TrueUSD Candles
- Indicators
- Version: 1.20
- Activations: 5
TrueUSD Candles is a multi-currency analytical indicator for MetaTrader 5 that plots a real-time candlestick chart of the US Dollar (USD) in a separate window and uses macro-triangulation to separate genuine US economic momentum from European market movements.
The primary goal of this indicator is to eliminate the structural flaw of the classic US Dollar Index ( DXY ), which is weighted 57.6% toward the Euro (and 77.3% toward European currencies overall). Because of this heavy imbalance, any isolated rally or sell-off in the Euro creates a false illusion that the US Dollar itself is reversing globally.
1. What the Indicator Calculates (3 Mathematical Modes)
On every bar, the indicator synchronously collects Open, High, Low, Close prices across 7 major currency pairs (EURUSD , GBPUSD , USDJPY , USDCHF , USDCAD , AUDUSD , NZDUSD ) and builds synthetic candlesticks using one of three selectable formulas:
- Equal-Weighted USD (7 Currencies — Default): All 7 major world currencies are included in the basket with an identical weight of 14.3% ($1/7$ each). This reveals the true global purchasing power of the US Dollar without any European bias.
- Pure USD ex-EUR (6 Currencies — No Euro): Completely excludes EURUSD from the calculation. The US Dollar is evaluated strictly against the Pound, Yen, Franc, and Canadian, Australian, and New Zealand Dollars (16.7% weight per currency). This mode is ideal during ECB rate decisions or Eurozone news releases to see how the US Dollar is performing against the rest of the world.
- Classic DXY Index: Replicates the standard exchange-traded DXY formula for direct visual comparison against the equal-weighted index.
2. Smart Candle Coloring (False Movement & Divergence Detector)
Beyond plotting candlesticks, the indicator internally compares the behavior of the Pure USD (ex-EUR) against the Classic DXY on every bar. Depending on whether the move is genuine or distorted by the Euro, each candle is colored in one of 4 ways:
| Candle Color | Underlying Market Dynamics | Practical Trading Application (XAUUSD, EURUSD, etc.) |
| Green | True USD Rally. The US Dollar is strengthening synchronously across the broad market. | Confirmed downward pressure on Gold ( XAUUSD ) and major currency pairs against the USD. |
| Red | True USD Sell-off. The US Dollar is weakening globally across major pairs. | Confirmed fundamental driver for buying Gold ( XAUUSD ) and trading against the USD. |
| Orange | False DXY Rally (Euro Trap). The classic DXY is rising only because the Euro is dropping, while the true US Dollar is actually falling against the other 6 currencies. | Warning: A downward breakout on EURUSD or XAUUSD is driven by European weakness rather than US strength — high probability of a fakeout and sharp reversal. |
| Blue | Hidden USD Strength. The classic DXY is falling due to a local spike in the Euro, but the true US Dollar is already rising against the rest of the world. | Leading signal: Institutional capital is quietly accumulating USD globally. Once the Euro impulse fades, the USD is likely to surge upward, pushing Gold down. |
3. Macro-Triangulation Panel (US vs. Europe)
In the top-left corner of the indicator window, a real-time diagnostic panel calculates the logarithmic momentum over a user-defined lookback period (inpRocPeriod , 14 bars by default) and automatically identifies the true market driver:
- Row 1: Compares the percentage change of the Equal-Weighted USD (7 pairs) against the Classic DXY, immediately exposing the exact percentage of Euro-induced distortion.
- Row 2: Displays the independent strength of the Pure USD (ex-EUR) and Pure EUR (ex-USD), both measured against a neutral basket of 6 third-party currencies.
- Row 3 (Automated Diagnosis): Outputs a color-coded market conclusion:
- "Pure USD is RISING / FALLING (Europe is flat)" — the move originates strictly from the US.
- "EUROPE is RISING / FALLING (True USD is stable / False DXY rise!)" — the catalyst is inside the Eurozone; the US Dollar itself is neutral.
- "DOUBLE USD BULL / BEAR IMPULSE" — the US and Europe are moving in opposite directions simultaneously (e.g., USD is rising globally while EUR is falling globally). This generates the strongest, most sustained trends on EURUSD .
- "HIDDEN TREND (USD & EUR moving in sync vs World)" — both the US Dollar and the Euro are simultaneously strengthening (or weakening) against other world currencies. During these phases, EURUSD appears stuck in a tight range, while Gold (XAUUSD ) and cross pairs experience strong directional moves.
4. Built-in Technical Features
- Moving Averages (EMA 20 & EMA 50): Plotted directly over the synthetic USD candlesticks to identify the primary trend and dynamic support/resistance zones for the Dollar.
- Wick Synchronization Filter: Because High and Low extremes across 7 different currency pairs rarely occur at the exact same second, the indicator applies a synchronization factor (0.55 ) to filter out artificially inflated candle wicks.
- Smooth Candle Open ( inpSmoothOpen ): Aligns the opening price of each new synthetic candle with the closing price of the previous candle, eliminating micro-gaps and keeping the chart clean for classical Price Action analysis.
- Automatic Broker Symbol Detection: Automatically detects account-specific symbol prefixes and suffixes (such as EURUSD.m , EURUSDpro , or EURUSD_i ) from the active chart and enables all 7 required currency pairs in the Market Watch window.
- Bilingual Interface ( English / Russian ): All parameters, labels, and panel messages default to English, with a single-click switch (Interface Language ) to toggle the on-chart diagnostics to Russian.
