Best Currency Strength Indicator
The Advanced Divergence Currency Strength Indicator. Not only it breaks down all 28 forex currency pairs and calculates the strength of individual currencies across all timeframes, but, You'll be analyzing the WHOLE forex market in 1 window (In just 1 minute).
This indicator is very powerful because it reveals the true movements of the market. It is highly recommended to analyze charts knowing the performance of individual currencies or the countries economies. The indicator will reveal the country's economic performance by analyzing the strength of the country's currency on a daily/weekly/monthly basis. It can also be used for news events (Fundamentals), even if you don't have time to keep up with the news... The indicator does all the work for you by calculating the strength of the country's currency. This will give you an edge in the market because you'll know which currencies are best to trade at that moment. Buy strong currencies and sell weak currencies (Diverging currencies).
This strategy is even used by the Banks to make profits. They take a strong currency and pitch against a weak currency.
Every day, Currencies diverge from each other. The indicator uses built-in algorithms to identify the very beginning of a trend when currencies start to diverge from each other and will immediately alert you or send signals to your phone. It uses real price quotes for calculations (Not lagging). You can choose any timeframe you want to trade and there are various options for each timeframe.
- When you activate "Focus only in this chart" parameter, drag and drop any chart to show only 2 lines for each currency in a chart.
- Prefix - Symbol prefix.
- Suffix - Symbol suffix.
- UPPERCASE_or_lowercase - Most brokers have symbols in uppercase letters.
- Trading_Strategy - Choose the trading strategy.
- Maximum_Number_of_Bars_for_Calculations - The maximum number of bars the indicator will stop calculating at.
- Start_From_Hour - Choose an hour to start from.
- Start_From_Minute - Choose any minute to start from.
- Start from a specified date and time.
- Start from a certain number of bars/candlesticks.
- The first one shows the values of all currencies.
- The Multi-Timeframe dashboard shows the strength of each currency across all timeframes.
- The indicator has a special period separator which makes it easier to identify days and time when analyzing a chart.
- Enable 'Alerts' to be notified when the indicator identifies a trend and it will play an alert sound (Wave sound file).
- Send signals directly to my phone - Signals sent to your phone.
- Customize the look of the indicator by changing colors.
All you have to do is spot diverging currencies and trade them. Simple!
More will be explained or clarified in the video, make sure you watch the video using PC browser...
And also check the latest comments in the comments section for examples on how to use it (Use an internet browser to access comments).
- The indicator now colours candles to identify the trend based on currency strength calculations.
- When the market is going up, the candles will be coloured in green.
- When the market is going down, the candles will be coloured in red.
You can change to any colour you like...
- Right click the chart and go to properties -> common.
- Uncheck the box "Chart on foreground"
--->>> Make sure to uncheck the box "Chart on foreground" in properties/common to be able to see coloured candles.
- The indicator now displays all types of signals in 1 window.
- You don't have to wait for signals.
-> You can enter the market anytime using "CSM Multi-timeframe" dashboard.
This dashboard was designed to tell you which currencies you should be trading at that moment.
It calculates across all timeframes and will tell if the currency is appreciating/depreciating.
- if GBP is strong (+0.235%) and USD is weak (-0.133%). (Choose any currency which is strong against weak currency).
Since GBP is strong, check "CSM Multi-timeframe" dashboard if GBP is further appreciating/getting stronger on multiple timeframes.
And also check if USD is further depreciating/getting weaker.
In that case, its a good time to enter the market, as long as they are diverging from each other.
The indicator will tell you which ones are appreciating or depreciating.
Remember - If you're buying "EURUSD" currency pair, That means you're:
- Buying EUR currency (Base currency)
- Simultaneously selling USD currency. (Quote currency)
Understand the relationship between Base currency and Quote currency.
- Removed the small breakout alert bug!
- The indicator now displays numbers below currency labels indicating whether a currency is overbought or oversold.
(Above +80 = Over bought | Below -20 = Over sold)
When the value increases, it will be a positive number (e.g +66.25), and when the value is decreasing, it will be a negative number (e.g -33.21)
Tip: When a currency is overbought, it is more likely to start depreciating or lose strength.
When a currency is oversold, it is more likely to start appreciating or gain strength.
This is very important because it will also help to time your trades...
-> For a strong currency, trade when the value is increasing/positive.
-> For a weak currency, trade when the value is decreasing/negative.
Trade diverging currencies...
- Add up to 3 levels targeting currencies that are breaking out of each level.
- The indicator will alert you or send a notification to your phone when strong/weak currencies break out of each level specified by you.
> This will make it easier to target which currencies are moving or strongly trending.
- The multi-timeframe dashboard now has a Multi-Timeframe currency trend analysis. (This will make it easier to spot trending currencies and reversing currencies...)
- Plus other improvements as well...
- The indicator now displays divergence arrows in a window.
- Added currency status comment.
- Added more trading sessions options.
- Modified a few things in Risk Management calculations...
- CSM Multi-timeframe now has confirmation boxes to confirm appreciation or depreciation of a currency.
If a currency is reversing, the text in multi-timeframe will be written in red colour.
- Account Information dashboard. This dashboard will display your account leverage, balance, equity, margin (%), free margin (%), floating profit (%), net profit for a specified period, the amount you're risking and targeting, risk-reward ratio calculation, the total number of orders running.
It will calculate the lot size you should use to only risk a certain percentage of your account depending on where you want to place your stop loss.
- Trading Sessions > it will indicate (draw boxes) each trading session in a chart.
- It will calculate the range (in pips) of each period.
The code is restructured to prevent any type of crashing during testing and live chart. It was tested before publishing.
- Send a text message to your phone just for testing. You can type any message and see if you'll be able to receive it on your phone. You need to test so that you know for sure you'll be able to receive $ignals directly to your phone. Watch the video to learn how you can activate it.
Please note! this does not work during testing... only in a live chart.
If there's any problem, go to my main page to see my contact details and don't hesitate to contact me...
1. The indicator needs data (M1,M5,M15,M30,H1,H4,D1,W1,MN) for all 28 FOREX pairs + Gold + Silver.
- All timeframes MUST have data. Remember, when you open a new empty chart, after few seconds, it shows candlesticks. That means MT4 has downloaded data for that chart & timeframe. You need to cycle through all timeframes for all pairs. And then when you're done, RESTART MT4 (Close it to save info and open it again).
2. Check Symbol names for GOLD/XAUUSD and SILVER/XAGUSD in settings.
- Change those symbol names to the one your broker supports. Also, check Prefix and Suffix.
Without data, there's nothing to calculate. MT4 is an older version. MT5 is more advanced.
If all instructions are followed and all data is downloaded and saved. The indicator WILL WORK.
My other clients are using it without any problem...
- The indicator will explain and tell you what to do when the window is empty or doesn't display anything... :)