RSI Basket Currency Strenght
The RSI Basket Currency Strenght brings the RSI indicator to a new level.
Expanding the boundaries of TimeFrames and mono-currency analysis, the RSI Multi Time Frame Currency Strenght take the movements of each currency that composes the cross and confront them in the whole basket of 7 crosses.
The indicator works with any combination of AUD, CAD, CHF, EUR, GBP, JPY, NZD, USD pairs and with full automation takes in account every RSI value for the selected Time Frame.
After that, the indicator plots the average of the values, making it as an oscillator around the zero value.
If the currency line is over the other, it indicates a whole strenght of such currency against the other seven.
If the currency line is over the zero line, it's a clear signal of strenght, driving the price in the direction of the currency position (long if currency is the numerator, short if it is the denominator).
The RSI Basket Currency Strenght can be fully customized with your favourite Time Frame (greater or equal your working Time Frame).
It is a great tool for trend confirmation and for spotting potential reversal moments, while the counter currency gains strenght in the whole market.
FREE version (Only working on EURUSD) available here --> https://www.mql5.com/en/market/product/48706/
Produly developed by www.automazionetrading.com