I need help in creating the Currency strength formula that works on comparing the correlation of 8 major pairs that looks like below
50 is neutral, below 40 is weak currency, above 60 is strong currency
Anyone can help on giving the formula on how to calculate those? thanks
I found this mq4 file some time back, it contains the formula you want.
Not yet bro. maybe u got any solutions on how to create the CSR? The requirement is as above
looking forward to know the formula to create currency strength like the photo in the attachment below. Wondering if any of the FX geniuous
know what is the formula, so i can code it on MT4 and MT5Here
are the features1.
It works by comparing movement between 8 major currencies
When login to your MT account, you need to download all the 8 major pairs and the chart first so the numbers shown on the indicator would be
accurate (it reads the data from 8 major currencies, hence need to download the chart first after all)
The numbers are from 0 to 100 (below 40 is considered weak, above 60 is considered strong)
The numbers shown in the currency strength (0 to 100) changes every second on all timeframes. Be it on M1, M5, M15, H1, H4 or D1, the currency
strength changes every second (my assumption means that it reads the data based on current
timeframe and note that
the current price always change every second, hence the Currency strength amount changes every second
It has 2 decimal places
When you open the .ex4 file, there are 2 inputs: -
Number of bars = 90-
Moving Average Periods to Smooth Lines = 0
are the standard inputs
Number of bars = 90 does NOT refer to 90 candlesticks. It refers to the number of bars used to show the curves, so it does not matter whether the
input is 90, 900 or 9000. 90 is enough
MA period = 0 means that the 8 curves (refer to the 8 curves of the major pairs) will not be processed by moving averages
on these data, can any FX genious helps to create the formula used to create the currency strength?
a million. Lets post the results here so all of us, FX traders all around the world can learn together
You mean use RSI formula or modify it to suit the correlation?