I present you an indicator with a non-standard analysis. Its advantage is an original calculation of the "market index" of a currency. The algorithm of these calculations is as follows - for the currency pair (can be one of the following: EURUSD, GBPUSD, USDCHF, USDCAD, AUDUSD, NZDUSD, USDJPY) and another selected currency pair (USD, EUR, GBP, CHF, CAD, AUD, NZD, JPY), it calculates the "market indices". In other words, it calculates the average value of the currency among the aforementioned eight currencies. After that, the value obtained from dividing those indices is averaged in the selected period and compared with the initial value for that period. Thus, it obtains the change in the indices of three currency pairs among the 28 major pairs. The indicator lines are used to display three lines in a separate window. They can be monitored to determine the pair with the best moment for opening or closing a trade. Also, based on these indices after multiple filtering, the actual further movement is analyzed. The fourth screenshot demonstrates the appearance of the indicator lines, if it is running in a USDJPY chart or if the JPY is selected as the third currency. This happens because the JPY index is very small in such calculation. Compared to the changes in other indices of the pairs that have this currency, the fluctuations of other indices are almost negligible. But all calculations for any currency are analogous and identical.
- CrossCurrency - the third currency. One of USD, EUR, GBP, CHF, CAD, AUD, NZD, JPY; must not match any of the currencies of the chart pair, where the indicator is running.
- UA_Period - period, the number of bars to calculate the changes in index. Values from 2 to 25.
For the indicator t owork correctly, the following currency pairs must be available in the terminal in the specified form and without suffixes: EURUSD, GBPUSD, USDCHF, USDCAD, AUDUSD, NZDUSD, USDJPY, EURGBP, EURCHF, EURCAD, EURAUD, EURNZD, EURJPY, GBPCHF, GBPCAD, GBPAUD, GBPNZD, GBPJPY, CADCHF, CADJPY, AUDCHF, AUDNZD, AUDCAD, NZDCHF, CHFJPY, NZDCAD, NZDJPY, CADJPY.