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is there any kinda currency meter(or strength or something in this nature ) available that show weakest & strongest currency ??
for example : https://www.mql5.com/en/market/product/15648#
is there any kinda currency meter(or strength or something in this nature ) available that show weakest & strongest currency ??
for example : https://www.mql5.com/en/market/product/15648#
How do you determine what is a "strong" currency (at the market), and what is a "weak" currency?
strong and weak are subjective matters .. but this comes to my mind , for each candle in any time frame , we take the range of candle for major pairs and after some sort of scaling use it as meter . for example if last candles of euro crosses are all bearish then we can assume euro is weak . something like this can help cause personally i can't open 20 chart and look for this kinda correlations by myself .
p.s: i know scaling method has a huge influence on the final output but its mandatory given the nature of pairs .strong and weak are subjective matters .. but this comes to my mind , for each candle in any time frame , we take the range of candle for major pairs and after some sort of scaling use it as meter . for example if last candles of euro crosses are all bearish then we can assume euro is weak . something like this can help cause personally i can't open 20 chart and look for this kinda correlations by myself .
p.s: i know scaling method has a huge influence on the final output but its mandatory given the nature of pairs .strong and weak are subjective matters .. but this comes to my mind , for each candle in any time frame , we take the range of candle for major pairs and after some sort of scaling use it as meter . for example if last candles of euro crosses are all bearish then we can assume euro is weak . something like this can help cause personally i can't open 20 chart and look for this kinda correlations by myself .
p.s: i know scaling method has a huge influence on the final output but its mandatory given the nature of pairs .What time frame would you use for that method?
Yes, but in that case when a new bars is formed the relative "strength" will be anything but realistic
Hi, @mladen, @mrtools.
Can you update this indicators please?
Hi, @mladen, @mrtools.
Can you update this indicators please?