Currency Strength
actually there is...
Hi
actually there is a something in that direction on this forum, and I recently asked if somebody could consider improving the indicator that's already there https://www.mql5.com/en/forum/173001
If you have any particular suggestion I'd be grateful to hear from you.
ID
NewIdea, we can`t be sure even with indicators, there is always a possibility we might be wrong in our expectations, tha market is a tricky fella you know .
As far as I understand, you are proposing analysing different currencys to determine a certain trend ( like analysing GBPUSD and EURUSD , because they are moving one way most of the time ) , and then picking a stronger currency to trade , depending on this strenght index ?
But you see, this index it does not guarantee you that the currency can keep up it`s strength after you open a position, everything can change, though there is a change it will keep being stronger.
And the other thing, you should count pip values, becouse a one gbpusd pip does not worth as much as one eurusd pip does, so this is an aspect to.
I think you should post an example for everyone understand more clearly.
To newdigital
Hi newdigital,
There's a thread here http://forum.alpari-idc.ru/viewtopic.php?t=46916
Would you be so kind as to make a summary.
Hi newdigital,
There's a thread here http://forum.alpari-idc.ru/viewtopic.php?t=46916
Would you be so kind as to make a summary.Thanks for the link.
I did not follow this discussion (on this thread and on the link you provided as well).
I will read this link first.
Anyway you may do this summary as well.
here...
what you need is this. http://www.mkl.sp.ru/charts.html
it is possible to build that in MT4 if someone knows to program in MT4 and would like to do it, PM or email me (click my name and send mail)
There is an indicator in this forum at the link I've posted above in previous message, but it needs some work on it.
ID
what you need is this. http://www.mkl.sp.ru/charts.html
it is possible to build that in MT4 if someone knows to program in MT4 and would like to do it, PM or email me (click my name and send mail)
There is an indicator in this forum at the link I've posted above in previous message, but it needs some work on it.
IDIdejan,
It may be what you need. Two indicators:
- All_usd_pair.mq4 (1 is the direct correlation (between the currency), 0 - opposite one);
- DayChannel.mq4 (TimeFrame=5 by default, change it if you need the other timeframe).
I am not really sure may be you do not need the second indicator.
Complex
Tnx newdigital
this Complex looks promising
I just want to make sure what is calculated so I can make sure how it can be used properly.
But it looks promising... I'm looking at the code now and from my little knowledge it seems to me that it calculates momentum based on one Faster and one Slower MAs which is quite acceptable by my standards, in fact I have my own momentum based on same principle.
Yes this could be it.
Tnx once again and I'll make sure to post back what I have found using it in a week or so.
ID
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hi,
it is nice to be introuced to such nice forum which discusses different ideas of trading and systems ..
I noticed when surfing the forum that no one is talking about different currencies strength relative to each other..
where I think is Important, When We trade - we some times say we are Bullish on $ or Bearish on $ ..
The point I think is not Bullish on it or Bearish ,... The Point is When We are Sure from different Tools and Indicators that $ is Falling or Rising, In selecting the best Currency that performs in front of the Dollar to take most of its Profit.
ex: what happened from 1/11 -> 24 /11 - GBPUSD moved double the EURUSD & USDCHF move, so supposed to be shorting GBPUSD - the best of all other.
This Strength Comparison is done in stocks using (comparing different stocks to their weighted index ) using Relative Strength Indicator , Rate of Change, RSI , Volume and Other Tools .
I am trying to think of similar way to evaluate different Currencies against each others ...
Any Ideas..
Any one have as well ROC & RS developed for MT4 ...
.....................................
Orchid