Multi Currency Trend Strength Indicator Basic
Are you tired of having many open charts and watching many different currency pairs? MCTSI will monitor the strengths of 56 currency pairs and show you the best pairs to trade, no more guessing which currency is stronger/weaker, no more trading a pair that is not moving positively.
You may have many charts open trying to determine the best currency pair to trade on may timeframes, MCTSIP can monitor currency strengths on a different timeframe to the current timeframe.
This is a essential tool in manual trading and gives the trader a advantage knowing how strong a currency really is.
- MCTSI monitors the strengths of the following currencies : EUR, USD, GBP, JPY, AUD, NZD, CAD, CHF.
- Each currency's movement is measured against 7 other currencies to determine the strength.
- This is shown in the indicator window for each currency, and will show the strongest to weakest currency.
The sensitivity can be adjusted by changing the MA values to make the indicator more or less sensitive to currency movements, and so customized to the time frame you are trading on.
Note: the indicator may not show correctly in the strategy tester, as it has to process large amounts of history data for each pair.
This indicator shows multiple individual currencies strengths as measured against all the other currencies. It measures the price movements of the applied chart currency pair comparing the base and counter currency occurring in all the other base/counter currencies and shows the strength movements. The rate of change or rate of change strength is shown and can be adjusted for sensitivity by the Moving Average numbers.
- Monitor EUR USD GBP JPY AUD NZD CAD CHF.
- Individual currency strengths data, basic version (1-7)
- Applied chart movement arrows, no redraw.
- Alerting capability.
fast_ma = 5: fast Moving Average, always setting this input lower than [slow ] input.
slow_ma = 13: slow Moving Average, always setting this input higher than [fast] input.
Note: adjusting the fast and slow inputs will make the currency strengths more sensitive to price movements.
width = 3: size of the chart pairs highlighted lines, setting this to 0 will remove the highlighted lines (all lines will be same size).
font_size = 12: size of the chart pairs index currency, setting this to 0 (zero) will make all the index text the same size.
timeframe = current: timeframe, 0 (current) will use the chart timeframe.
Alerts = true: if set to true, this will send a alert only to the trading terminal if the current chart strength has changed up/down.
bars = 500: the amount of bars the indicator will process and show.
Note: setting this input to 0 (zero) will process ALL the bars in the chart and can take a long time due to the amount of data to process.
- suffix: if broker uses suffix: example XXXXXXpro.