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Power Tools provides multiple analytical tools in one indicator for fast analysis of multiple information.
This includes multi time-frame, multi- currency , total base currency performance as well as alerts and notifications.
The tools and functionalities will be expanding based on the developers discretion and suggestions of the users.
Ensure the pairs analyzed are included in the market watch and have enough history over the timeframes being analyzed
Top Right Corner
Shows how strong each base currency currently is from 0 to 10.
Closer to 10 implies a strong base currency that is increasing.Closer to 0 implies a weak base currency that is decreasing.
Get a general market overview of what is happening, which currencies are weakening and gaining.
Find combinations of Strong (score above 6) and Weak (score bellow 4) symbols to buy one against the other.
The scores are calculated by analyzing 10 trend indicators for each base currency against all its other peers.
Show how each base currency has moved over a given period of time . It compares the movement of each base currency against its other counter currencies producing a visual showing which base currencies are gaining strength and which one are getting weaker.
Rather than just looking at one pair and decide if is going up or down you can also see how one of those base currencies is doing also as a whole.
This tool does not use any indicators. It only sees how much each currency has gained or lost over time.
Multi Currency Analytics
Top Left Corner
Shows how a selection of up to 25 pairs are performing ,to quickly find trading opportunities.
- Trend : Shows if the pair is moving up or down and how strong it is on a scale of -100% to 100%. Determine if you should buy or sell that pair.
- Short Term: Shows where a pair is heading on the short term on a scale of -100% to 100%. If it is opposite the Trend is an indication that you may need to wait before placing a trade.
- Extremes: Shows if a pair is Oversold ↓ or Overbought ↑ on a scale of -100% to 100%. An Oversold pair is an indication that is a bit too late to sell that pair and may start moving up soon. The opposite applies for Overbought pairs.
- Pips Move: Shows how big the last straight move was. Is an indication of how volatile the pair has been and around how many pips you may expect to gain when Trend and Extremes are opposite.
- Opportunity: You should be looking to Buy up trend ,oversold symbols and sell down trend ,overbought pairs. When these opportunities exist an arrow will be displayed in the Opportunity column informing you that it may be good trades.
Alerts/Mobile Notifications/Emails will be given when trading opportunities first appear.
Multi Time Frame Analytics
Bottom Left Corner
Applies the same principles as the Multi Currency Analytics on the selected pair in order for you to gain more information as to how it is performing in bigger or smaller time frames.
Running all the tools together or too many symbols will require a lot of CPU Power
- UseToolName: Set True or False to indicate if the specified tool is to be used.
- Currencies Used: The number of Base Currencies used for Current and Moving Strength
- Currency#: The name of Base Currency at position #
- terminalsuffix: If the broker has a suffix in the names of instruments type it here. Eg type micro if name is EURUSDmicro
- terminalprefix: If the broker has a prefix in the names of instruments type it here. Eg type ecn if name is ecnEURUSD
- minutes_update: Specify how often in minutes the calculations to be performed. Useful for less strong machines
- EnableAlerts: Set True to receive alerts
- EmailAlerts: Set True to receive email alerts
- MobileAlerts: Set True to receive push notifications on your phone
- ToolName_Timeframe: Which timeframe the selected tool runs under
- ToolName_Window: Selected tool gets plotted on top or bottom window
- ToolName_XLocation: Tool's distance from left
- ToolName_YLocation: Tool's distance from right
- Look_Back_Period: How many past periods (candles) the Moving Strength calculations to be performed
- Pairs_Used: How many pairs analyzed
- Pair#: Pair analyzed at location#
- Alert_Pair / Alert_TimeFrame: Set true for the specific Pair or TimeFrame to be producing alerts.