Currency Strength Meter

I need a simple currency strength meter. It must be accurate, and I will be backtesting to verify accuracy (I most likely will use larger timeframes for backtesting as I’m aware smaller timeframes will cause indicator change more rapidly).

I drew out and attached a visual ideal of indicator layout. It does not have to match picture 100%. This is just an idea of how to it should look.

Programming Notes:

1.       I am aware a lot of the parameters will fit better as a dashboard rather than an indicator.  If dashboard can be backtested, them I’m ok with using a dashboard instead

2.       The meter is meant to be integrated into my existing EAs. It should not “require” visual backtesting to run properly.

3.       The indicator must be light on Terminal Resources (it should not be in danger of locking up terminal). It should be able to run on multiple charts.

4.       In theory the higher timeframes numbers should change slower, and lower timeframe should change faster

5.       At end of project, programmer must provide explanation of speed calculations method (indicators and settings)

Internal Parameters:

Alert Sounds True/False (Default True) – False is Default

Alert Durations Minutes – Minutes before Alerts expire (and are removed from Button Display chart) Note: If blank, then alerts will remain until Buttons Display chart is full, and then oldest will be removed to make room for new alert

ManualDeleteWaitInMinutes – This is the number of minutes to wait before a new signal is generated “On the same pair” after user manually deletes signal

ManualDeleteWaitBars- This is the number of New Bars to wait before a new signal is generated after “On the same pair” after user manually deletes signal

·         Minutes will affect each time frame the same

·         Bars will affect be different because it is at completion of previous bar for time frame

·         “Bars” to take Priority over “Minutes” if both parameters are set

True/False for each option (13 parameters total) – “ViewAUD”, CHF, EUR, GBP, JPY, NZD, USD , XAG, XAU, DKK, RUR, RUB, SGD

·         Yellow by default will be turned off.

On Chart Parameters:

Pair Difference – This is the amount difference to cause alert and place on Button Display Chart

Weak Threshold = X (This number and below will show as red) – Default is 3

Strong Threshold = X (This number and above will show as green) – Default is 8

·         All colors in-between to show as “yellow”………Example

o   Weak = 3, Strong = 8, then 1,2,3,4,5,6,7,8,9,10

·         If there are no in-between numbers, then there will be no numbers

o   Weak = 4, Strong = 5, then 1,2,3,4,5,6,7,8,9,10

“Clear All Alerts” Button – Will delete all current alerts in Display Chart section

Number Buttons of to Display -  Max 20 – Default 9 – I do understand that the more buttons, the smaller the text. Buttons should be able to expand with normal terminal chartview expansion.

Display Button Chart – Only Boxes that are checked will display alerts. Clicking the button will open the pair’s chart and TimeFrame. The button itself will include:

·         Currency Pair

·         Signal TimeFrame

·         Direction of Trade to be placed (based on Weak and Strong of the Pair)

·         A Timer with text “X minutes ago” (will update each minute).

·         A little X (or something) for a user to delete that particular Signal (This is where ManualDeleteWaitInMinutes and ManualDeleteWaitBars will function)

·         Current Pair Difference Amount (will update each minute).

·         If trade is active on signal pair, then a comment below that says “Trade ACTIVE on pair”. Does not matter how trade was opened.

·         Repeat Signal Note: If new Alerts is given, but same Pair and Timeframe already exist in Display Button chart, then only update Alert Timer

• If all chart buttons spaces are full, then move the oldest alert button to make room for new button Note:When the timer is updated due to a Repeat Signal, this will also resets the timer for that