Technical Indicators for MetaTrader 5
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MetaTrader 5
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Overview
This indicator shows the relative strength of 8 major currencies: USD, EUR, GBP, AUD, NZD, CAD, CHF and JPY.
The strength value is normalized to the range 0-100:
- The value above 60 means strong.
- The value below 40 means weak.
The basic principle
Given eight currencies, USD,EUR,GBP,AUD,NZD,CAD,CHF,JPY, where each pair of two can be combined, resulting in a total of 28 pairs, a reverse algorithm is used to extract the strength of the eight currencies from these 28 pairs
EURUSD,GBPUSD,AUDUSD,NZDUSD, USDCAD,USDCHF,USDJPY,EURGBP, EURAUD,EURNZD,EURCAD,EURCHF, EURJPY,GBPAUD,GBPNZD,GBPCAD, GBPCHF,GBPJPY,AUDNZD,AUDCAD, AUDCHF,AUDJPY,NZDCAD,NZDCHF, NZDJPY,CADCHF,CADJPY,CHFJPY
Basic Usage
- if the strength value above 60 means it is strong, below 40 means it is weak.
- buy the strongest currency and sell the weakeast currency.
- if all currencies are in the range of 40-60 which means the market is flat.
- if you are long term trade. it is better to trade the pair after its two currencies just crossed.
- if a currency crosses from below 60 to above 60,it means it is becoming strong.
- if a currency crosses from above 40 to below 40,it means it is becoming weak.
- if a currency crosses from below 20 to above 20, it is better to stop selling it
- if a currency crossed from above 80 to below 80, it is better to stop buying it.
Inputs
- Only Show Current Pair - if it is true, only shows the pair of the current chart,otherwise shows all 8 curves.
- Bars To Show - Number of bars to show the strength curve.
- Ma Periods To Smooth Curves - Moving Average periods for smoothing strength curves
- Suffix - Symbol suffix. No need to set it now.
- Font Size - the font size of the figure, the default is 13
- Row Space - the row space of the figure, the default is 17
The below 3 inputs are for alert when there is a cross bewteen two curves:
- Select Cross at which bar - You can select the current bar or the previous bar
- Alert Type - This is 8-option input for alert crossing. Never means no alert.
- Alert Currency- select all 8 currencies or only current currency of the chart.
The below 2 inputs are for sending the strength numbers of all 8 curves:
- Email - Send email for strength data on a new bar or after the specified number of minutes.
- Interval Minutes - if it is 0, send email on a new bar, otherwise send email after the specified number of minutes.
The below 5 inputs are for alert when there is a curve crossing up the level of 60(stronger) or crossing down the level of 40(weaker):
- Alert Type - this is 8-option input. Never means no alert.
- Alert Currency - select all 8 currencies or only current currency of the chart.
- Select Cross at which bar - You can select the current bar or the previous bar
- Cross Up Level - a level for crossing up, the default is 60.
- Cross Down Level - a level for crossing down, the default is 40.
The below 5 inputs are for oversold (currency cross above 20) or overbought(currency cross below 80):
- Alert Type - this is 8-option input. Never means no alert.
- Alert Currency - select all 8 currencies or only current currency of the chart.
- Select Cross at which bar - You can select the current bar or the previous bar
- Cross Up Level - a level for crossing up, the default is 20.
- Cross Down Level - a level for crossing down, the default is 80.
