Notice in the examples below how the indicator clearly shows how CHF was weak all day and GBP was strong in the morning but then collapsed in the afternoon.
The indicator functions by taking a set point in the day and comparing how price compares to it for the rest of the day. I set it to Europe open and then take context of how a currency is comparing to that price (verses the other currencies) over the course of the day.
You can use the indicator in 2 ways - you set a currency as a baseline and see how other currencies fluctuate about it or you can see how all the currencies strengths compare to each other.
If you have the full tradingview membership you can have 8 screens and see how each currency compares. if you set the indicator to automatic it will automatically default to the base currency that you compare to OANDA gold .
The general strength is useful as a general overview as to where strength and weakness is in the charts. It works by using gold as the baseline which is a reliable way to compare strengths.
REMEMBER, THIS GIVES SUMMARY DATA. USE IT TO GET MARKET CONTEXT IN ORDER TO IDENTIFY WHERE STRENGTH AND WEAKNESS IS - YOU CANT JUST TRADE FROM IT. It's extremely useful in fast moving markets to easily stay aware of what is happening.
You can now compare the strength of counter currencies against one another verses the baseline currency
you can now treat gold same as any other currency (is switched off by default)
improvements thanks to correspondence with an experienced trader - (thankyou for showing me how to use my own indicator!)
colour selector does not work so you need to change colours the old way - seems to be an error with pinescript but i'll have to check
i can't fit any more currencies into the indicator. However, if you copy the script into Wordpad and make a non-case sensitive find/replace for "NZD" to "INR" you can paste it back into pinescript and modify the indicator yourself. you might have to read a few of the tutorials if you don't know how to make a basic script - its not that difficult.