thread: Recent Strength indicator

V 1.06 can be downloaded from article #1.

Hi David
thanks for this particular indior. I use the spreadsheet of the link bellow to strengh. Did you know about this particular menu?

Https://www.cliqforex.com/trading-sy...-question.html

when the solution is yes, then do you think that it is likely to have the same infor of this spreadsheet with your indior?
If not I would like to test. For I had been trying your indior with these settings:
parameterfile: blank
tf: d1
numpoints: 66
basepoint: 0 and 1
the anothers setting default.
Unfortunally all I see is last 16~21 pubs.
1 I want is see just the strengh of the current day bu tin a 1 minute chart (to try to mimic the dictionary ). How I corretly do this?
2 ther is a way to use not 1 but two currencies as a index (0 line)? How can I do this?

best regards.

Hi David
thanks for this particular indior. I utilize the spreadsheet of the link bellow...

Hi Giraia,

I hadn't seen the XLS earlier, but I only looked at it today. It is rather simple to comprehend how it works.

The indior and XLS try to quantify a similar idea, but operate quite differently. The indior uses a window that is rolling, and sums percentage gaps between every stage, for every one of the nine MT4 timeframes; while the XLS looks at the current price relative to the evolving daily range.

The easiest solution is for me to write yet another indior that performs the very same calculations as the XLS (and summarizes the result as a single number), but over different timeframes. I will try to do this when I get any time in a week or two.

David

Hi Giraia,


The easiest solution is for me to write another indior that performs the same calculations as the XLS (and summarizes the result as a single amount ), however over different timeframes. I will attempt to do this when I get some time in a week or two.

David

that will be very kind of you.

Many thanks to this.


I love to examine 2 or more currencies as index. I saw many people refrerint to this kind of aproach.

I will check the thread regulary.


best regards

that would be very kind of you...I will check the thread regulary.

Giraia,

Try the attached indior. You ought to be able to attach it to any MT4 chart, and then compare the results directly. The issue is that the indy can upgrade each time a tick occurs on the chart to. So if, as an example, you attached it to an EU chart, but then a sign occurs on another pair, the XLS will update, but the indy won't upgrade until the next sign occurs on EU. Of course you can force the indy to upgrade itself by re-attaching it, editing it (press Ctrl-I), or toggling between timeframes.

Good luck,
David
https://www.cliqforex.com/attachment...1725476122.mq4
https://www.cliqforex.com/attachment...7047724711.xls

Giraia,

Try the Connected indior. You should be able to attach it to some MT4 chart, then compare the results directly. The problem is that the indy can upgrade each time a tick occurs about the chart to which it's attached. So if, for instance, you attached it to an EU chart, but a sign occurs on some other pair, the XLS will update, but the indy won't upgrade until the sign occurs on EU. Of course you'll be able to induce the indy to upgrade itself by re-attaching it, editing it (press Ctrl-I), or toggling between timeframes.

Good...

many thanks David.


I will send you a personal message.


best regards.

many thanks David.


I will send you a personal message.


best regards.

The attached version allows NZD. In reality, now you can include any pairs (that are provided from the broker) to the list in the CurrencyPairs parameter, up to a maximum of 99 pairs. By way of instance, to include NZDUSD and NZDJPY, include,NU,NJ to the list. The permitted abbreviations are just like for the Recent Strength indy (see article #1). Each pair must be separated by a comma. The more pairs you increase the list, the more detailed the outcome will be. If you would like to provide a pair dual, triple weight etc to the displayed strength, include it in the list 2, 3 etc times, e.g.,EU,EU,EU

Placing the ShowNoOfPairs parameter to TRUE will display the amount of pairs used to compute the result in parentheses (this can be just like the test points at the XLS).

Of course if you include more pairs, the currency strengths will no longer match those shown at the XLS.
https://www.cliqforex.com/attachment...2224238513.mq4

The attached version allows NZD. In fact, now you can include any pairs (that are supplied by your broker) into the listing from the CurrencyPairs parameterup to a maximum of 99 pairs. For instance, to include NZDJPY and NZDUSD, include,NU,NJ into the listing. The permitted abbreviations are the same as for the Recent Power indy (see article #1). Each pair must be separated by a comma. The further pairs you increase the record, the more detailed the result will be. If you would like to provide a pair twice, triple weight etc to the exhibited power, include...

Hats of to you Hanover. What an excellent piece of work. Superb #8230;.

As I understand your calculations #8211; this indior is revealing #8220;how much#8221; market is buying or selling currency of choice.

Thus we've got a estimate of total buy/sell across all available pairs at TF of choice.

For instance sharp growth of AUD (pic at post 20) may indie a solid need for AUD that have an opportunity of continuation. And buying AUD against such as weakest USD or JPY gives us DOUBLE edge #8211; as demand for AUD is powerful and supply for dollar and yen is also powerful (meaning that $ and yen are being marketed ).

This is brilliant. WOW#8230;

Thanks Hanover

My first conclusions:
The pairs are available for calculating the better, dependable output as we could gauge the broad market movement #8211; supply and demand for a currency (not a pair). Observation of different TF gives us additional insight: daily #8211; gives an overall management of the market, 4H #8211; don#8217;t know, (something in between, it depends upon how far we achieve with our base point) 1H or M30 #8211; I believe of sense will be the best for short-term trading choice intraday, since this will be a now's supply or need for a currencies during last few hours. And this gives us an information - probability for entering following a pulll-back M5 such as. Seeing high (for example) strength at .38 Fibo pullback can give us an extra edge increasing likelihood of a winning lengthy. It's fascinating how this indior (by way of instance TF H1) will act after a powerful movement because of news.

Hats of you Hanover. What an excellent piece of work. Superb #8230;....

Many thanks to the feedback.

I had really substantial hopes for this indior (my reasons in post #20). A little has since diminished, but I still find it helpful.

I trade mostly H1 candle patterns (taking S/R into account ), hence I start by looking at the Recent Strength (RS) H1 chart. I have the RS settings in: NumPoints = 15, BasePoint = 0, HistoricalShift = 0, SmoothingSMA = 4. The H1 chart confirms which currencies are rising, and which are falling. It's usually just as easy to see this by looking at price charts.

For an H1 trader, the H4 and D1 RS is significantly more practical, IMO. They tell us which currencies are trending most strongly/weakly in another longer tide (s). So I use the H4/D1 RS to choose maybe 3-6 candidate pairs, and then use their H1 price charts to narrow down my selection, and to time my entries.

The'double edge' thought (i.e. that both currencies need to undo in RS, to influence a reversal in the price chart) is partly negated by significance. Let's say we're considering AUDJPY, and AUD is rising while JPY is falling. Double reversals tend to take place frequently, i.e. AUD will fall and JPY will grow, temporarily, together with a pullback in the AUDJPY chart. It's difficult to tell whether that is the result of a momentary reinforcing in JPY, a weakening in AUD, or traders taking profit in AUDJPY. To put it differently, to what extent the price chart is the effect of a shift in strength, or conversely, that strength is the result of traders trading the chart (or fundamentals, or whatever). As I pointed out in article #20, RS isn't a leading indior, but it isn't any more lagging than price . Price and RS proceed in concurrent stability.

I will try explain the significance aspect further. RS informs us that, in the present time, AUD and NZD are highly connected, as are EUR and CHF, along with USD and JPY. Therefore under these conditions, AUDNZD, EURCHF and USDJPY are poor candidate transactions. CAD and GBP tend to'float'. When EUR and GBP are moving in opposite directions a trade like EURGBP becomes viable. Lately on the H1 RS I locate AUD and NZD are frequently correlated (moving in opposite directions) into USD and JPY. When GBP and CAD proceed with AUD and NZD, I assume this implies that USD and JPY are particularly strong (or particularly weak). I find myself frequently trading AUDJPY with some success. USDCAD has been great to me.

If I trade 2 pairs concurrently, then I try to decrease possible correlation a little, by ensuring that 4 different currencies are involved, e.g. AUDJPY and USDCAD.

I totally agree with your statement that the more currency pairs offered by the broker, the broader the RS picture becomes. And that RS operates independently in that it's primary purpose is pair choice, i.e. it doesn't interfere with the TA which you decide to trade a given pair.

There are a few excellent posts on the forum by forexharry, who is seemingly quite profitable using his own RS-based advertising technique. If I understand him correctly, he utilizes the http://www.topgunsoftware.com/ having an e-Signal feed. But I can not see any reason why the RS concept couldn't be used with MT4 to achieve the exact same result.

You might like to check out the Recent Candles and Candle Indentifier indiors. I'm not trying to promote them (they're FREE, of course ), however I made them specifically for use along with RS.

Thank you for the feedback, and good luck with your trading.

David