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CurrencyStrengh

The CurrencyStrength shows the strongest and the weakest currency all time frame in the chart.


Usage

The CurrencyStrength has labels that indicate the time frame, the strongest currency, and the weakest currency. The strength is computed with latest OHLC in each time frame. You can check which currency is the strongest at a glance.


Input Parameters

  • LabelColor — Color of time frame label.
  • StrongColor — Color of the strong currency label.
  • WeakColor — Color of the weak currency label.
  • LabelLocation — TOP or RIGHT on chart. (Default: RIGHT)
  • LabelMarginX — Label margin from left (LabelLocation set TOP) or right (LabelLocation set RIGHT).
  • LabelMarginY — Label margin from top.
  • Comparator — The algorithm using the comparison. HIGHLOW, SMA, and EMA is available. (Default: HIGHLOW)
  • ComparatorParameter — The parameter of Comparator used in SMA and EMA.
  • UseUSD — Use or not USD. (Default: true)
  • UseEUR — Use or not EUR. (Default: true)
  • UseJPY — Use or not JPY. (Default: true)
  • UseGBP — Use or not GBP. (Default: true)
  • UseAUD — Use or not AUD. (Default: true)
  • UseNZD — Use or not NZD. (Default: true)
  • UseCAD — Use or not CAD. (Default: true)
  • UseCHF — Use or not CHF. (Default: true)


How to determine the currency strength

Table 1: Currency pairs

USD
EUR
JPY GBP AUD NZD
CAD
CHF
USD - EUR/USD USD/JPY GBP/USD
AUD/USD NZD/USD
CAD/USD USD/CHF
EUR EUR/USD
-
EUR/JPY
EUR/GBP
EUR/AUD
EUR/NZD
EUR/CAD
EUR/CHF
JPY USD/JPY
EUR/JPY
-
GBP/JPY
AUD/JPY
NZD/JPY
CAD/JPY
CHF/JPY
GBP GBP/USD
EUR/GBP
GBP/JPY
-
GBP/AUD
GBP/NZD
GBP/CAD
GBP/CHF
AUD AUD/USD
EUR/AUD
AUD/JPY
GBP/AUD
-
AUD/NZD
AUD/CAD
AUD/CHF
NZD NZD/USD
EUR/NZD
NZD/JPY
GBP/NZD
AUD/NZD
-
NZD/CAD
NZD/CHF
CAD USD/CAD
EUR/CAD
CAD/JPY
GBP/CAD
AUD/CAD
NZD/CAD
-
CAD/CHF
CHF USD/CHF
EUR/CHF
CHF/JPY
GBP/CHF
AUD/CHF
NZD/CHF
CAD/CHF
-

The CurrencyStrength uses 8 currencies and 28 currency pairs at most. Used currency pairs are shown in Table 1. Note that available currency pairs depend on the broker.

Table 2: Comparator sign

USD EUR
JPY
GBP AUD
NZD
CAD
CHF
USD

-
+
-
-
-
-
+
EUR
+

+
+
+
+
+
+
JPY
-
-

-
-
-
-
-
GBP
+
-
+

+
+
+
+
AUD
+
-
+
-

+
+
+
NZD
+
-
+
-
-

+
+
CAD
+
-
+
-
-
-

+
CHF
-
-
+
-
-
-
-

The comparator sign is shown in Table 2. Each sign corresponds to the currency pair of same position in Table 1. The comparator compares the latest value with one before. If all comparator result related to target currency are equal to the comparator sign in table 2, the currency is ''strong''.

ex. Target currency is USD.

Comparator results are ...

EUR/USD: -

USD/JPY: +

GBP/USD: -

AUD/USD: -

NZD/USD: -

CAD/USD: -

USD/CHF: +

All comparator result equals to the table, so that USD is ''strong''.

Target currency is JPY.

Comparator results are ...

USD/JPY: +

EUR/JPY: -

GBP/JPY: -

AUD/JPY: -

NZD/JPY: -

CAD/JPY: -

CHF/JPY: -

The sign of USD/JPY does not equal to the table, so that JPY is not ''strong''.

''Weak'' is computed with the negated table 2.

Matthew Todorovski
12155
Matthew Todorovski 2018.06.16 11:02 
 

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Tim Eubanks
4891
Tim Eubanks 2018.03.10 23:42 
 

User didn't leave any comment to the rating

Francis Dogbe
10149
Francis Dogbe 2016.04.22 07:02 
 

User didn't leave any comment to the rating