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This indicator is a tool to measure the relative strength of different currency pairs. It used a user selected base currency as a comparing standard, and evaluate all other major currencies base on their relative strength/weakness.
the stronger one currency compare to the base currency, the higher its value. Base currency has a fix strength value of 50.
- Strength Period - Change the strength period in the settings affects the number of bars used for calculation. The higher the period value, the smoother the indicator lines and the result will represent longer term strength of each currencies, rather than recent strength.
- Threshold of Belt Width - You can set a threshold value to highlight the expanding currency belt ( which is visually represented when indicator is loded). Only effected when "Hightlight Expanding Belt" set to true.
- Highlight Expanding Belt - When set to true, it highlight the currency belt at where it expands, it means that the strongest currency and the weakest currency has a value difference that larger than threshold value. That implys the strong currency pairing with the weak may experience large movements on the chart.
- Base Currency Options - Choose one base currency to evaluate the result.(USD / CHF / NZD)
It is useful when you are trying to trade not only major pairs but different cross pairs.
If this indicator is not working properly, it is likely that you have to switch between different timeframes and wait for it to refresh.
The indicator window display range from 15 to 85 by default, you can change it in the settings. You can change indicator line colors and styles for visual preference in color tab. You can disable indicator line by select "none" for its color.