Ultimate Strength Differential SE
This is the STANDARD EDITION of the ULTIMATE STRENGTH DIFFERENTIAL series. The indicator graphically shows the STRENGTH/WEAKNESS of the BASE currency relative to the QUOTE currency on any chart it is placed. It is an RSI based indicator that is backed by solid mathematical and statistical computation involving a robust method of determining statistical median of a sample The strength of each currency is calculated across all the pairs in its matrix. Depending on the chart it is placed on, data from more than 14 currency pairs is therefore employed in determining the STRENGTH/WEAKNESS of the BASE currency relative to the QUOTE currency.
We often forget that FOREX market works by forecasting the strength or weakness of a currency against another currency but this indicator would remind us of that. It will amaze you how this indicator clearly presents the STRENGTH/WEAKNESS of the BASE currency relative to the QUOTE currency.
- Graphically shows the STRENGTH/WEAKNESS of a currency relative to another
- Can be used in EAs using iCustom to get data from the appropriate buffer (see INDICATOR BUFFER' section for details)
- Can be configured to send push notification of trade opportunities to mobile terminal on new bar event
- Can be configured to email trade opportunities on new bar event
- Can be configured to generate alert of trade opportunities on new bar event
- Highly customizable (Indicator colours can be customized. See 'INPUT PARAMETERS' section for details)
Note: Trade signals generated SHOULD be filtered out using your most appropriate method.
- strengthperiod - Period for strength calculation
- basecolor - Color of Base Currency Strength
- quotecolor - Color of Quote Currency Strength
- sendEmail - Send email to email address configured in MetaTrader 4
- pushNotification - Push Notification to mobile terminal
- alert - Display and sound alert
- Buffer 0 - Base Strength
- Buffer 1 - Quote Strength
- It reveals market bias on at least 14 currency pairs in just a single graph so you don't have to manually watch several currency pairs to know bias
- Can be used on ALL timeframes
- This is a professional indicator that anyone trading the Forex market should not do without.
How to Use in Trading
- Intersection between two currencies. For example, when USD crosses below EUR, consider a long on EURUSD.
- You can trade Overbought/Oversold levels as you would any oscillator.
- Can be used to confirm entry or exit of trades. For example, if you have a long signal from your strategy, you may want to check the STRENGTH or WEAKNESS of the base currency relative to the quote currency before going long
NOTE: You would need to filter out whipsaws in signals using your most appropriate method.
- Make sure the MARKET WATCH is visible (From View Menu, select 'Market Watch' or use keyboard shortcut Ctrl+M)
- Make sure all FOREX symbols are present in MARKET WATCH (Right click any symbol in Market Watch, point to 'Sets' and Click 'forexall')
- Open the chart you want to place indicator on (Right click symbol on Market Watch and click 'Chart Window')
- Make sure the chart view is on the most recent bar (Click 'Chart Shift' on Charts Toolbar)
- Drag the 'Ultimate Strength Differential PE' from the Navigator unto the chart and edit input parameters to suit you
- Since data from many currency pairs is used to calculate the strength, it may take some time for the indicator to show especially when used on lower timeframes
- Added notification options (Tick or Lastbar)
- General improvements and optimizations
- General improvements.