JustUncleL

8 Pair Strength R2.0 updated by JustUncleL

This is an updated script Originally written by @glaz

Description:
This study is a version of Currency Strength Meter, that utilises TradingView's built-in "True Strength Index" (TSI) function. The TSI uses moving averages of the underlying momentum of a financial instrument.

Modifications:
10-Nov-2017 by JustUncleL
  • Corrected the weighting on JPY pairs, by dividing their close values by 100 to bring them within 1.0 range of the other pairs.
  • Added option to use different Data Source, eg hl2 , hlc3, ohlc4 etc.
  • Updated to PineScript version 3.
  • Updated variable names to reflect their origin.
Release Notes: Some minor changes.

  • Added max_bars_back=100 parameter to study line. This should prevent "index out depth" errors, which appear to occur at random.
  • Added minval/maxval limits to fast and slow.
  • Changed order of plots so they show up in alphabetic order in the "Style" parameters of the script.
  • Increased default linewidth.
Release Notes: ...
Added with optional Dynamic coloured labels at the end of the Strength lines.
Release Notes: ... R2.2 by JustUncleL
  • Improved labelling options.
  • Added option to use ATR weighted (default) pair influences in the Strength calculations, the overall results compared with standard calculation though are only minor, but may help in certain situations.
Remove from Favorite Scripts Add to Favorite Scripts
JustUncleL
Any suggestions for the fast/slow length for 5 minute scalping or is it best to leave it at the default 8 & 24 values?
Reply
@austin99, Sorry, I cannot suggest anything different, I have not used this indicator on low time frames.
Reply
JustUncleL amazing work, thank you so much.
Reply
Dear @JustUncleL I was developing something very similar when I found your code. Congratulations! It's really a great job :)
Thank you for sharing your code with us
Reply
gferraro86 gferraro86
Dear @JustUncleL , may I ask you what are, the Average Influence Rates, the Scaling factor and the strength ATR weighted and why/how you use in your code?
I would appreciate it very much if you could help me understand you code a bit more

Best regards
G
Reply
JustUncleL gferraro86
@gferraro86, The Average Influence Rates is simply the sum of all the cross rates with the other 7 pairs divided by 7 for example for GBP it is (eurusd + eurgbp + euraud + eurjpy + eurcad + eurchf + eurnzd)/7. To get an ATR weighted average each cross rate is divided by the estimated daily ATR rates, the idea was to get a more accurate average, however, the difference between the two calculation method curves is not very much.
Reply
gferraro86 JustUncleL
@JustUncleL, thank you for your clarification. Wish you a good day
Reply
Hi, Hope all is well. I was wondering how someone can get the Currency Strength meter?
Reply
Thank you so much, I was just going to expand the original script from @glaz myself when I found this :thumbsup:
Reply
@yannc76, You are welcome, I have a new update coming out shortly that has a couple of new options, including a weighted strength calculation based on ATR. I also have another Strength indicator using a slightly different idea, but the results are so similar to this one it is not worth releasing.
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Help Center Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing TradingView Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out