Here we have this premium indicator which is the FX Index which is highly customisable to compare many things between currencies. In this instance we have Volume activated and this shows us that greater volume is being traded across the board in the base currency (EUR) than the quote currency (USD), showing much more interest by traders in the EUR.
Basically the FX Index creates two Indices, one of the Base Currency and one of the quote currency
There are 3 different modes being:
Normal
Difference
Scale of 100
You then have the ability to change the source for the above mode to any of the following:
Volume
True Range
On-balnce Volume Change
ACC/Dist Change
Close Price Change
Median Price Change
Rate of Change
RSI
Z-Score
You have the ability to change the base currency or the quote currency or leave it for the Indicator to choose default which is the "active" pair on the chart.
You can also choose a variation of the indicator which is non-lagging and non-repainting.
**THE CHART**
In this example we have the EURUSD pair on the 15 minute chart for showcasing the Forex Oracle
**ON THE CHART INDICATORS**
We have the Forex Oracle in the main chart (printed coloured zones).
We also have our Multi Time Frame Moving Averages set to the Daily moving averages of EMA's 14, 30 and 60. One thing you will notice is that our Professional Moving Averages are smooth and not Zig Zag like, like every other MTF Moving Average on Trading View.
We also have our Z-Score which is highly customisable giving good indications when price may be too far away from its realistic price and also to give context to the Forex Oracle Indicator
Lastly we have this indicator which is the FX Index which is highly customisable to compare many things between currencies as described above.
**MASTERS OF TRADING**
Many Thanks and Trade Safe!
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