Moving Average Currency Strength Meter
Before reading the description of this indicator, I just want to introduce to you following concept
*MOVING AVERAGE LINE - Typical moving average which is based on one chart alone.
*CURRENCY STRENGTH LINE - The moving average of a certain pair in which the strength is based on 28 pairs. Can be said as the REAL MOVING AVERAGE LINE.
Moving Average indeed is one of the most popular indicator which almost every trader use. It can clearly give us where the trend of a pair is going. But the fact still remains that a lot of trader are still having problem making profits by just using MOVING AVERAGE.
Now I introduce you the the most advance way of using MOVING AVERAGES with the taste of CURRENCY STRENGTH METER. The "MAIN CONCEPT" of this indicator is getting the base value of 8 currencies and convert to moving average.
The typical moving average line of EURUSD pair will just all be based on "EURUSD" chart ALONE. But this indicator will give you the REAL MOVING AVERAGE LINE by calculating the real VALUE of EUR on major pairs and the VALUE of USD on all major pairs. This means that the CURRENCY STRENGTH LINE of EURUSD is not just based on the EURUSD chart alone but on all EUR and USD pairs which will give you the MOVING AVERAGE LINE in terms of its strength on other currencies.
This indicator you will show two moving average line. The BLUE line is the normal MOVING AVERAGE LINE which every trader use. While the RED line is the CURRENCY STRENGTH LINE.
- Tweak TimeFrame - Tweaking chart information to check whether user have enough data on the given TimeFrame
- Moving Average TIMEFRAMES- Choose the time_frame you want from M1 to MN
- Currency Line Period - Input PERIOD for Currency Line *NOTE: putting "zero" means the current candle. Example: D1 with period 0 means the strength on current D1 candle
- Moving Average Line Period - PERIOD for Moving Average
- Method - Moving Average Method
- Moving Average Shift - Shift of line for your moving average
- Price - Choose what type of price to be used
- PIPS_CROSS - Difference between MOVING AVERAGE Line and CURRENCY STRENGTH LINE to tell whether a pair is trending or crossing
- Format DISPLAY
- Font - Edit Font
- Show or Hide Strengths, Trends and Moving Average
- STRENGTH COLOR
- USD_COLOR - color for USD
- EUR_COLOR - color for EUR
- GBP_COLOR - color for GBP
- AUD_COLOR - color for AUD
- CAD_COLOR - color for CAD
- NZD_COLOR - color for NZD
- CHF_COLOR - color for CHF
- JPY_COLOR - color for JPY
- SIGNAL COLOR
- Wait Color - color of the hand sign where the currency is still crossing but no clear signal
- Up Trend Color - color when the pair is UP trend
- Down Trend Color - Color when the pair is DOWN trend
- Crossing Up Color - Color when a the Currency line is crossing UP
- Crossing Down Color - Color when a the Currency line is crossing DOWN
- Text color - selected - Color of selected pair
- LINE COLOR
- Show or Hide Arrow Signals - This controls the arrow signals on your chart whenever there is across
- Moving Average Line - Color of MOVING AVERAGE LINE
- Currency_Meter_Line- Color of CURRENCY STRENGTH LINE
- X Distance Meter - SPACE for the X-AXIS on upper right display
- Y Distance Meter - SPACE for the Y-AXIS on upper right display
- X Distance Trend - SPACE for the X-AXIS on upper left display
- Y Distance Trend - SPACE for the Y-AXIS on upper left display
- Alert based on - Choose between Time Interval based or a Change of Direction based alert.
- Type of Alert - Choose to get alert from Market Direction, Currency Strength or Both
- Market Direction Alert - Give alert just on trending pairs, crossing pairs, waiting pairs or alert on all Directions
- Computer Alert - This is a CHART alert. Choose if you want to get alert by chart's pair only or by all pairs
- E-mail Alert - This is a MAIL notification alert. Choose if you want to get report by chart's pair only or by all pairs
- Mobile ALert - This is a METATRADER APP PHONE alert. Choose if you want to get alert/report by chart's pair only or by all pairs
- Alert me at - Choose what time you want to get your alert.
- ALERT_INTERVAL - Hours Interval you will receive your next Alert
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*Note: The limitation of backtest is that it can only test one pair at a time. So if it test a multi-currency indicator like this, results are not accurate.
Shift Parameter is only for Moving Average
Alerts can now be either Time_Interval or when there's a change in Market Direction
Moving Average Shift is added for Moving Average Line.