CPM Extended MT5
The algorithm is based on the idea of the Currency Power Meter indicator. In this version, the number of displayed values is unlimited, its code is more compact and fast, values of the current bar can be obtained through indicator buffers.
What the indicator shows: a thin band and the upper number in front of the currency shows the relative strength index for the last N hours (N is set in the parameters in the variable 'Hours'), a wider band shows the daily index. The more currency pairs using this currency you specify in the input parameters (assuming that your broker provides quotes for the pairs), the more weighted the index will be (but be careful with pairs of "non-major" or exotic currencies, they can distort the overall picture). For example, if you specify only EURUSD, the relative index for Euro will be calculated only based on this pair, if you add EURGBP, then the Euro index will be calculated based on two pairs and a more weighted value will be obtained.
How to use the data: the lower/higher the index value, the more likely a technical correction or trend continuation is, in the absence of important news.