Converting Xmeter into an indicator
Hello guys. I wanted to know from you if is possible to rewrite the Xmeter EA into an indicator that shows the pairs within a scale from 0 to 9 to visualize the strength and the weakness of the pairs.
I am not an expert with indicators. So I wanted to ask if this conversion is already existing or if is possible to do.
Cheers.Hello Kummel,
Have this one was with my files and its an indicator, looking like the Yen is strong for now especially aganist the Aud and Nzd.
Hello Mr Tools. Thank you for the answer.
I wanted to ask you if is possible to use lines rather than bars to show the strength/weakness to see the cross between the currencies. Other point is regarding the gap between the currencies. What is a recommended value to consider as gap.
For instance if I want to go long on "EUR" how much gap do I need between EUR and USD ?
Regards.
As far as lines its possible and about gaps would say 3 or lower equals weak currency 6 or greater strong.
As far as lines its possible and about gaps would say 3 or lower equals weak currency 6 or greater strong.
Hello MrTools. Do you know how I can create a histogram that goes from 0 up to 9.9 and keeps track of the historical value of the xmeter ?
Hello MrTools. Do you know how I can create a histogram that goes from 0 up to 9.9 and keeps track of the historical value of the xmeter ?
Hello Kummel, don't know, maybe something similar to this https://www.mql5.com/en/forum/173380 post # 24.
Hello Mr Tools.
I was trying to build a spreadsheet based on the same formula of the Xmeter, but I thought it could take ages to reproduce the same information swapping tick data with 5-minute close price for any single cross.
Do you think is possible to add a function to write on file when some currencies go above a certain grade and others go below.
In this way I can let the EA run on a vps and I can check the log to see when what I would have had a potential signal for entering.
Otherwise the only solution is to track the data manually since MT4 does not work in backtest with a portfolio.
If you have any idea, is much appreciated.
Regards
Hello Mr Tools.
I was trying to build a spreadsheet based on the same formula of the Xmeter, but I thought it could take ages to reproduce the same information swapping tick data with 5-minute close price for any single cross.
Do you think is possible to add a function to write on file when some currencies go above a certain grade and others go below.
In this way I can let the EA run on a vps and I can check the log to see when what I would have had a potential signal for entering.
Otherwise the only solution is to track the data manually since MT4 does not work in backtest with a portfolio.
If you have any idea, is much appreciated.
RegardsHello Kummel,
You probably seen this thread, but just in case its here https://www.mql5.com/en/forum/177085, towards the end seems they simplified the Xmeter code somewhat, also your idea think it can be done, also have toyed with the idea of creating a dll file with Xmeter but haven't got beyond that.
Hello Kummel, Have this one was with my files and its an indicator, looking like the Yen is strong for now especially aganist the Aud and Nzd.
Hi mrtools,
I have a few ideas and suggestions to make for the xMeter if it is at all possible to make listed below. I have asked over a dozen people who have already made strength meters to add these features but have not seen anyone do it yet. Hopefully someone will because it could well be the most powerful FOREX tool alongside Support & Resistance and Divergences!
Would it be possible to add a few more exotic currencies not including the ones that you have already listed in the picture above [like the CNY, HKD, SGD, RMB, DKK] to the current Majors for a total of 16+ [or more] with the ability to customize which ones are displayed/and or hidden?
Is there a way to add these additional exotics (especially the CNY) because they do seem to correlate strongly with some of the majors. For instance, the Chinese Yuan has a powerful affect against the AUD, NZD and the USD.I do understand that adding more currencies will increase the overall computer processing load but it will be well worth it by a long shot.
It would also be convenient if the ability to customize the histogram colors too and add alerts when certain currencies reach a specified amount of strength/weakness?
Can you or anybody please add these currencies and customizations to the xMeter if it is possible and it will go from being a powerful and useful leading indicator to a super powerful tool:
- CNY
- RMB
- HKD
- SGD
- DKK
- M5
- M15
- M30
- H1
- H4
- Daily
- Weekly
- M5
- M15
- M30
- H1
Also, you could add the ability to show/hide and customize the time-frames that you want listed as a histogram or make a separate MTF xMeter or Dashboard.
For example:
For me personally, I would mostly hide the M1 and the MONTHLY time-frames while displaying all of the others or somewhat of a combination of these setups below:For more of a wide-scope and universal view of the market
ORFor shorter-term scalping or day trading strategies
OR
For an intermediate daily to weekly view of the market
OR
For a more long-term monthly to yearly view or for holding year long positions and riding the big trends
Thank you if you or anybody else can add any of these new features to the xMeter it would truly be awesome 
Hello Kummel, Have this one was with my files and its an indicator, looking like the Yen is strong for now especially aganist the Aud and Nzd.
The indicator doesn't work with new mt4, can you fix it please ?
The indicator doesn't work with new mt4, can you fix it please ?
Hassan5041, thought I had fixed it, but after rechecking the code think it needs a complete recode for the 600 builds.
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Hello guys. I wanted to know from you if is possible to rewrite the Xmeter EA into an indicator that shows the pairs within a scale from 0 to 9 to visualize the strength and the weakness of the pairs.
I am not an expert with indicators. So I wanted to ask if this conversion is already existing or if is possible to do.
Cheers.