Hello traders
Hope you had a great Thanksgiving
Now it's my turn to give and all I ask in return is you to be thankful (did I get the "Thanksgiving" thing right?)
The Currency Strength Indicator plots an average of the selected FX pairs in the indicator.
Someone asked me if I could develop an alternative of that script adding a divergence component....
This is an updated script Originally written by @glaz
Description:
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.
Modifications:
10-Nov-2017 by JustUncleL
Corrected the weighting on JPY pairs, by...
Republished: The original script violated house rules by including an external link to Backtest Rookies.
Background
The currency strength indicator takes up to 4 forex pairs and calculates the average strength across all pairs. The indicator uses the pair's daily percentage change to calculate the overall strength. For flexibility, it can accept any instrument...
Simple indicator implementing relative strength against the equally weighted basket of major currencies. Perhaps I will coin it the Equally Weighted Index (EWI) and trademark it like ICE did with DXY.
usd = (usdjpy/100 + usdcad + 1/gbpusd + 1/eurusd + usdchf + 1/audusd + 1/nzdusd)/7
DXY is hard to compare against other indices because of it's weightening....
The script uses the average price of Major currencies to show their relative strength. Choose which currencies you wish to see in the format options. The script works based off of RSI so the currency with a higher value is stronger than the currency with the lower value. If for example USD is at 65 and CAD is at 30 then USD is stronger than CAD and buying USDCAD...
Currency Strength meter
First created by Glaz in 2015 and updated a few times by JustUncleL in 2017 , I have stripped out the plot functions and color coded results against pairs.
I feel this makes the results easier to interpret. The darker the color the stronger the asset.
As Pine Script only allows a maximum of outputs, I have split this into 2 Scripts to...
Currency Strength Indicator by aelius - BullTrading Version has MultiTimeFrame capabilities and variable period selection as well.
Adjust Colors before using.
Currency Strength meter
First created by Glaz in 2015 and updated a few times by JustUncleL in 2017 , I have stripped out the plot functions and color coded results against pairs.
I feel this makes the results easier to interpret. The darker the color the stronger the asset.
As Pine Script only allows a maximum of outputs, I have split this into 2 Scripts to...
