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ADX currency strength

The average directional index (ADX) indicator is used to determine when price is trending strongly. This indicator uses the ADX (inbuilt) indicator and returns two ADX strength scores (2 lines in window) - one for the base currency and other for counter currency.

It combines the group of correlated (base & counter) currency pairs dynamically from the chart, as per:

  • AUD="AUDUSD","AUDCAD","AUDCHF","AUDJPY","AUDNZD" / "EURAUD","GBPAUD"
  • USD="USDJPY","USDCHF","USDCAD","USDNOK","USDSEK" / "AUDUSD","NZDUSD","EURUSD","GBPUSD"
  • NZD="NZDCAD","NZDCHF","NZDJPY","NZDUSD" /  "AUDNZD","EURNZD","GBPNZD"
  • GBP="GBPUSD","GBPAUD","GBPNZD","GBPCAD","GBPCHF","GBPJPY","GBPSEK","GBPNOK" / "EURGBP"
  • EUR="EURUSD","EURAUD","EURNZD","EURCAD","EURCHF","EURGBP","EURJPY","EURSEK","EURNOK"
  • CHF="CHFJPY" / "EURCHF","USDCHF","AUDCHF","NZDCHF","GBPCHF","CADCHF"
  • CAD="CADCHF","CADJPY" / "AUDCAD","NZDCAD","EURCAD","GBPCAD","USDCAD"
  • JPY="USDJPY","AUDJPY","NZDJPY","CADJPY","CHFJPY","EURJPY","GBPJPY","SEKJPY","NOKJPY","SGDJPY"

When base score > counter score, means base currency is showing bullish indicator momentum and vice versa.


Parameters:

  • ADX_PERIOD - number of periods to calculate for indicator.
  • PriceType - PriceOpen,PriceHigh,PriceLow,PriceClose
No reviews
Version 160.125 2016.01.27
TypeOfScore parameter set to default of "Percent", others deprecated
Version 140.921 2014.09.29
New value for the TypeOfScore parameter:
Percent - sums the difference as % of (PLUSDI/MINUSDI) per bar for all related pairs.
Version 140.913 2014.09.17
Code re-factoring, changed parameters to enumerations.
Version 140.908 2014.09.09
- Fixed situation where the symbol does not exist and ignores it in the scoring.
- New parameters:
TypeOfScore - Position or Indicator.
PriceType - Open, High, Low or Close.