RSI Currency Strength Meter
RSI Currency Strength Meter uses RSI (Relative Strength Index) to monitor how strong a currency is, or in other words, if it's being bought or sold by the majority compared to the other currencies. It displays the strength-lines of the currencies of the pair (base and counter currency of the chart) with changeable solid lines. Also, you can add up to five additional currencies to the "comparison pool". If you want to look and compare, for example, EUR, USD and JPY, it will only look at the EURUSD, USDJPY and EURJPY!
Note: This is a multicurrency indicator. So, if you want to test this indicator, I provided the DEMO version that has a lot of limitations. The link to this DEMO version is: https://www.mql5.com/en/market/product/26986
Settings for the RSI indicator used:
- RSI period: the period of the RSI (14 by default),
- Apply to: which price should RSI be based on (close, open, high, low, median...),
- Smoothing Factor: so that the lines look smoother - 1 or less is for no smoothing, and 2 or more to increase smoothing applied (the smoothing factor applies to the RSI currency strength meter indicator, and not to the RSI used).
Lines formatting for the base and counter currency:
- Color of the base currency: self-explanatory, select the colour for the base currency,
- Width: width of the line of the base currency,
- Style: line style (solid, dash, dot...),
- Color of the profit currency: colour for the counter currency,
- Width: width of the line of the profit currency,
- Style: the style of the line of the profit currency (solid, dot, dash...).
Next is formatting for the additional 5 currencies (this one example is the same for all 5):
- Currency n: write in the 3 letters symbol of the currency you want to display (examples: "eur" or "aUd" or "usD" or "NZD".."Btc", "LTC", "cNY" - all these formats are acceptable)
- Color: colour of that selected currency,
- Width: line width,
- Style: line style (if width is 1).
The settings are the same for the next 4 currencies. In total, you can display up to 7 currencies.
Suggestion: Watch the provided video to make everything clear and/or check out the DEMO version: https://www.mql5.com/en/market/product/26986
- Bugs fixed,
- Error printing under "Expert" tab,
- Some of the settings removed,
- Smoothing factor added, &
- Much faster loading.
- Few major and minor bugs fixed;
- NEW: you can now write in your own currency symbol (3 letters: "eur", "cad", "btc"...) instead of picking out of limited list.
- Now indicator loops through all the pairs on the platform, and that's why:
- NEW: Load indicator in steps, X amount of candles per new tick. The reason for this is to avoid CPU overload due to looping through all the pairs (can be above 100).