "han$e $raph+ !ork in a similar !ay, but I
RE.??# ha%e no idea about this. ,his takes a "oder to look at and fi$ure out.
So the default settin$s are $ood for use on small intraday time frames but not so $ood on the
hi$her ones.
.nyone !ith any experien"e !ants to play about !ith this to see ho! it fun"tions on different
settin$s, please share your findin$s.
.tta"hed belo! is the ne! stren$th meter I had made !hi"h you may or may not find of some
use. .s before, please note I am not a "oder in any !ay shape or form@ I ha%e merely paid a
"oder to make somethin$ as per my instru"tions.......so I "an not make any modifi"ations to this,
but others are free to.
,his stren$th meter measures the o%erall stren$th of a "urren"y on a "per"enta$e" basis !hen
"ompared to the other maAor "urren"ies, and it measures this on a ti"k by ti"k basis rather than
usin$ -o%in$ .%era$es as is the "ase !ith the 22 indi"ators mentioned on this thread. For me,
this makes this one more responsi%e and a""urate for sho!in$ a "urren"ies true stren$th "no!".
Bhen I say it measures as a per"ent basis, I mean in terms of ho! mu"h a "urren"y $ains or loses
"ompared to its pri"e in a parti"ular pair. For instan"e if the >CDUSD pair mo%es 9 pips hi$her,
the USD has lost &%ery approximately+ 'D. Bhereas if the E73USD also mo%es 9 pips hi$her,
the USD has only lost &a$ain FER# approximately+ .0D. So e%en thou$h they ha%e both
mo%ed the same 9 pips, in relati%e terms of per"enta$e $ained/lost, there is a %ast differen"e. So
this indi"ator measures per"enta$e $ains/losses rather than pips, as I a$ain feel this is a mu"h
more a""urate !ay to measure true stren$th !hen "omparin$ "urren"ies a$ainst one another.
,here is a s"reen shot belo! to sho! ho! this should look and !hat ea"h element is.
,he indi"ator settin$s are as follo!s:
Curren"ies% EUR, USD, E73, G3#, 2HF, 2.D, .UD, >CD 4 ,hese are the "urren"ies the
indi"ator is measurin$ a$ainst one another. So in total the indi"ator !ill be lookin$ at
approximately )9 pairs as offered on most -,* brokers.
CurrDis&lay% ',',',',',',',' 4 these relate to the abo%e 9 "urren"ies. If they are set to "'", the
indi"ator !ill display information about that "urren"y. If it is set to "", the indi"ator !ill not
display that parti"ular "urren"y. So for example, if you !erenIt interested in seein$ any
information about the .UD and >CD, you !ould set this input to: ',',',',',',, 4 #ou should
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note that e%en if a "urren"y is turned "off" here &set to +, the indi"ator !ill still use that "urren"y
in all its "al"ulations for "omparin$ relati%e stren$th, but simply !onIt display the information
for that indi%idual.
SymbolFixes% ,his is for prefix and suffix used on some brokers and is empty by default. If your
broker uses somethin$ like "mEURUSD" you enter "m". If your broker symbols are
"EURUSDm" you enter ",m". If your broker symbols are "mEURUSDx" you enter "m,x".
ShoSignal% ,his is !here you enter the parti"ular "urren"y pairs you are interested in tradin$
and $ettin$ su$$estions for &you !ill see an explanation of this in the atta"hed ima$e+. If youIre
not interested in any trade su$$estions, you "an lea%e this empty. 7y default I belie%e there are
about 9 pairs listed here, but you "an ha%e as many or fe! as you desire.
TimeFrame% Default is set to !hi"h means the indi"ator !ill use the time frame of the "hart it
is atta"hed to. 7ut you "an set this to any time frame you like by enterin$ the minutes here &i.e.
( for the ' hour "hart+.
StrengthBase% Default set to (. ,his is used for the line $raph and the left hand bar "hart and
means the point in the past from !hi"h to measure the "urren"ies stren$th. So if set to (, the
meter !ill "al"ulate the per"enta$e $ains or losses for a "urren"y "ompared to !here it !as (
periods a$o.
!e"entC'Base% Default set to '. ,his is exa"tly the same as the abo%e input but is measurin$
o%er a shorter period. So if set to ', the meter !ill "al"ulate the per"enta$e $ains or losses for a
"urren"y "ompared to !here it !as ' periods a$o. -y intention is to use this to determine if a
"urren"y is stron$ or !eak in the same dire"tion in the short term as it is in the lon$ term.
ShoLineChart% Set to true means the line "hart !ill display. Set to false means the line "hart
!ill not be displayed.
ShoBarChart% Set to true means the bar "harts !ill display. Set to false means the bar "harts
!ill not be displayed.
(&dateOnTi"#% Set to true as default and means the indi"ator !ill update and make fresh
"al"ulations on e%ery ti"k, $i%in$ real time representation of stren$th.
AlloAlert% Default false, but "an set to true if you !ant a pop up alert to notify you !hen a
"urren"y pair trade su$$estion is made.
AlloSound% Default false, but "an set to true if you !ant a audible sound alert to notify you
!hen a "urren"y pair trade su$$estion is made.
MinAlert$ntv% default 1 means the alerts !ill not sound more than on"e if the same pair to
trade su$$estion is made more than on"e !ithin 1 se"onds. ,his is useful if due to the ti"k by
ti"k nature of the updated "al"ulations a pair J/bKsu$$estion may fli"ker on and off a fe! times
before it stays on or off.
LineChartBars% ) as default is the number of bars you "an s"roll ba"k on the line "hart
indi"ator. Settin$ this too hi$h "an mean the indi"ator "an look %ery narro! to "ompensate for
the odd time !hen "urren"y stren$th di%er$e to extreme distan"es.
LegendOffsety% meter position on the "hart.
MeterPosition% as abo%e
Colours% self explanatory for the indi%idual "urren"y display on the line "hart. ,here is also a
le$end to sho! this on the a"tual indi"ator display.
3lease take a look at the atta"hed ima$e for a brief explanation of !hat ea"h element of the
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indi"ator does.
L3lease note that this is not a tradin$ si$nals indi"atorM It is only a tool !hi"h I personally find
useful to help !ith tradin$ de"isions, and may be others !ill also find some use for it. It is not
intended to instru"t you to buy or sell on red/$reen. .ll this does is sho! relati%e "urren"y
stren$th and su$$est "ertain pairs !hi"h "ontain fa%ourably mat"hed stron$/!eak "urren"ies.
Ho! you trade this information is do!n to you.
.tta"hed Ima$e &"li"k to enlar$e+
.tta"hed File
Stren$th-eter.m5*
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