thread: Recent Strength indicator

Hanover,

are you still work on your latest Strength Indior?

Perhaps this is beneficial for you and forum.

Minimum time hour to read your chart is just 1 hour.
Trade whatever we like (based on currency on your latest Strength Indior), however we will trade the strong currency or the weakest currency (very strong against exceptionally weakest, because this is trending market, not , and trending market more security to trade then backward ).

Example:
when CAD is your weakest at 1 hour chart and JPY is your srongest at 1 hour chart, we short CAD/JPY

if AUD is your strongest at 4 hr chart and CAD is your weakest at 4 hr chart, we long AUD/CAD

Everything you are attempting to work is comprehending current trend out of major and cross currency.

Good Job, Hanover. I've known this tech from Top Gun applications, and find out their movie, but I get this software today.

Hanover,

are you work on your latest Power Indior? ....

Thank you for the info. This is similar to the manner that I utilize the indior. I look to exchange the strongest vs weakest as exhibited on the D1/H4 charts, together with the levels. I then look for momentum candles around the decreased TFs, and time entries and exits about S/R and just in the direction of this trend (based by strongest vs weakest).

Thanks for the Information. This is similar to the way I use the indior. I look to exchange the strongest vs weakest as shown on the D1/H4 charts, along with the levels. Then I search for momentum candles on the lower TFs, and time entrances and exits about S/R and just in the direction of the trend (established by strongest vs weakest).

Hi Hanover,

The aforementioned indior reminds me of Basket Trading 101. Great to have I'm looking for an indior that puts the potency n weakness and then shows a bar chart which indior everything you'd indied. . .Know anyone?

Actually Solomonfx possess it but they're not selling. Care to elborate more. Many many thanks.

My answers in blue typeface.

Hi Hanover,

The above indior reminds me of Basket Trading 101. Good to have I am looking for an indior that puts the strength weakness in an excel sheet and shows a bar chart which indior what you had indied. . .Know anybody?
View post #54 for a XLS that accepts data directly from MT4 and computes relative strength in the XLS.

Truly Solomonfx possess it but they're not selling. Care to elborate more.
View post #20 for debate on potential strategies to utilize this indior. It is only a tool, not an entire system in itself.

There is more info in my reply to a PM.

Fantastic indior . . .again....

I was only thinking about the automated presets

When looking for a reasonable weighting to create the line the contrast of the Aussie using these configurations:
AUDUSD,100, AUDCAD,100, AUDCHF,100, AUDJPY,100, AUDNZD,100, EURAUD,100, GBPAUD,100

is only fair if the configurations for your GBP can be:
GBPUSD,100, EURGBP,100, GBPAUD,100, GBPCAD,100, GBPCHF,100, GBPJPY,100, GBPNZD,100

and honest if the configurations for your CHF can be:
USDCHF,100, AUDCHF,100, CADCHF,100, CHFJPY,100, EURCHF,100, GBPCHF,100, NZDCHF,100

Many brokers that I've demo-ed or my two live accounts that I trade, don't offer the pairs in bold above.


What I believe this means for its indior is that for the USD, because the pairs in daring (below) are usually offered the calculations will affect the USD strength or weakness. The USD strength / weakness will be played when the commodity currencies of those NZD and AUD are moving together. Why? Because CHF strength measurement or the GBP wills not be moving as they're not their for its calculation. However, the NZDUSD or even NZDJPY will affect the strength calculation of USD or the JPY.

If the broker did not offer all of those compared to the index produced could be unfairly weighted towards the kiwi / australian strength or weakness:
EURUSD,100, AUDUSD,100, GBPUSD,100, NZDUSD,100, USDCAD,100, USDCHF,100, USDJPY,100

As a result, here are 3 sets of presets, using only:

Initial set will be the majors only. When generating dollar indices these are only the pairs taken for analysis, as they make up roughly 80% of the world quantity: USD, JPY, EUR, GBP and CHF.
All these are the pairs within this preset set:
EURUSD, GBPUSD, USDJPY, USDCHF for your USD
GBPUSD, EURGBP, GBPJPY, GBPCHF, for its GBP
EURGBP, EURCHF, EURJPY, EURUSD for its EURO
USDCHF, GBPCHF, EURCHF, CHFJPY for its CHF


Based on EURO Money magazine that the AUD is traded as much as the CHF. But because the CHF has a stronger connection to the USD and EUR it is regarded as the major instead of AUD. The AUD is your commodity currency while the CHF is actually the mini EURO. Because the CHF is a mini EURO when the EURO moves this affects the strength analysis two fold. Hence I would suggest that substituting the CHF with AUD or NZD would give a more balanced power analysis. However AUD is traded 4 times more frequently than the NZD and as a result more brokers supply the pairs connected with the AUD.

Secondly set lot of presets, are the majors presets with AUD substituting the CHF. This accounts for 80% of the world's traded quantity, however, it replaces the mini euro (CHF) with biggest commodity currency AUD. All these are the pairs utilized, however, some brokers don't offer EURAUD or even GBPAUD. Then the settings will be weighted When they don't. If that is true, it's probably best to use the majors settings (first place )over for the best analysis.
EURUSD, GBPUSD, AUDUSD, USDJPY for its USD
GBPUSD, EURGBP, GBPJPY, GBPAUD, for its GBP
EURGBP, EURAUD, EURJPY, EURUSD for its EUR
AUDUSD, GBPAUD, EURAUD, AUDJPY for the AUD.

Third set is the AUD and CHF together with the other majors. All these are the pairs utilized, nevertheless, some brokers don't offer EURAUD, GBPAUD, AUDCHF. Again the configurations will be weighted When they don't. If that is true, it's probably best to use the majors settings (first place ) over for the best analysis. All these will be the pairs used in analysis:
EURUSD, GBPUSD, AUDUSD, USDJPY, USDCHF for your USD
GBPUSD, EURGBP, GBPJPY, GBPAUD, GBPCHF for your GBP
EURGBP, EURAUD, EURJPY, EURUSD, EURCHF for its EUR
USDCHF, GBPCHF, EURCHF, CHFJPY, AUDCHF for its CHF
AUDUSD, GBPAUD, EURAUD, AUDJPY, AUDCHF for the AUD.


If you choose to use these presets just delete 1st, 2nd or 3rd off the end of the title before trying to use.

Hanover, thank you for a fantastic free indior. You may want to examine these presets just to be sure I got them . Maybe it was not, however although it seemed forward.
https://www.cliqforex.com/attachment...2110112415.txt
https://www.cliqforex.com/attachment...1443042321.txt
https://www.cliqforex.com/attachment...5411467250.txt

I was just thinking about the automated presets....

Many thanks for your participation. I'm not knowledgeable regarding amounts of currencies exchanged to have the ability to comment. I've never known how to set the weightings properly. I will download your Presets and have a look, after I get time (I'm currently working on enhancements to Recent SR, also developing another indior also).

In my comments in post #20:
One final stage. Bear in mind that the plots are based on relative percentages, NOT pips. When seen %-wise, the plots of those Asian pairs (esp JPY, and also NZD) tend to move in exaggerated fashion, relative to their'pip potential', while EUR and CHF are understated. In other words, while the direction of the plot stays 100% great, you'll possibly gain just as many pips from a smaller movement in EUR's or CHF's Relative Strength plot, as you want from a larger move in JPY's or NZD's plot. The following version of the indior (due for launch tomorrow) will include a ScaleFactor parameter, where you can assign your own random values to fix this imbalance.

In other words, the ScaleFactor parameters probably need adjustment too.

Here is the problem, restated by using an example:
My broker's (GMT 2) Friday range (daily high to low) to get NZDUSD has been 126 pips, but when expressed as a proportion of their day's median price, it is 126 / 7263 = 1.73%

Friday range for EURUSD has been 133 pips, or 133 / 14868 = 0.89%

So (assuming that USD was not the only basis for aggregating the strength) that the NZD strength curve will pay nearly twice the earth (1.73 / 0.89) that the EUR curve will, yet there is the nearly the exact same potential to crop pips (126 vs 133) from them both.

At some stage I will attempt to repair the indior to ensure its basis is pips rather than percentages (or at least make'pips' an option), but I will need to somehow find a common denominator when summing/averaging the fluctuations in pips across every section currency, i.e. NZD is a weighted average of NZDUSD AUDNZD EURNZD GBPNZD NZDJPY etc.. In the mean time it's a case of manually putting one's own values that are estimated into the Scale Factors.

Hope that this makes sense.

Many thanks for your contribution. I am not knowledgeable regarding volumes of currencies exchanged to have the ability to comment.

Neither am I.. .

Therefore I have never known how to set the weightings properly.

My thought was based more about not all brokers offer the pairs necessary to make a cross comparison, instead of, looking at quantity onto some pair by pair basis.
However, I understand that volume analysis is generally used and is helpful. Volume of a pair may be a higher or lesser determinant of a currency's index strength but maybe not proportional. That is because the EURUSD is 15 times the quantity of AUDUSD, doesn't automatically signify the EUR should be 15 times greater in its contribution to the index power.

From my remarks in post #20:
[color=blue]One last stage. Bear in mind that the plots are based on percentages, NOT pips. When seen %-wise, the plots of the Asian pairs (esp JPY, and also NZD) often move in exaggerated style, relative to their'pip potential', while EUR and CHF are understated. To put it differently, while the management of the plot remains 100 percent good, you'll potentially gain just as many pips by a smaller movement in EUR's or CHF's Relative Strength plot, as you would from a bigger move in JPY's or NZD's plot. The next variant...

Great stuff.

Friday range for EURUSD has been 133 pips, or 133 / 14868 = 0.89%
So (assuming that USD was the sole basis for aggregating the strength) the NZD strength curve will cover almost twice the earth (1.73 / 0.89) the EUR curve will, yet there's the almost the same potential to harvest pips (126 vs 133) from them equally.
At some stage I will attempt to repair the indior to ensure its basis is pips instead of percentages (or at least make'pips' a choice ), but I will need to somehow find a common denominator when summing/averaging the changes in pips across...

I'd have believed it is not pips you are after, but dollars per pip movement. As the EURGBP is worth $14USD per pip, although the EURNZD is worth about $5.50 each pip. An 11 pip movement on the EURGBP, could be equivlanet to a 28 pip motion when measuring a currencies performance / strength, and also this thought could allow for your above example to become true. I believe this is the reason why the AUD and NZD seem to be strongest or the weakest quite fast, although the EUR and USD are a bit more consistent.

Hanover,

Thank You to the indi. Hope u don't mind the same'ol same'ol, but that I too am trying to put this on an IBFX mini(w/the m suffix) and cannot get it to appear. Any ideas what I could be doing wrong. I changed the parameters to m in the inputs and no luck and have loaded the TXT files. Any help is greatly appreciated.

Thx

Any help is greatly appreciated.

I guess that you've worked through the articles within this thread.

Please post a listing of symbols provided by your broker.
E.g. GBPUSDm, EURUSDm, etc
You can obtain these from the Market View window (press Ctrl-M).
Correct grammar and capitalization is vital.

I will then respond with an attached parameter file which should work for you.

Furthermore, if you post the web address of your broker, I'll download their MT4 platform and be certain that the parameter file works for me, until I post it.

BTW, I'm running MT4 build 225 (10 July 2009) as provided by http://www.gomarketsaus.com/
My Windows is XP Home Edition version 2002 Service Pack 2.
The indior works nice for me about this particular configuration.

I figure that you have worked through the articles within this thread.

Please post a listing of symbols offered by your broker.
E.g. GBPUSDm, EURUSDm, etc
You can get these from the Market Watch window (press Ctrl-M).
Correct grammar and capitalization is vital.

I will then respond with an attached parameter file that should work for you.

Also, if you find the web address of your broker, I'll download their MT4 platform and be certain that the parameter file works for me, before I place it.

BTW, I'm running MT4 build 225 (10...

,

thx below are the symbols: EURCADm, USDJPYm, GBPUSDm, EURCHFm, AUDUSDm, USDCADm, NZDUSDm, EURGBPm, EURJPYm, USDCHFm, AUDCADm, GBPJPYm, CHFJPYm, GBPCHFm, EURAUDm, AUDJPYm, NZDJPYm, EURUSDm, AUDNZDm, AUDCHFm, EURDKKm, EURNZDm, GBPNZDm, NZDCHFm, USDSGDm, USDZARm, USDMXNm

https://www.ibfx.com/

Thanks