WS Currency Strength MT5
Have you ever wondered which currency is moving a pair?
For instance, if you see EURUSD go up, then is it because the EUR is getting stronger or because the USD is getting weaker?
Well, this nifty little indicator will tell you in a blink of an eye!
The indicator shows the relative strength of eight major currencies by comparing each currency with all the other ones, and presents the result in an easy to interpret graphical way.
Alerts, Notifications and Emails can be set on a range of scenarios. (see settings)
Also, if only 2 currencies are selected, a button to open a chart of that pair can be displayed.
This is a very convenient feature because now you won't have to go through the pairs list to find this pair.
The currencies are: EUR, USD, GBP, JPY, CHF, AUD, CAD and NZD.
- Number of Bars : how many bars to calculate and show. Default is 500.
- Pairs Prefix : if your pairs have any prefix, enter it here. Example x.EURUSD --> enter "x."
- Pairs Suffix : if your pairs have any suffix, enter it here. Example EURUSD.m --> enter ".m"
- Show "Open Chart" button : if only 2 currencies are selected, a button to open a chart of that pair will be displayed.
- Initial Selection: (drop down list)
- Reset to Default: will load the below DEFAULT Selections.
- Synchronize with Pair and TF : the currencies and time frame are automatically selected and will match the pair on which you apply the indicator.
- Keep Selection on Chart Change: When the Chart is changed (Time Frame or Pair), then all current selected Currencies, Time Frame and Period of the Indicator are kept.
- Select Time Frame
- Default Period
- Select EUR
- Select USD
- Select GBP
- Select JPY
- Select CHF
- Select AUD
- Select CAD
- Select NZD
- Alerts, Notifications and Emails : ENABLED/DISABLED --> ENABLES or DISABLES all Alerts, Notifications and Emails.
- Show Alert : YES/NO
- Send Notification : YES/NO
- Send Email : YES/NO
Next settings repeat for all eight currencies:
- Only When Selected : YES/NO --> If YES then only alerts if the currency is selected with the Checkbox. If NO, checked or not checked doesn't matter.
- EUR Alert Settings : All OFF/All ON/Use Below --> for below 8 settings.
- Crossing Oversold from Below : YES/NO
- Crossing Oversold from Above : YES/NO
- Crossing 50 from Below : YES/NO
- Crossing 50 from Above : YES/NO
- Crossing Overbought from Below : YES/NO
- Crossing Overbought from Above : YES/NO
- Crossing Other Curr from Below : YES/NO --> Only if that other currency is selected!
- Crossing Other Curr from Above : YES/NO --> Only if that other currency is selected!
COLORS & STYLES
- Color EUR
- Line Width EUR
- Color USD
- Line Width USD
- Color GBP
- Line Width GBP
- Color JPY
- Line Width JPY
- Color CHF
- Line Width CHF
- Color AUD
- Line Width AUD
- Color CAD
- Line Width CAD
- Color NZD
- Line Width NZD
How to Use and Requirements
The indicator can be applied to any instrument.
If necessary, it will first automatically download all the required pairs' history.
You can follow its progress on that in the Experts tab of your terminal.
- The Time Frame selector doesn't work in the Strategy Tester!
- If not all history was available when the indicator was applied for the first time, it can be that there is no indication.
If that's the case, simply remove and apply the indicator again and it should be just fine.
- If there is no history for some of the required pairs to calculate (or pair is not available), then the affected currencies will be disabled! (see the screenshots)
- EURUSD, EURJPY, EURGBP, EURCHF, EURAUD, EURCAD, EURNZD
- USDJPY, GBPUSD, AUDUSD, NZDUSD, USDCHF, USDCAD
- GBPAUD, GBPCHF, GBPCAD, GBPJPY, GBPNZD
- AUDJPY, CHFJPY, CADJPY, NZDJPY
- AUDCHF, CADCHF, NZDCHF
- AUDNZD, AUDCAD
- And finally the pair on which you will apply the indicator.
It is possible to generate a signal in your EA
You can read the 8 indicator buffers (0 to 7):
- EUR = Line Index 0
- USD = Line Index 1
- GBP = Line Index 2
- JPY = Line Index 3
- CHF = Line Index 4
- AUD = Line Index 5
- CAD = Line Index 6
- NZD = Line Index 7
For further details, please see the Screenshots tab.
I am always available for support.
Many green pips!