FX Multi Meter Strength Scanner
ADDED SMOOTHING OPTION FORE MODE 2
FX Multi Meter Strength Scanner:
Strength meter used to asses the strength of the 8 Major Currencies: EUR, GBP, CHF, USD, CAD, AUD ,NZD, JPY.
A rating score is given from 0 to 14, 0 being the weakest and 14 being the strongest.
OBSERVATION: Some features of the indicator (mainly Mode1) will not work in the strategy tester so make sure that from the indicator Option DEMO_TEST is enabled.
The FX Multi Meter Strength Scanner is an indicator with three operation modes used to asses the following:
Mode1->Analyses the overall Market and rates the strongest and weakest currencies to trade
Mode1 Is used to analyze intra-day currency strength, the user is presented with three tables:
-Meter One->One which analyzes the strength of a currency over multiple time-frames and over a certain amount of bars to get an overall picture of the direction of that currency.
-Meter Two->Another meter in which the strength of a currency is analysed intra-day at the opening of the candle and based on the trading activity a rating is given.
-An individual Symbol scanner where the user can enter a desired symbol to analyse the current market activity of the day to see If the trend is bearish or bullish.
The first two meters scan all the 28 major currency pairs and based on their formula they analyse the market from different points of view and give at the end a rating.
In case your broker does not support all the 28 major pairs then the indicator will detect this and adapt the formula inside.
In Mode 2 the indicator will display on the main chart the Meter One and in the sub-window you will get a two lines cross trend indicator which will signal you the current trend for the attached symbol.
This two line cross indicator works quite simple.
Buy Signal->Aqua Line crossed over the Fuchsia Line Green Arrow is generated.
Sell Signal->Fuchsia Line crossed over the Aqua Line Red Arrow is generated.
The indicator can get quite noisy or generate false signals, for no trading indicators are 100% noise free, you can filter the false signals by analyzing the Meter 1 strength scanner.
For example if a buy signal is generated on EUR\USD on M15 timeframe but the overall strength for the EUR over multiple timeframes is bearish then one would skip that particular trade.
The indicator will display in the sub-window the historical data of the Meter One only for the current timeframe on which the indicator is attached.
So the the strength of the 8 major currencies are plotted in lines and thus you can study in more depth the strength evolution of the currencies and corelate them with the past trend activity in the market, and also the current trade activity.
DEMO_TEST: Enables the testing of certain features in the strategy-tester.
Indicator Key->Unique key for the indicator, this is used so that you may attach the indicator on your chart multiple times in different operating modes make sure to use a different Key.
Indicator Mode-> Select the Operating mode
Mode1-> Intraday Strength Scanner.
Mode2->Intraday Strength Scanner + trend indicator.
Mode3->Strength Scanner plotted over all the historical bars of the current symbol and timeframe. (Scanner settings are dependent are taken from the Strength_MeterSetting area).
Strength_meterSettings-> LookBack Period for each timeframe to analyse market data.
ScannerSymbols:-> In this area the user can enter the symbol which he wished to scan to see in particular the current trading activity, bullish or bearish.
StrengthMeterAlerts-> the user enters the desired threshold at which the first scanner will trigger either in a downward or upward scenario for any timeframe (M1 to D1).
The user can enable disable alerts for certain timeframes and certain alert types, Pop-up window email notification.
All other settings are intuitive and easy to understand.
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