Currency Strength Meter with Open Formula
- Indicators
- Version: 1.0
- Activations: 5
Currency Strength Meter MTF combines the 28 pairs of the 8 major currencies (USD, EUR, JPY, GBP, AUD, NZD, CAD, CHF) into one strength value per currency. It draws 8 lines in a subwindow and shows a ranking table for the chart timeframe, M15, H1, H4 and D1.
The full formula is published below. The indicator shows the relative strength of past price changes calculated by a fixed formula. It is an analysis aid. It does not tell you when to buy or sell, and it does not show future price movement.
FEATURES
- Strength lines: 8 lines in a subwindow, with the currency name and value at the right end.
- Multi-timeframe ranking table: rows for the chart timeframe, M15, H1, H4 and D1 (changeable), with the 8 currencies sorted from strongest to weakest.
- 28-pair difference list (off by default): "strength of the base currency - strength of the quote currency", largest difference first.
- Extra symbols (empty by default): up to 3 symbols such as gold or stock indices, shown in a separate table with the same % change. They are not used for the 8 currencies.
- Prefix / suffix: detected automatically from the chart symbol name, or set manually.
- Alerts (off by default): the 1st or the 8th currency changed; the difference between the 1st and the 8th rose above a threshold. Pop-up, sound, push notification and / or e-mail.
- Chart text, table and alerts in English or Japanese.
FORMULA
- Pair change = (close of the last closed bar / close of the closed bar N bars earlier - 1) x 100 (%). N = 20 by default.
- Currency strength = the mean of the changes of the available pairs that contain the currency.
- The sign is kept when the currency is the base currency (EUR in EURUSD) and flipped when it is the quote currency (USD in EURUSD).
- Time alignment: on each timeframe, the time T of the chart symbol's closed bar is the reference. Each pair uses the close of its last bar at or before T (the same for the bar N bars earlier).
- When a pair has no bar at that time (for example a market holiday), the value at that time (its last bar at or before T) is used as it is.
- Missing pairs are excluded and the number of pairs used is shown. When a currency has fewer than 7 pairs, the table shows the number used, for example "(6)".
WHAT CAN AND CANNOT CHANGE (please read)
- Only closed bars are used. The forming bar has no value and no line.
- Values of closed bars do not change later.
- Exception: when a pair that was not ready during the first load arrives later, the whole timeframe is recalculated to include it, and past values change at that time. The same full recalculation happens when a pair is excluded after repeated loading failures, and when the terminal reloads the chart history.
- Values appear about 10 to 60 seconds after a bar closes (the indicator waits for the bars of the other pairs to close).
- The last bar on Friday is shown only after the first tick on Monday. Over the weekend, D1 values therefore end on Thursday.
FIRST LOAD
- While the terminal loads the history of the other pairs, "Waiting for data (n/28)" is shown for up to 30 seconds, then "Calculating...".
- Many bars use much memory. In our check, 100,000 bars on M1 increased the terminal's memory by about 0.8 GB. Keep "Bars drawn in the subwindow" (5000 by default) and the terminal's "Max bars in chart" to what you need.
PREFIX AND SUFFIX
- If the chart symbol contains one of the 28 pair names, the characters before and after it are used as the prefix and suffix (for example ".x" for "EURUSD.x").
- On a chart whose symbol contains no pair name (for example gold), automatic detection is not possible. Set the prefix / suffix manually. A manual prefix / suffix has priority.
- Pairs that are not found are excluded and listed below the table as "Not available (excluded)". The list has up to 6 lines; the rest is shown as "+n more".
- When no pair is found, "No pairs (0/28). Check prefix/suffix" is shown.
- The subwindow name shows N and the number of pairs used (for example 28/28).
DISPLAY
- By default the ranking table is on the main chart, in the corner that overlaps the candles least. When the one-click trading panel is shown, a top-left table is moved below the panel.
- Table position: main chart auto or one of 4 corners, or subwindow auto or one of 4 corners.
- The 28-pair difference list is off by default.
- Extra symbols are shown in a separate table below the ranking table.
- No values in the Data Window. Values can be read with iCustom / CopyBuffer (buffers 0-7 = USD, EUR, JPY, GBP, AUD, NZD, CAD, CHF).
- Two copies can run on one chart. The second gets "#2" (numbered in load order). Two tables on the main chart are crowded, so turn the second table off or put it in the subwindow.
ALERTS
- Alerts tell you that a condition was reached. They are not buy or sell signals.
- Conditions: the 1st or the 8th currency changed; the difference between the 1st and the 8th rose above the threshold (1.0% by default). Both are off by default.
- The alert timeframe is chosen separately from the chart timeframe (H1 by default) and checked once per closed bar.
- As a guide, in our check alerts came about 10 times per day on H1. The number depends on the market and the settings.
- No alerts in the Strategy Tester.
- Push notifications and e-mail need the terminal's settings.
IMPORTANT
- Currency strength is a relative comparison of past price changes by a fixed formula. It does not show trade timing, profit or future price movement. Past charts do not guarantee future results.
- Strength depends strongly on N and the timeframe. At the same moment, the ranking can be reversed on another timeframe.
- In quiet markets the differences are small and the ranking changes often.
- If your account does not offer some pairs, fewer pairs are used.
- Objects whose names start with "CSM_<number>_" are treated as this indicator's drawings and are cleaned up. Do not use such names for your own objects.
- With an input outside its range, the indicator does not start ("invalid input parameters" in the Experts tab).
OTHER
- MetaTrader 5 only. Designed for accounts that offer the 28 pairs. It can be attached to a chart of any symbol and timeframe.
- Works with templates and after a terminal restart.
- No DLLs, no external files, no internet access.
- Support through MQL5 messages, reply within 3 business days: installation, settings and bug reports only. Questions about market views, trade decisions or how to read a result cannot be answered.
