Multi Currency True Currency
MCTC is the most advanced multicurrency strength indicator for day trading, that does NOT use moving averages. This versatile strength meter has many settings that can be customized to suit the day traders needs.
With up to 12 customization time periods, automatic calculation and graph plotting of previous period high/low values, 2 side meters showing currency strength, pair strength, points movement, points movement from previous periods, percentage, and pressure. Clickable chart for fast switching between currency pairs. Monitor the strengths of 28 currency pairs and find the best pairs to trade.
This indicator shows multiple individual currencies strengths as measured against all the other currencies. It measures the price movements of the applied chart currency pair comparing the base and counter currency occurring in all the other base/counter currencies and shows the strength movements.
- 12 customizable time periods for days of the week to hours and minutes
- Automatic ploting of high/low values either highest/lowest at close of bar or absolute highest/lowest.
- Display strength lines ONLY for the chart pair
- Display the strength lines of all the currency pairs
- Display strength lines for each currency
- side meter 1
- Strength of each currency
- side meter 2
- currency pair
- strength of each individual currency
- number of points the currency pair has moved
- number of points that the currency pair has moved above or below the high/low lines
- percentage of the movement
- absolute strength (pressure)
- bars - Number of bars to process.
- font_size - font size for the side meter.
- spacing - spacing for the side meter.
- line_width - line width of the highlighted chart currency.
- show_strength - plot strength lines ONLY for the chart pair, true/false.
- show_all_currencies - plot the lines of all the currency pairs, true/false.
- show_all_strengths - plot strength lines for each currency.
- PM_M - Choose highest/lowest at close of bar or absolute highest/lowest.
- prefix - input broker prefix if necessary, example xxxEURUSD.
- suffix - input broker suffix if necessary, example EURUSDxxx.
- Time1,Time2,Time3... Time12. The time setting that resets all values. This resets all currencies and strengths to zero and will start measuring until the next time setting. This is useful to start measuring the progress of currencies for example a news release or trading session, example London open to London close. Sets the reset times - There are 12 reset times that can be used from day/hour/minute.
- Time1: true/false
- D_D1: every_day_1
- H1: input for hour (0 - 24)
- M1: input for minute (0 - 60)
How to use this indicator
After setting your preferred time periods, which could be at the start of a trading session or after a major news break, we will look for the strongest and weakest currency pairs. We will also look at the percentage column and pressure column, these should be high values, percentage should be at least above 60-70.
We can also look at the strengths (show_all_strengths) and match up the strongest and weakest currencies pairs.
Please see the screen shots: How to trade.
Thank you and good trading.