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YFX Currency Strength

Overview

This is a very simple indicator that displays the relative strength values of the currencies on te current chart and timeframe. The strength is only calculated for the currencies:

  • AUD - Australian Dollar
  • CAD - Canadian Dollar
  • CHF - Swiss Franc
  • EUR - European Union Euro
  • GBP - Great Britain Pound
  • JPY - Japanese Yen
  • NZD - New Zealand Dollar
  • USD - United States Dollar
These are considered the major currencies in the world. There are 28  distinct combinations of major currency pairs. Other currency values are not included in the calculation. Sometimes, there are no direct quotes for some currency pairs. Quotes in this situation are then derived from other currency pairs. If derived values are use then only a few real quotes are needed for  major currency pairs. In derived mode, quotes are only need for:
  • AUD/USD
  • EUR/USD
  • GBP/USD
  • NZD/USD
  • USD/CAD
  • USD/CHF
  • USD/JPY

These are the main pairs that are quoted directly against the USD. All the other currency pair values are derived from the above pairs. If using the derived values, then only the main pairs are required to be included in the terminal. Else all pairs are required if not using the derived mode. If the derived mode is used then estimated values are created in cases where a currency pair is not available. 


Usage

Using the indicator is very simple. Add it to any chart containing one of the 28 supported currency pairs. The indicator shows the currency pair and strength values, e.g.

Currency Strength (EUR / USD) 3.4 / 5.4

The first number, e.g. 3.4, is the relative strength of the first (base) currency, e.g. EUR. The second number, e.g. 5.4, is the relative strength of the second (quote) currency. Only the current timeframe is used in calculations.

Relative strength values range between 9.0 and 0.0. Higher values are stronger. In the above example, USD's value of 5.4 is greater than the EUR's 3.4 and thus USD is stronger than the EUR. The amount of the difference between relative strength values is important. A large difference usually indicates a trend moving in the direction of the stronger currency. Smaller differences will usually indicate range-bound conditions.

Notifications are available for this indicator. The spread, i.e. absolute difference, between the relative strength values is used for notifications where an e-mail can be sent when the spread reaches a certain level. For example, if the spread alert level is set at 1.0 for the above example, an e-mail would be sent because the absolute difference is 2.0.


Notes

  • Only The current symbol and current timeframe are used for all calculations.
  • Changing the symbol or timeframe will cause all calculations to re-calculate.
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YFX Zones
Richard Yancy
The Zones indicator provides a visual display of the boundaries around a price action. There are two types of zones included in the indicator: High-Low price zones Time period zones (delineations) High-Low price zones display the boundaries of the High and Low price points. Typically, these zones are displayed for the High and Low price of the day. Time period zones display boundaries around time period intervals. PARAMETERS Yancy indicator IndicatorName – indicator name displayed in the char
The YFX Symbol Watermark indicator is used to display a watermark on your chart, which makes it easy to see at a glance the symbol information for any chart. The displayed information includes: Symbol Name and Timeframe on the chart Description of the currencies Tag line, which can contain any user-defined information All the information can be displayed on the chart so that it can be easily read. The indicator also has parameters that can be set to customize which information is displayed. Para
The YFX Symbol Selector indicator is used to easily change the chart symbol and period with a click of a button. This is done by using a selector GUI object that can be placed on any corner of the chart. The GUI selector contains the following information: Descriptive header for GUI selector panel Symbol information and controls for changing the chart symbol Period information and controls for changing the chart period Footer containing the current bid/ask quote for the currently selected symbol
The Candle Patterns indicator provides a visual display of candlestick patterns. There are more than 100 patterns that can be displayed. The indicator allows for candles on the chart to be grouped and considered as one candle. This allows the price action within a candle to be observed in the context of a candlestick pattern. The number of bars per candle can be set in the parameters. All patterns can be filtered so that only patterns with certain attributes are displayed. The prior trend is tak
The Wing Patterns indicator scans for many different kinds of Patterns using an XABCD structure. The term Wing Pattern is used to refer to all types of patterns based on a general XABCD structure, which is plotted in an alternate high-low extreme form. In other words, assume that point X is started at a low point on the chart. The point A is plotted at the next highest point within a certain number of bars. This certain number of bars is called the depth level. In this example, point B would be
This indicator contains a custom version of the classic Turtle Trader indicator. It implements both the main system ( S1 ) and fail-safe system ( S2 ) as described by the original Turtles. Notifications can also be enabled for trade signals. The main rule of the indicator is to generate a signal when a T -period breakout occurs. A stop signal is then generated when an S -period high or low is breached. The T -period value is the number of periods used to evaluate a trend. S -period values are th
The Advanced Bands indicator is a custom indicator based on the classic Bollinger Bands as created by John Bollinger. Generally, Bollinger Bands are created by adding/subtracting a number of standard deviations from the price. Advanced Bands also creates bands the same way and adds more features to be more useful for traders.   FEATURES Three levels of bands (inside, outside, extreme) and a moving average can be plotted. Area between bands can be filled and highlighted. Number of deviations for
The Advanced Bands Squeeze indicator is a custom indicator based on the classic Bollinger Bands as created by John Bollinger. The Bollinger Band Squeeze occurs when volatility falls to low levels and the Bollinger Bands narrow. This low volatility level is called a “Squeeze”.  According to John Bollinger, periods of low volatility are often followed by periods of high volatility, where prices tend to move a lot in either direction. Therefore, a volatility contraction or narrowing of the bands
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Version 6.2 2022.06.02
* Added relative currency strength indication.
* Added machine learning hooks.
* Improved performance updates.
Version 6.0 2020.06.12
- Updated to work with current versions of MetaTrader 4.
Version 2.0 2016.06.30
The new version 2.0 contains the following features:

* A different time frame can be used in currency strength calculations as opposed to just using the chart time frame. This adds a greater amount of flexibility to the indicator. Traders can now track relative currency strengths on a daily basis, for example, while looking at an hourly chart.

* Indicator can now be displayed in any corner of the chart. It can also be displayed in the original comment section. The location within the corner can be adjusted too. Traders are no longer restricted to only having the indicator in the comment section.

* The font and font size can now be chosen by user. Different font colors can be used when an alert is triggered. The indicator can now be made more clearly visible on the chart.

* Alert and messaging options have been enhanced. Alerts and messages can be sent via comments, alerts, push notifications, or e-mail. They can also be written to the journal/output window or an external file. this allows traders to be notified quickly when certain conditions are met.

* Quiet time feature has been created for messages. User can set time period where no alerts or messages will be sent. Enabling this feature will not have an effect of the indicator's functionality. This can allow traders to get some sleep without being awaken by alerts and messages.