Technical Indicators for MetaTrader 4
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MetaTrader 4
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Overview
Currency Weight FX ( CW8)
You are going to see the Forex Treasure
If you think in Forex Trading you are dealing with one chart only, then you are on your way to be plunged into misery.
The weight of one's currency will affect other currency or currencies.
This Currency Weight FX is a breakthrough in trading tools
With Currency Weight FX ( CW8 ) indicator you will see each weight of major currency.
This currency WEIGHT is very much different from currency STRENGTH most people usually mean.
CW8 display the weight lines of AUD, CAD, CHF, EUR, GBP, JPY, NZD, USD, XAU . So you will have 29 pairs to be traded,including XAUUSD.
CW8 can be used for scalping and trend strategy.
How CW8 can be used :
The Lines in Indicator's window will indicate which Major Currency is going stronger or weaker.
Those who goes UP : indicate the currency is going STRONGER
Those who goes DOWN : indicate the currency is going WEAKER
Those who goes FLAT : indicate the currency is going STEADY
Pairing the one who go STRONGER with the one who go WEAKER, wil make bigger impact on this pair points.
For Example , we are pairing :
GBP (Strong) vs ( Weak ) USD : Buy GBPUSD
GBP (Strong) vs ( Steady ) JPY : Buy GBPJPY
GBP (Weak) vs ( Steady ) AUD : Sell GBPAUD
Other example :
JPY (Strong) vs ( Weak ) USD : Sell USDJPY
JPY (Strong) vs ( Steady ) EUR : Sell EURJPY
JPY (Weak) vs ( Steady ) AUD : Buy AUDJPY
in other words
- When we are pairing two currency, we have to appoint on the STRONGER one rather than the alternatives.
- When the STRONGER one, written on the FRONT WORDS (i.e : USD going strong, USDCAD), we have to go with BUY.
- When the STRONGER one, written on the BACK WORDS ( i.e : JPY going strong, EURJPY), we have to go with SELL.
When GBP is going STRONGER
GBPAUD, GBPCAD, GBPCHF,GBPJPY, GBP NZD, GBPUSD ; BUY
EURGBP : SELL
When USD is going WEAKER
EURUSD,GBPUSD,AUDUSD,NZDUSD, : BUY
USDCAD,USDCHF,USDJPY : SELL
Graphical features
- Provide weight lines of 8 Major Currency + 1 line for Gold. Differentiate with the color line of each Currency
- Can be place in any chart and time frame
- The Indicator display the weight lines from maximum 1000 bars until the latest tick on latest bar ( OnTick Reading )
- No re-calculate, but it is On Tick reader.
- Suitable for any screen resolutions.
Input Parameters
- Number of BAR : maximum 1000 bars in any Time Frame
By comparing any Charts with CW8 indicator, you will see how usefull this indicator can be.
Thank you for your attention and Have a happy trading time !
Note : The line in the indicator window, only shows the weight of each currency on every time bar.
The position of the line, Upper or Below others line, just as a representative of the currentweight currency.
Each line moving because of its own weight changing.
