glaz

Pair Strength

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A pair strength indicator of EUR GBP USD Vs JPY and as an oscillator i used the TSI indicator
it is based on the article "May the Strength be with You"

"How to apply this info to our trading strategy?
I suggest at least two approaches:

1) filtering trades of your current strategy depending on the strength of currencies involved. As an example, if your system gives a buy signal on EURUSD             , but we know that EUR has a much lower strength than USD, then this trade should be probably filtered out.

2) building an entire automatic strategy based on the strength concept itself. As an example, a strategy that constantly monitors the 6 pairs EURUSD             , EURGBP             , EURJPY             , GBPJPY             , GBPUSD             , USDJPY             and enters a trade only on 1 pair at a time when a huge spread among strengths is detected (buy EURUSD             if EUR is the strongest currency and USD is the weakest one in our analysis)."
http://www.pimpmyea.com/may-the-strength-be-with-you/
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//By Glaz
study("Pair Strength")
fast=input(5)
slow=input(15)

v1=security('EURGBP',period,close)
v2=security('EURJPY',period,close)
v3=security('EURUSD',period,close)
v4=security('GBPJPY',period,close)
v5=security('GBPUSD',period,close)
v6=security('USDJPY',period,close)
EUR=(v1+v2+v3)/3
GBP=((100-v1)+v4+v5)/3
JPY=((100-v2) + (100-v4) + (100-v6)) /3
USD=((100-v3) + (100-v5) +v6)/3
eur=tsi(EUR,fast,slow)
gbp=tsi(GBP,fast,slow)
jpy=tsi(JPY,fast,slow)
usd=tsi(USD,fast,slow)
plot(eur,color=red,title='EUR')
plot(gbp,color=green,title='GBP')
plot(jpy,color=yellow,title='JPY')
plot(usd,color=aqua,title='USD')
hline(0)
hline(0.5)
hline(-0.5)
Nice work! but why don't you add oil and copper too ?
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