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Volitility and Strength meter for GOLD
PLEASE NOTE THAT LIKE MANY SUCH INDICATORS ON THIS MARKET, THIS INDICATOR WILL NOT WORK AS A DEMO DOWNLOAD FOR STRATEGY TESTER.
Therefore the 1 month option at the lowest cost allowed of $10 is available for you to test.
One of the better ways to trade is to analyze individual instruments rather than in pairs. This is impossible with standard chart indicators on MT4.
This volatility and strength meter allows one to trade the XAUUSD, XAUER or XAUAUD. Each instrument (not pair) is measured constantly against the other 3 instruments to determine the gain on each pair. Those numbers are then shown cumulatively for each chart. PLEASE MAKE SURE YOUR BROKER OFFERS ALL INSTRUMENTS FOR THIS INDICATOR TO WORK OR OPEN AN ACCOUNT, EVEN DEMO, WITH ANOTHER BROKER THAT DOES. I recommend: https://www.icmarkets.com/?camp=17058
The look-back period can be set to whatever you wan, but the default is 60 periods. You many change the time-frame on your chart and the meter will adapt to that time -frame.
I recommend using a 1 minute and 5 minute chart with a look-back period of 60 for this indicator. The idea is to look at the last bit of the chart and match two the two instruments going in the opposite direction to each other. Matching a strong instrument getting stronger and a weak instrument getting weaker helps one stay out of false moves. Also, if you already have a working strategy, you may use this meter to time your entries more accurately. Also it is better to place the indicator on a new chart and expand it to fill almost the entire screen, rather than use it at the bottom of a trading chart.
Set the zero line colour under "LEVELS".