This script measures the strength of the 6 major currencies USD, EUR, GBP, CAD, AUD and JPY.
Simply, it averages the RSI values of a currency vs the 5 other currencies in the basket, and displays each average RSI value in a table with color coding to quickly identify the strongest and weakest currencies over the past 14 bars (or user defined length).
The Dir. value looks at the difference in average RSI value between current and X bars back (user defined), telling you whether the combined RSI value has gone up or down in the last X bars.
Using the average RSI allows us to get a sense of the currency strength vs an equally weighted basket of the other majors, as opposed to using Indexes which are heavily weighted to 1 or 2 currencies.
The table doesn't load super fast as we are making 15 Security requests to get the values for each pair (where possible we reverse the values of the pair to reduce Security requests, e.g. we don't need to request EURUSD and USDEUR, we reverse the value to calculate the USD RSI).
Can you please update it with CHF AND NZD. There isnt anything on tv as this and its so perfect just missing CHF and NZD :(
sunilmore58
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please update it with CHF AND NZD
iamAurum
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Please can you add multiple time frames to this! It will become the best csm on TV! Please
rbhukania48562053
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This indicator is good.... but I have a suggestion..... if you can add alert function to the up & down arrows then it will be more helpful in catching few potential moves....
dmclane1B
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Hello - how often does this update?
HayeTrading
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@dmclane1B, it updates in real time as values change