Currency Power System
- Göstergeler
- Szymon Palczynski
- Sürüm: 1.10
- Güncellendi: 5 Şubat 2022
- Etkinleştirmeler: 5
So much for theory. I searched for a ready-made indicator (Currency Strength) to support my trade but did not find one. Well. I have to write my own.
The plan was:
- The indicator must be simple.
- It needs to be intuitive.
- Must be effective.
- It needs to show the places where the big fish are locating capital and not the street.
Here we go!
- Automatically add 28 currency pairs to Market Watch
- Automatic suffix added
- Automatic history download
- Keyboard operations:
- [esc] - Display all indexes.
- [Q] - Delete all indexes.
- [Tab] - Choice of 28 currency pairs.
- [1-8] - symbols.
- [9] - smoothing (0-10)
- Buttons on the chart with a symbol.
- Button for the histogram.
- Button for support and resistance lines [horizontal]
Understanding currency strength will be key for developing forex trading strategy. The strength of a currency is a clear indicator of whether corresponding currency pairs are about to experience a change in value. The currency strength index, the currency strength meter, and other currency strength indicators will directly affect your ability to determine whether a relative value change is likely to occur.The currency strength indicator can be very appealing especially for beginner traders who are still in the process of learning how to trade.
There are several ways to calculate the strength, however, the main rules are:
- A line going upwards means that the currency is gaining strength.
- A line pointing downwards means that the currency is becoming weak.
- Flat lines, or almost flat, represent currencies that are maintaining their current strength.
- A line above another one means that one currency is stronger than the other one (enable histogram).
- A line above zero is likely to have a bullish trend against currencies below zero and vice versa.
- The red [horizontal] lines are support and resistance levels but also potential price range.
Personally, I am waiting one currency shows an extreme strength reading and another currency shows extreme weakness reading and try to trade a reversal.
I never trust the market. I take into account that the market may go further. Analyze the screenshots below and think about your own strategy.
Quickly view the following currency pairs. Press the [Tab] key.
"AUDCAD","AUDCHF","AUDJPY","AUDNZD","AUDUSD","CADCHF","CADJPY",
"CHFJPY","EURAUD","EURCAD","EURCHF","EURGBP","EURJPY","EURNZD",
"EURUSD","GBPAUD","GBPCAD","GBPCHF","GBPJPY","GBPNZD","GBPUSD",
"NZDCAD","NZDCHF","NZDJPY","NZDUSD","USDCAD","USDCHF","USDJPY"
Note!
Analyze the screenshots below and think about your own strategy.
See in the strategy tester.