Currency Strength Indicator with Action Dashboard

1. Currency Strength Engine

A single currency cannot be traded independently; it is always traded as part of a currency pair.

Therefore, the system calculates the absolute strength of each currency by analyzing the 28 major currency pairs formed by the eight major currencies:

• USD – United States Dollar
• EUR – Euro
• GBP – British Pound Sterling
• JPY – Japanese Yen
• AUD – Australian Dollar
• CAD – Canadian Dollar
• CHF – Swiss Franc
• NZD – New Zealand Dollar

The indicator uses the Relative Strength Index (RSI) as the core calculation because it is naturally normalized between 0 and 100, allowing fair comparisons across currency pairs with different price scales.

1. Core Logic & Calculation Formula

A single currency (like USD or EUR) cannot be traded alone; it is always traded in pairs (e.g., EUR/USD). Therefore, to measure the absolute strength of a single currency, the indicator aggregates its relative performance across all 28 major currency pairs formed by the 8 major currencies (USD, EUR, GBP, JPY, AUD, CAD, CHF, NZD).

The indicator uses the Relative Strength Index (RSI) as the base metric because RSI is naturally normalized (ranging from 0 to 100), eliminating scale differences between pairs (e.g., EUR/USD at 1.10 vs. USD/JPY at 150).

For any currency  C C, its strength contribution from a counterpart currency  X X is calculated as follows:

• If  C C is the Base Currency in the pair  C / X C/X (e.g., EUR in EUR/USD):  Score = RSI ( C / X ) Score=RSI(C/X)
• If  C C is the Quote Currency in the pair  X / C X/C (e.g., USD in EUR/USD):  Score = 100 − RSI ( X / C ) Score=100−RSI(X/C)

The final strength score of currency  C C is the average of these scores across all 7 pairs involving it. This results in a final score between 0 and 100:

• Above 70: Extremely Strong (Strong upward momentum)
• Above 60: Mildly Strong
• Around 50: Neutral
• Below 40: Mildly Weak
• Below 30: Extremely Weak (Strong downward momentum)

2. Multi-Timeframe (MTF) Analysis

Instead of analyzing strength on a single chart timeframe, the indicator calculates these strength scores independently across 9 timeframes:  M1, M5, M15, M30, H1, H4, D1, W1, MN M1, M5, M15, M30, H1, H4, D1, W1, MN

From these MTF calculations, the indicator derives:

1. Average Strength: The mean strength score across all 9 timeframes.
2. Momentum: The rate of change of the average strength compared to  N N bars ago:  Momentum = Average Strength Current − Average Strength Prev Momentum=Average StrengthCurrent​−Average StrengthPrev​
3. Acceleration: The rate of change of momentum (how fast momentum is expanding or contracting):  Acceleration = Momentum Current − Momentum Prev Acceleration=MomentumCurrent​−MomentumPrev​
4. Trend Direction:
   • UP: Momentum is positive and  > 0.5 >0.5.
   • DOWN: Momentum is negative and  < − 0.5 <−0.5.
   • FLAT: Momentum is stable (between  − 0.5 −0.5 and  + 0.5 +0.5).

3. The Dashboard UI

The dashboard renders a clean, real-time table directly on the main chart, sorted from strongest to weakest currency. It contains the following columns:

• Rank: The currency's position (1st is strongest, 8th is weakest).
• Currency: The currency name (color-coded to match the lines and indicators).
• M1 to MN: The current strength value on each timeframe (highlighted in Green if strong  ≥ 65 ≥65, Red if weak  ≤ 35 ≤35).
• Avg: Overall average strength across all timeframes.
• Momentum & Accel: Current momentum and acceleration rates.
• Trend: Directional trend ( UP ,  DOWN , or  FLAT ).
• Best Pair: The counter-currency that yields the highest strength difference (spread).
• Spread: The strength difference between the currency and its best counterpart.
• Signal: A recommended dashboard bias ( BUY ,  SELL , or  WAIT ).

4. Chart Overlay Engines

To prevent chart clutter, all technical drawings appear directly on the main chart:

• Moving Average Engine: Plots EMA 20, 50, 100, and 200 with custom colors and labels showing their names on the right edge of the chart screen.
• Fibonacci Engine: Automatically scans swing points on your selected timeframe and draws standard Fibonacci levels (23.6% to 261.8%) that update in real-time as price forms new swings.
• Support & Resistance Engine: Scans fractals, daily/weekly/monthly highs/lows, and Pivot Points. It groups close-range levels into single Confluence Zones (drawn as filled rectangles) and rates them with stars (★★★☆☆ to ★★★★★) based on the number of overlapping sources.

5. Smart Confirmation & Signal Engine

The system generates BUY/SELL arrows under/above the candles using a strict ruleset. It never relies on currency strength alone. For a signal to trigger, multiple factors must align:

• For a BUY Signal:
  1. Base currency must be strong and Quote currency must be weak (Strength spread must exceed the threshold).
  2. Current price must be above the EMA 50 and EMA 200 (Uptrend).
  3. EMA 20 must be above EMA 50 (Bullish crossover).
  4. Price must be near or bouncing from a rated Support Confluence Zone.
  5. Fibonacci confirmation (e.g., price bouncing off 38.2%, 50%, or 61.8% levels).
• Confidence Score: The indicator calculates a confidence score (0% to 100%) based on how many of these conditions are simultaneously met.
• Alert Engine: Triggers Popups, Sounds, Mobile Push Notifications, or Emails when a high-probability signal aligns.

6. Code Optimization (How it runs smoothly)

Running 252 RSI calculations ( 28  pairs × 9  timeframes 28 pairs×9 timeframes) on every single price tick would freeze your MT4/MT5 terminal. To prevent this, the indicator implements two performance rules:

1. Timer Throttling: The dashboard table updates only once every 3 seconds via a timer event.
2. New-Bar Trigger: Fibonacci and S&R calculations run only on the opening of a new bar.
3. Handle Caching (MT5): Pre-creates and caches handles for all indicators during initialization, running lightning-fast memory copies ( CopyBuffer ) on price ticks.
4. Auto-Broker Suffix Scan: Instantly detects and applies custom broker suffixes (e.g.,  .m ,  pro ,  ecn ,  fx ) to all currency pairs.