YF-Meter indicator helps you to find the fastest speed up currency pairs.
While the US news are released, non-US currencies rising up or dropping down at the moment.
It is important to consider "the opportunity cost" with opening the positions.
If we can find the fastest rising up or dropping down currency pairs, that would improve our trading.
This idea comes up with "Newton's laws of motion", different from the traditional volatility measurement.
After adjustment by the unique filter(the digital signal processing concept from communications engineering), the velocity indicator is more stable and directional, and can work at any period and time frame.
It shows the basic point values(or USD profit value) per period of time.
Positive velocity means bullish trend, negative velocity means bearish trend.
Colors represent the temperature relative to speed showing how fast the currency pairs run each point per period.
There are eight levels to identify speed strength, also you can create your own criteria by changing parameters.
- Mode: There are 3 row for selecting to display.
- Fixed_Timeframe: The function for fixing time frame.
- Show_Spread_Row: The function for showing spread row.
- OpenChart_OnclickSymbol: The new chart window will be opened while clicking the symbol name.
- Currencies: To choose 30 currency pairs to display on meter, to close unwanted by setting "0".
- VelocityLevels & Colors: Initial settings
- 10 points per period and below - black, means no movement.
- 10 to 20 - medium blue, some movement, the direction is clear but weak.
- 20 to 30 - dodger blue, trend can be determined. Consider opening the positions toward the direction.
- 30 to 50 - aqua, medium strong trend, also the strong trend on short-term time frame M1/M5.
- 50 to 100 - lime, strong trend on short-term time frame, such as M1 /M5 /M15.
- 100 to 200 - gold, strong trend on medium time frame, such as M30 /H1 /H4.
- 200 to 300 - yellow, the trend on long-term time frame, H4 /D1.
- 300 to 500 - orange, strong trend shall continue for a long time and on long-term time frame, D1/ W1 /MN.
- More than 500 - red, extreme event has occurred.
- Colors of Words: The color setting of capitals on display.
- Alert Function: If alert velocity is reached, there are sound alert and pop up window for warning every alert period(in seconds).
1. Due to multi-currency's data display in the single chart, demo could not work well.
One-month rent for testing is recommend. It works well on any time frame in live account.
2. Be sure that all necessary symbols in MT4 are turned on, and the symbol name must be correct.
Some brokers have their unique symbol name, ex. "EURUSDxxx",not the same as initial setting "EURUSD".
Display would be successful after adjusting the name.
Unwanted pairs can be hided by setting "0".
A chart is opened while clicking on symbol name.
Color of symbols and velocity can be changed.
Make color cleared while changing the mode.
Added row_4 for spreads.
Normalized invalid color switch.
Flexible to adapt the colors and speeds.
In this version, personal criteria could be created.