Currency Strength Index
Want to know if to go long or short on any currency pair? 5TT Currency Strength Index is the answer! 5TT Currency Strength Index is a unique indicator for determining the short-term strength of any currency.
Each currency strength is determined by an index of the currency with the strength of 7 other major currencies. The indicator is constantly monitoring price action across 28 currency pairs and 56 combinations; taking the following into consideration
- Price volatility.
- Short-term price range.
- Short-term price action and candle formation.
How To Use
- Always trade in direction of trend.
- More than 3 green bars indicate strength and more than 3 red bars indicate weakness.
- Combine weak currencies with strong currencies. This will always be a trending condition. For instance if AUD has 5 red bars (weakness) and USD has 5 green bars (strength), sell AUDUSD.
- Avoid combination of strong vs strong or weak vs weak pairs. This will be a ranging condition.
- Header Color: This is the color of the indicator text. Can be adjusted to suit chart background.
- SymbSuffix: If the broker platform includes a suffix on currency pairs, please enter ONLY the suffix. If no suffix, leave blank. E.g. ETX will display EURUSD as EURUSDSB. Enter SB in this case.
- ShowComments: Displays Relative Currency Strength percentages on the chart.
- Applied modification to code to reflect contribution from current day's price action