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Indicators

Power of AUD with average - indicator for MetaTrader 4

JAN OPOCENSKY | English Español Português 日本語 Deutsch

Views:
1076
Rating:
votes: 4
Published:
2020.07.15 19:40
Updated:
2020.08.01 13:42

Power of XXX with average indicator description.


The indicator is othre version of previously published indicator showing relative actual strength of currency XXX.

Zero line (0.0) presents average with chosen period (AveragePeriod variable).

CandleNumber variable defines how many candles will be calculated.

The indicator calculates its value of close prices of 7 pairs containing currency XXX.

The indicator can be used for MEAN REVERSION based strategies.

Colored histogram was added to simplify interpretation of the market situation.


Lets assume XXX YYY currency pair scheme where XXX is BASE currency and YYY is QUOTE currency.

Place Power of XXX into your chart first and Power of YYY second.

You can have 2 relevant situations.



  1. Both histograms are GREEN. It means there is higher probability that the price of the pair XXX YYY will go UP.

    Do not take Power of .. signals separately from overall market situation (SR levels/zones and so on).



  1. Both histograms are RED. It means there is higher probability that the price of the pair XXX YYY will go DOWN.

    Do not take Power of .. signals separately from overall market situation (SR levels/zones and so on).



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