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 THESE PAIRS FOR THIS INDICATOR TO WORK OR OPEN AN
ACCOUNT, EVEN DEMO, WITH ANOTHER BROKER THAT DOES. One brokers I know of is Purple Trading. You do not have to use
these brokers to trade, but keep the meter open on a demo MT4 chart with them.
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 currencies going in the opposite direction to each other. Matching a strong currency getting stronger and a weak currency getting weaker helps one stay out of false moves. Also if you trade a particular pair, you may use this meter to time your entries more accurately.
Set the zero line colour under "LEVELS".