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YFX Currency Strength
This is a very simple indicator that displays the relative strength values of the currencies on te current chart and timeframe. The strength is only calculated for the currencies:
- AUD - Australian Dollar
- CAD - Canadian Dollar
- CHF - Swiss Franc
- EUR - European Union Euro
- GBP - Great Britain Pound
- JPY - Japanese Yen
- NZD - New Zealand Dollar
- USD - United States Dollar
These are the main pairs that are quoted directly against the USD. All the other currency pair values are derived from the above pairs. If using the derived values, then only the main pairs are required to be included in the terminal. Else all pairs are required if not using the derived mode. If the derived mode is used then estimated values are created in cases where a currency pair is not available.
Using the indicator is very simple. Add it to any chart containing one of the 28 supported currency pairs. The indicator shows the currency pair and strength values, e.g.
Currency Strength (EUR / USD) 3.4 / 5.4
The first number, e.g. 3.4, is the relative strength of the first (base) currency, e.g. EUR. The second number, e.g. 5.4, is the relative strength of the second (quote) currency. Only the current timeframe is used in calculations.
Relative strength values range between 9.0 and 0.0. Higher values are stronger. In the above example, USD's value of 5.4 is greater than the EUR's 3.4 and thus USD is stronger than the EUR. The amount of the difference between relative strength values is important. A large difference usually indicates a trend moving in the direction of the stronger currency. Smaller differences will usually indicate range-bound conditions.
Notifications are available for this indicator. The spread, i.e. absolute difference, between the relative strength values is used for notifications where an e-mail can be sent when the spread reaches a certain level. For example, if the spread alert level is set at 1.0 for the above example, an e-mail would be sent because the absolute difference is 2.0.
- Only The current symbol and current timeframe are used for all calculations.
- Changing the symbol or timeframe will cause all calculations to re-calculate.
* A different time frame can be used in currency strength calculations as opposed to just using the chart time frame. This adds a greater amount of flexibility to the indicator. Traders can now track relative currency strengths on a daily basis, for example, while looking at an hourly chart.
* Indicator can now be displayed in any corner of the chart. It can also be displayed in the original comment section. The location within the corner can be adjusted too. Traders are no longer restricted to only having the indicator in the comment section.
* The font and font size can now be chosen by user. Different font colors can be used when an alert is triggered. The indicator can now be made more clearly visible on the chart.
* Alert and messaging options have been enhanced. Alerts and messages can be sent via comments, alerts, push notifications, or e-mail. They can also be written to the journal/output window or an external file. this allows traders to be notified quickly when certain conditions are met.
* Quiet time feature has been created for messages. User can set time period where no alerts or messages will be sent. Enabling this feature will not have an effect of the indicator's functionality. This can allow traders to get some sleep without being awaken by alerts and messages.