8 Pair Strength R2.0 updated by JustUncleL

This is an updated script Originally written by @glaz

This study is a version of Currency Strength Meter, that utilises TradingView's built-in "True Strength Index" (TSI) function. The TSI uses moving averages of the underlying momentum of a financial instrument.

10-Nov-2017 by JustUncleL
  • Corrected the weighting on JPY pairs, by dividing their close values by 100 to bring them within 1.0 range of the other pairs.
  • Added option to use different Data Source, eg hl2 , hlc3, ohlc4 etc.
  • Updated to PineScript version 3.
  • Updated variable names to reflect their origin.
Nov 17
發布通知: Some minor changes.

  • Added max_bars_back=100 parameter to study line. This should prevent "index out depth" errors, which appear to occur at random.
  • Added minval/maxval limits to fast and slow.
  • Changed order of plots so they show up in alphabetic order in the "Style" parameters of the script.
  • Increased default linewidth.
Nov 17
發布通知: ...
Added with optional Dynamic coloured labels at the end of the Strength lines.
Nov 18
發布通知: ... R2.2 by JustUncleL
  • Improved labelling options.
  • Added option to use ATR weighted (default) pair influences in the Strength calculations, the overall results compared with standard calculation though are only minor, but may help in certain situations.
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Any suggestions for the fast/slow length for 5 minute scalping or is it best to leave it at the default 8 & 24 values?
@austin99, Sorry, I cannot suggest anything different, I have not used this indicator on low time frames.
JustUncleL amazing work, thank you so much.
Dear @JustUncleL I was developing something very similar when I found your code. Congratulations! It's really a great job :)
Thank you for sharing your code with us
gferraro86 gferraro86
Dear @JustUncleL , may I ask you what are, the Average Influence Rates, the Scaling factor and the strength ATR weighted and why/how you use in your code?
I would appreciate it very much if you could help me understand you code a bit more

Best regards
JustUncleL gferraro86
@gferraro86, The Average Influence Rates is simply the sum of all the cross rates with the other 7 pairs divided by 7 for example for GBP it is (eurusd + eurgbp + euraud + eurjpy + eurcad + eurchf + eurnzd)/7. To get an ATR weighted average each cross rate is divided by the estimated daily ATR rates, the idea was to get a more accurate average, however, the difference between the two calculation method curves is not very much.
gferraro86 JustUncleL
@JustUncleL, thank you for your clarification. Wish you a good day
Hi, Hope all is well. I was wondering how someone can get the Currency Strength meter?
Thank you so much, I was just going to expand the original script from @glaz myself when I found this :thumbsup:
@yannc76, You are welcome, I have a new update coming out shortly that has a couple of new options, including a weighted strength calculation based on ATR. I also have another Strength indicator using a slightly different idea, but the results are so similar to this one it is not worth releasing.
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