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PipTick Currency Barometer MT4

PipTick Currency Barometer is one of our most favorite indicators. It measures the strength of two currencies represented in the pair and compares the difference between them. The result is shown as a histogram where you can simply identify which currency is the strongest. This indicator is designed to measure the strengths and weaknesses of eight major currencies (USD, EUR, GBP, CHF, CAD, JPY, AUD and NZD) and works on 28 currency pairs. The PipTick Currency Barometer uses CCI method (Commodity Channel Index) for calculating the strength and weakness of currencies.


Interpretation

Basically, the indicator is divided into three zones.

  • Overbought Zone - above the line of 200
  • Normal Zone - between the lines 200 and -200
  • Oversold Zone - under the line of -200

Because the PipTick Currency Barometer compares the first currency in the pair against the second one, it is better to use a sophisticated scale.

  • Extremely Strong - ForestGreen
  • Very Strong - LimeGreen
  • Strong - GreenYelow
  • Neutral - Yellow
  • Weak - Orange
  • Very Weak - OrangeRed
  • Extremely Weak - Crimson


How to Use the PipTick Currency Barometer?

We are sure that there are many ways to use the PipTick Currency Barometer. For example, you can trade divergences between the price and the indicator. Of course, you can also trade the classical trend strategy - buy a strong currency and sell a weak one. However, never use this strategy, if barometer is in the extreme zone. Conversely, this is often an opportunity to trade in the opposite direction (reverse strategy).


Main Features

  • Simple comparison of the strength of two currencies
  • The indicator works with 28 pairs
  • Automatic recognition of the currency pair
  • Overbought and oversold areas for entering or exiting the trades
  • Works on every timeframe (M1, M5, M15, M30, H1, H4, D1, W1 and MN)
  • Non-repainting
  • Ready for backtesting (customizable look-back period)
  • Customizable parameters (Colors, Line thickness, Period...)
  • Very fast calculation
  • Indicator works with prefix and suffix of symbols as well (EURUSD.m, EURUSD-pro...)
  • Can be used for creating an EA (Expert Advisor)
  • Available for MT4 and MT5


Input parameters

  • Bars_Ago - Number of bars displayed by the indicator. In case Bars_Ago parameter is set to 0, all bars in chart have been displayed
  • CCI_Period - Period for Comodity Channel Index calculation
  • Weighted_Mode - Allows to choose between weighted or unweighted calculation
  • Smoothed_Mode- Allows to choose between raw or smoothed curve
  • Smoothed_Method- Allows to choose from for type of smoothing
  • Smoothed_Period- Period for calculation of smoothed curve
  • Text_Size - Text size of labels
  • Histogram_Thickness - Thickness of histogram
  • Weight_USD - USD weight coefficient
  • Weight_EUR - EUR weight coefficient
  • Weight_GBP - GBP weight coefficient
  • Weight_CHF - CHF weight coefficient
  • Weight_CAD - CAD weight coefficient
  • Weight_JPY - JPY weight coefficient
  • Weight_AUD - AUD weight coefficient
  • Weight_NZD - NZD weight coefficient
  • Visibility_Label - Allows enable or disable of displaying Currency Barometer labels
  • Color_Text - Color of text
  • Color_Extremely_Weak - Color of extremely weak histogram
  • Color_Very_Weak- Color of very weak histogram
  • Color_Weak- Color of weak histogram
  • Color_Neutral- Color of neutral histogram
  • Color_Strong- Color of strong histogram
  • Color_Very_Strong- Color of very strong histogram
  • Color_Extremely_Strong- Color of extremely strong histogram

Outputs parameters

  • Barometer Value - Display values of Currency Barometer
  • Extremely Weak - Display values of Currency Barometer when the first currency is extremely weaker than the second currency. Otherwise value equals zero
  • Very Weak - Display values of Currency Barometer when the first currency is very weaker than the second currency. Otherwise value equals zero
  • Weak - Display values of Currency Barometer when the first currency is weaker than the second currency. Otherwise value equals zero
  • Neutral - Display values of Currency Barometer when the first and the second currency are in neutral. Otherwise value equals zero
  • Strong - Display values of Currency Barometer when the first currency is stronger than the second currency. Otherwise value equals zero
  • Very Strong - Display values of Currency Barometer when the first currency is very stronger than the second currency. Otherwise value equals zero
  • Extremely Strong - Display values of Currency Barometer when the first currency is extremely stronger than the second currency. Otherwise value equals zero

For more information, visit PipTick Currency Barometer product page.

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版本 2.0 - 2015.08.28
More accurate data loading
Added weighted mode
Added smoothed mode
Faster calculation
Labels functionality