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Smart Currency Strength

Smart Currency Strength is a powerful yet simple indicator that measures the strength of individual currencies.

It features a graphic panel that lists the main currencies and their strength in each timeframe, ranging from 0 (most oversold) to 100 (most overbought).

The strength for all currencies in the current timeframe is also shown in a separate window as a multi-line graph, where each currency is represented with a different color, this allows you to monitor the evolution of strength trend through time.


This can be used to identify the most trending currency pair to trade (formed by the most overbought and the most oversold currencies), or as a filter for your strategy, in order to avoid buying a weak currency or selling a strong one.


This indicator can be used in an expert advisor as it features a buffer for each supported currency.


Supported currencies are: EUR, USD, GBP, CAD, AUD, NZD, JPY, CHF

MT5 version is here


Configuration parameters:

Indicator to use: choice of indicator to use for strength calculation, RSI, MFI or Stochastic

Max Number of Bars to Process: since the indicator works on 28 pairs simultaneously, setting this parameter can improve the performance, the default value should be good for all purposes, 0 disables this setting and processes all available bars

RSI Indicator parameters: if you chose RSI you can set its parameters in this section

MFI Indicator parameters: if you chose MFI you can set its parameters in this section

Stochastic Oscillator Indicator parameters: if you chose Stochastic Oscillator you can set its parameters in this section

Show Panel: display the multi-timeframe panel

Overbought level: currencies above this level of strength are considered overbought and are highlighted in blue color in the panel, a line at this level is also drawn in the indicator window

Oversold level: currencies below this level of strength are considered oversold and are highlighted in red color in the panel, a line at this level is also drawn in the indicator window

Default values (65, 35) are optimized for RSI indicator, for MFI it would be advisable to set 70, 30 e for Stochastic 85, 15

Bars Shift: Timeframe bar shift for the values displayed in the panel (default 0 is current bar)

Symbol Prefix and Symbol Suffix: if you are backtesting this indicator and your broker has prefixes or suffixes in the currency pair names (i.e. EURUSD#, EURUSD.m, etc.) you should specify them here


Backtesting:

Due to Metatrader 4 limitations on multisymbol advisors and indicators, this indicator cannot be backtested on MT4 since it operates on 28 symbols simultaneously. If you need to backtest please refer to MT5 version.


Should you need help with configuration or functionalities feel free to contact me.


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Francesco Baldi
Worried about weekend price crashes wiping your account? Tired of adverse news releases stopping your positions? Trade with peace of mind with Smart Hedge. Smart Hedge protects your positions from weekend gaps and news spikes. MT4 version: https://www.mql5.com/en/market/product/113290 Description : Have you ever feared that some breaking news during the weekend could wipe your account? Did you ever have your positions stopped by an adverse news release during the market open hours? I did, a
Clean up Market Watch from unused symbols. If you use multiple advisors and terminals on the same account your Market Watch windows may get filled with unused symbols from orders and positions opened on other terminals. Every symbol in the Market Watch consumes cpu power and bandwidth to get constantly updated and if you are on a vps you want to minimize resources consumption. Market Watch Cleaner helps you with that by periodically cleaning your Market Watch window from unused symbols. Par
FREE
Clean up Market Watch from unused symbols. If you use multiple advisors and terminals on the same account your Market Watch windows may get filled with unused symbols from orders and positions opened on other terminals. Every symbol in the Market Watch consumes cpu power and bandwidth to get constantly updated and if you are on a vps you want to minimize resources consumption. Market Watch Cleaner helps you with that by periodically cleaning your Market Watch window from unused symbols. Par
FREE
Smart Hedge
Francesco Baldi
Worried about weekend price crashes wiping your account? Tired of adverse news releases stopping your positions? Trade with peace of mind with Smart Hedge. Smart Hedge protects your positions from weekend gaps and news spikes. MT5 version:  https://www.mql5.com/en/market/product/113024 Description : Have you ever feared that some breaking news during the weekend could wipe your account? Did you ever have your positions stopped by an adverse news release during the market open hours? I did,
Smart Currency Strength is a powerful yet simple indicator that measures the strength of individual currencies. It features a graphic panel that lists the main currencies and their strength in each timeframe, ranging from 0 (most oversold) to 100 (most overbought). The strength for all currencies in the current timeframe is also shown in a separate window as a multi-line graph, where each currency is represented with a different color, this allows you to monitor the evolution of strength tre
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Version 1.2 2023.07.19
Improved calculation loop
Version 1.1 2023.07.04
Improved performance in backtesting when panel is off