PZ Currency Meter
The Currency Meter indicator measures relative strength between major currencies and makes portfolio selection easier than breathing. The basic idea is to attack weak currencies using strong ones as counter currencies and vice-versa. Buy strength against weakness and short weakness against strength.
- Find strong and weak currencies at a glance
- Compare one currency against another easily
- Is a currency strengthening? Look for a longs
- Is a currency weakening? Look for shorts
- It implements a multi-timeframe dashboard
- It is a top-quality confirmation for trades
- The indicator needs no optimization at all
- Customizable look-back periods
- The indicator is non-repainting
Anatomy of the indicator
The Currency Meter indicator evaluates several currency pairs and finds, in absolute terms, which currency has gained or lost the most against all others during a determined period of time. The proper usage of the indicator is to buy strength against weakness and vice-versa. But it can also be used confirm a trade on any given pair triggered by technical analysis. The indicator displays the strength of each currency, for each timeframe.
The currency pairs analyzed are EURUSD, GBPUSD, USDJPY, AUDUSD, USDCHF, USDCAD, EURCHF, NZDUSD, AUDCAD, AUDCHF, AUDNZD, AUDJPY, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURGBP, EURJPY, EURNZD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPNZD, NZDCAD, NZDCHF, NZDJPY, which are present in all metatrader brokers. Please make sure to have these included in your Market Watch.
- Look Back - This parameter is the amount of bars to evaluate to the past.
- Average - Moving average period for the oscillator.
- Max History Bars - Amount of past bars to evaluate when the indicator loads.
- Suffix and Prefix -Type the prefix and suffix for the symbols in the "Suffix" and "Prefix" parameter in the indicator inputs, if applicable. For instance, if your EURUSD symbol is named "EURUSDpro", then "pro" is the suffix. Other example, if your EURUSD symbol is named "fxEURUSDmini", then "fx" is the prefix and "mini" is the suffix. The indicator requires this if the symbol names are not standard, to construct the correct symbols names.
- Drawing Settings - Choose the font sizes to construct the dashboard and chart labels.
Arturo López Pérez, private investor and speculator, software engineer and founder of Point Zero Trading Solutions.
- Speeds up the indicator logic using more buffers