G8 Currency Strength Indicator

3 天前

The G8 Currency Strength Indicator displays the relative strength of all eight major currencies (USD, EUR, GBP, JPY, CHF, AUD, CAD, NZD) in real-time. It provides a clear visualization of which currencies are strengthening or weakening relative to each other.

Understanding the Scale
The indicator uses a percentage scale that shows how each currency has performed since the last reset point:

• 0% line: This is the baseline where all currencies start at each reset period
  
• Positive values (above 0%): The currency has strengthened relative to the other currencies
  
• Negative values (below 0%): The currency has weakened relative to the other currencies
  

How to Read the Values
The percentage values on the right scale represent the relative change in currency strength:

• +2%: This currency has gained 2% in strength compared to the basket of other currencies since the reset
  
• -1.5%: This currency has lost 1.5% in strength relative to others since the reset
  

Important: These percentages do NOT represent actual price movements in any specific currency pair. For example, if USD shows +2%, it doesn't mean EUR/USD has moved 2%.

Practical Interpretation

• Compare currencies relative to each other: If USD is at +2% and EUR is at -1%, the USD is significantly stronger than EUR
  
• Focus on the trends: Rising lines indicate strengthening currencies, falling lines indicate weakening
  
• Look for divergences: Large gaps between currencies often present the best trading opportunities
  
• The actual percentage values are less important than the relative positions and movements of the lines
  

The scale provides a normalized view that makes it easy to compare all eight currencies on equal footing, regardless of their individual exchange rates.

3 天前

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update to pinescript version 6