Forex Meter Oscillator
Forex Meter Oscillator is an indicator that can give a whole view of forex market from a single chart, measuring currency strenghts among 28 forex pairs (majors and minors).
The "oscillator" word is very meaningful: it normalizes currency strenghts in order to provide values in a predefined range (from -1 to 1).
What are normalization's advantages?
It's so simple, values will always be in a pre-defined range that reflect exactly the current value compared to the last N values. In this way you will not have spikes and values "out of range" that can make more difficult the understanding of the indicator. In this way it will be possible to shape more precise and robusts rules about a trading strategy!
Value +1 : Currency strenght is at maximum of last N candles. Wait for the currency to decrease from 1 to catch good weakness moment of that currency.
Valule -1: Currency strenght is at minimum of last N candles. Wait for the currency to increase from -1 to catch good strenght moment of that currency.
Indicator has an Alert section in order to trigger alert messages when some conditions are met.
- Currency are rising or falling. (Crosses of specific value, input parameters)
- Currencies crosses
Indicator also has some analyzer panels:
- Yesterday panel: differences from yesterday to current candle.
- Today panel: differences from midnight of current day to current candle.
- Last candle: differences from the last candle and the previous one.
- Symbol prefix: in case of your broker use a symbol prefix (ex. mEURUSD)
- Symbol suffix: in case of your broker use a symbol suffix (ex. EURUSD.)
- First bar: the first bar to be calculated (enter 1 to calculate the last closed candle, 0 in order to calculate also the current candle)
- Bars plotted: Numbers of bars that are plotted to graph
- Normalize period: Normalization period (compare current values to Min/Max values of last X candles)
- Enable alerts
- Enable Rise/Fall alert
- Enalbe Crosses
- Rise threshold: Value at which will be sended a "rising" alert (when a currency crosses above this value)
- Fall threshold: Value at which will be sended a "falling" alert (when a currency crosses below this value)
- Cross minimum strenght: Minimum strenght that currency need to have in order to generate a cross alert (this will be the difference from the previous candle, the same that it can be seen from "Last candle" panel. This value is to avoid "weak" and unclear crosses)
- Colors of currencies: decide colors of currencies lines
- Background color: color for background of analyzer panels
- Enable Yesterday panel
- Enable Today panel
- Enable Last candle panel
Button next to the indicator name are used to switch to the related symbol, click 2 currencies in order to open the related chart.
NOTE: Due to large amount of data required by indicator it can be needed, sometimes, to change timeframe of chart in order to force its refresh.
If you have some doubts about how to use my indicator, please don't esitate to contact me and I'll be happy to help you!