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...
NZD Relative Strength Comparison to the basket of other major currencies. nzd = (nzdusd + nzdjpy/100 + nzdcad + 1/gbpnzd + 1/eurnzd + nzdchf + 1/audnzd)/7
EUR Relative Strength Comparison to the basket of other major currencies. eur = (eurusd + eurgbp + eurjpy/100 + eurcad + eurchf + euraud + eurnzd)/7
AUD Relative Strength Comparison to the basket of other major currencies. aud = (audusd + audjpy/100 + audcad + audchf + 1/euraud + 1/gbpaud + audnzd)/7
CHF Relative Strength Comparison to the basket of other major currencies. chf = (1/usdchf + chfjpy/100 + 1/cadchf + 1/gbpchf + 1/eurchf + 1/audchf + 1/nzdchf)/7
CAD Relative Strength Comparison to the basket of other major currencies. cad = (1/usdcad + cadjpy/100 + cadchf + 1/eurcad + 1/gbpcad + 1/audcad + 1/nzdcad)/7
JPY Relative Strength Comparison to the basket of other major currencies. jpy = (1/usdjpy + 1/cadjpy + 1/chfjpy + 1/eurjpy + 1/gbpjpy + 1/audjpy + 1/nzdjpy)/0.07
GBP Relative Strength Comparison to the basket of other major currencies. gbp = (gbpusd + gbpjpy/100 + gbpcad + 1/eurgbp + gbpchf + gbpaud + gbpnzd)/7
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....
Forex currency strength indicator for the EUR/USD pair
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...
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...
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,...