FX Strength [Blu4X]
This indicator measures the strength of 6 major currencies.
The 'Period Strength' is simply the RSI value. Default is set to 14.
You can choose flat or dynamic colours of the strength. The arrow in the second column shows the difference in average RSI value between current and X bars back (user defined), telling you whether the combined RSI value has gone up or down in the last X bars.
First column is the list of currencies.
Second column is the strength of the current chart timeframe.
Third column is the strength of the user-defined timeframe. This is a good for comparing different timeframes.
Example of how to use:
If USD is green and JPY is red then USDJPY is a SELL
If USD is red and GBP is green then GBPUSD is a BUY
If EUR is green and NZD is green then EURNZD is NEUTRAL
This should not be used as signals but rather for directional bias for the required time period.
Happy Trading. Enjoy!
The 'Period Strength' is simply the RSI value. Default is set to 14.
You can choose flat or dynamic colours of the strength. The arrow in the second column shows the difference in average RSI value between current and X bars back (user defined), telling you whether the combined RSI value has gone up or down in the last X bars.
First column is the list of currencies.
Second column is the strength of the current chart timeframe.
Third column is the strength of the user-defined timeframe. This is a good for comparing different timeframes.
Example of how to use:
If USD is green and JPY is red then USDJPY is a SELL
If USD is red and GBP is green then GBPUSD is a BUY
If EUR is green and NZD is green then EURNZD is NEUTRAL
This should not be used as signals but rather for directional bias for the required time period.
Happy Trading. Enjoy!