The behavior of each currency pair is considered as a set of behaviors of both currencies comprising the currency pair. In its turn, behavior of each currency is analyzes taking into account the current situation on all pairs that include this currency. Such a set of currencies is called a "currency basket". The indicator works on 28 currency pairs: AUDUSD, AUDZD, AUDJPY, AUDCAD, AUDCHF, EURAUD, GBPAUD, USDCAD, NZDCAD, GBPCAD, EURCAD, CADCHF, CADJPY, CHFJPY, USDCHF, GBPCHF, EURCHF, NZDCHF, EURUSD, EURJPY, EURGBP, EURNZD, GBPJPY, GBPNZD, GBPUSD, NZDUSD, NZDJPY and USDJPY.
For example, the behavior of EURUSD should be analyzed with the behavior of EUR and USD taken into account. Behavior of EUR, its "strength", can be calculated in a special way, knowing the situation on the currency pairs EURUSD, EURJPY, EURCHF, EURGBP, EURNZD, EURCAD and EURAUD. Such a set is a "basket of EUR currencies". Behavior of USD and its "strength" are determined using EURUSD, GBPUSD, AUDUSD, NZDUSD, USDCAD, USDCHF and USDJPY. Such a set is a "basket of USD currencies". Knowing the relative "strength" or "weakness" of EUR and USD, it is possible to use a special method to predict the movement of the EURUSD pair. Any other pair is analyzed similarly. Thus, the work with any of the 28 major currency pairs will be performed using 14 other currency pairs.
The indicator version for MetaTrader 4 can be found here.
UniWPR implements the described principle with the following features:
- UniWPR has four different ways to display the state of the currency pair it is attached to, as described in the previous paragraph (see screenshots 1-4).
- The UniWPR chart contains two moving averages, which improves the analysis quality.
- UniWPR works on all timeframes, which allows accurately determining the entry points on the charts of the twenty-eight major pairs.
- UniWPR displays an important pattern and informs about it.
The pattern is the intersection of the "fast" moving average of the graph and the "slow" moving average. The intersection is recorded at the candle closure. The pattern is displayed only on the display type #1 (Basket Difference: Base - Quote Currencies) as a vertical line of different colors. For additional information see screenshots 5, 6.
- Indicator Period - indicator calculation period.
- View Type - data display type:
- Basket Difference: Base - Quote Currencies - the main graph of the indicator for the currency pair, consisting of two "baskets of currency pairs". This is the default value.
- Basket for Base Currency - graph for the "basket of currency pairs" of the base currency.
- Basket for Quote Currency - graph for the "basket of currency pairs" of the quote currency.
- Baskets for Base & Quote Currencies - two previous graphs in one window.
- MA Period (slower) - period of the "slow" moving average.
- MA Period (faster) - period of the "fast" moving average (this moving average is not displayed for the display type #4).
- Pattern size - "size" of the pattern in percent. This is the distance the graphs of moving averages were at before and after the crossing.
- Mark Patterns - pattern display:
- Don't Mark - do not display.
- Mark ALL - display all patterns.
- Mark Only New - display only new patterns.
- Notify service - method of notification about a new pattern.
- Pair Prefix - prefix in the symbol name.
- Pair Suffix - suffix in the symbol name.
- The last two parameters describe changes in the names of currency pairs made by the broker. For example, if the "EURUSD" pair is displayed as "EURUSD.ch" in the terminal, set Pair Suffix = ".ch". IF the pair is called "##.EURUSD.z", then Pair Prefix = "##." and Pair Suffix = ".z";
- The appearance of a new pattern is NOT A MARKET ENTRY SIGNAL. It is an invitation to the trader to pay attention to the situation consider the possibility of entering.
- All other patterns characteristic of oscillators and known in technical analysis are functional for this indicator.
- The remaining input parameters are related to appearance customization and are described in the blog.
- The news feed will contain other descriptions, application results, errors and other.
- I will answer all questions and respond to criticism. Feel free to write and ask.