This indicator measures the power of a currency. The power is calculated as the distance the currency goes from the start of the trading session in pairs that include this currency. The indicator data is displayed as a scale from 0 to 10. On default, it measures the power in the long-term and in the short-term tendencies Н1 and М5. If you trade on a timeframe higher than Н1, M15 will be used as the short-term.
This indicator was created for filtering entry signals of the strategy "Argo", it displayed the power of currencies for the pair used for trading. That version has been revamped to extend its functionality, and now it has three modes of operation:
- "Automatic symbol" mode detects the currency pair of the chart the indicator is run on, and displays the information about these currencies.
- "Setting symbol" mode allows choosing a currency pair manually; however you can choose only one pair from the pop-up list "SettingSymbol" (this mode would be useful for those, who use the correlation of pairs in their strategy).
- "Multi symbol" mode displays the entire list of main currencies (EUR, USD, GBP, JPY, CHF, CAD, AUD, NZD) allowing you to shorten it via the "sOutput" window (unnecessary currencies can be deleted, make sure to put separators correctly).
It is also possible to work on demo accounts where symbols have extensions like .с or .m (for example, EURUSD.m) or any other. I would like to say sorry to those who have this letter at the beginning of the symbol name (I suppose there can be); it doesn't work with such symbols. I haven't met them yet, that's why I ignored them. If anybody knows such a "company", leave me a comment with its name. To work with symbols that have an extension, specify additional symbols (for example, ".c") in the window Additional_Symbol".
The indicator includes sound alerts for notifying about entering conventional overbought/oversold zones, level of which are set in the way (LowValue, MaxValue). To disable them, delete the sound file from the window "PairAlert". To set a delay between alerts, use the parameter "AlertDelay" (in seconds).
If you don't need the indicator in the main window, you can move it to an additional window 1 or 2 provided that another indicator is already run there (the function "Window"). For the indicator to work correctly, in the "Market Watch" window open 16 symbols user for calculations: EURUSD, EURGBP, EURCHF, EURJPY, EURAUD, EURNZD, GBPUSD, AUDUSD, NZDUSD, USDJPY, USDCHF, USDCAD, EURCAD, CADJPY, GBPJPY and GBPCHF. Or you can leave only those containing the currencies you need.
If you need to increase the time interval for analysis, change the parameter "Hours" according to timeseries (specified in hours).
There are many ways of using this indicator - from performing short deals when one currency dominates over another, correlation and filtration of deals (in the strong currency direction only) to entering the market a currency is in a critical point (if the weak one is below 1.5, don't sell, and if it is above 8.5, don't buy).
I'm sure everyone can find their way of using this indicator in their strategy and trading tactics.