STO currency strength meter DEMO
- Indicators
- Miroslav Stojic
- Version: 1.1
- Updated: 3 June 2019
STO Currency Strength Meter DEMO uses Stochastic Oscillator 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 currencies of the chart) with changeable solid lines. Also, you can add up to ONE additional currency (only 1 in the DEMO version, in FULL up to 5) to the "comparison pool" that already has the base and the profit (counter) currency of the pair. 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 DEMO version of the indicator! The link to the FULL version: https://www.mql5.com/en/market/product/27048
Settings for the Stochastic Oscillator indicator used:
- %K period: the %K period of the Stochastic (10 is default).
- %D period: the %D period of the Stochastic (5 is default).
- Slowing: the slowing factor of the Stochastic (5 is default).
- Price field: price field of the Stochastic; can be Low/High or Close/Close.
- MA method: Moving Average method used (Simple, Exponential, Smoothed or Linear Weighted).
- Use Main or Signal line: should STO Currency Strength Meter use the Main line or the Signal line of the Stochastic for calculations?
- 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 STO Currency Strength Meter indicator, and not to the Stochastic used).
Lines formatting for the base and counter currencies:
- Color of the base currency: self-explanatory, select the color for the base currency.
- Width: width of the line of the base currency.
- Style: line style (solid, dash, dot...).
- Color of the profit currency: color 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: color of that selected currency.
- Width: line width.
- Style: line style (if width is 1).
The settings are the same for the next 4 currencies.
Limitations of the DEMO version:
- You can only display 1 additional line. Usually, the indicator takes the first available one, and ignores the rest. In total, there can be up to 3 lines on the chart.
Suggestion: Watch the provided video to make everything clear.
