This indicator shows the relative strength of the majors and crosses compared to each other. So, if you are taking a EURUSD long, are you taking it because the Euro is strong or the USD is weak or both? How do you know? This indicator will show you how strong a current is compared to the other majors and crosses. So in the EURUSD example, you will know how strong the EUR is compared to NZD, AUD, JPY, CHF, GBP, CAD and USD and how strong the USD is compared to the NZD, AUD, JPY, CHF, EUR, GBP and CAD. You can then make an informed choice as to whether the trade makes sense.
Notice in the examples below how the indicator clearly shows how CHF was weak all day and GBP was strong in the morning but then collapsed in the afternoon.
The indicator functions by taking a set point in the day and comparing how price compares to it for the rest of the day. I set it to Europe open and then take context of how a currency is comparing to that price (verses the other currencies) over the course of the day.
You can use the indicator in 2 ways - you set a currency as a baseline and see how other currencies fluctuate about it or you can see how all the currencies strengths compare to each other.
If you have the full tradingview membership you can have 8 screens and see how each currency compares. if you set the indicator to automatic it will automatically default to the base currency that you compare to OANDA gold.
The general strength is useful as a general overview as to where strength and weakness is in the charts. It works by using gold as the baseline which is a reliable way to compare strengths.
REMEMBER, THIS GIVES SUMMARY DATA. USE IT TO GET MARKET CONTEXT IN ORDER TO IDENTIFY WHERE STRENGTH AND WEAKNESS IS - YOU CANT JUST TRADE FROM IT. It's extremely useful in fast moving markets to easily stay aware of what is happening.
Notice in the examples below how the indicator clearly shows how CHF was weak all day and GBP was strong in the morning but then collapsed in the afternoon.
The indicator functions by taking a set point in the day and comparing how price compares to it for the rest of the day. I set it to Europe open and then take context of how a currency is comparing to that price (verses the other currencies) over the course of the day.
You can use the indicator in 2 ways - you set a currency as a baseline and see how other currencies fluctuate about it or you can see how all the currencies strengths compare to each other.
If you have the full tradingview membership you can have 8 screens and see how each currency compares. if you set the indicator to automatic it will automatically default to the base currency that you compare to OANDA gold.
The general strength is useful as a general overview as to where strength and weakness is in the charts. It works by using gold as the baseline which is a reliable way to compare strengths.
REMEMBER, THIS GIVES SUMMARY DATA. USE IT TO GET MARKET CONTEXT IN ORDER TO IDENTIFY WHERE STRENGTH AND WEAKNESS IS - YOU CANT JUST TRADE FROM IT. It's extremely useful in fast moving markets to easily stay aware of what is happening.
Note di rilascio
hides labels when currency switched offNote di rilascio
Made it clearer to modify colours. Added a 'dark screen mode' to optimise the colours for dark or light backgrounds.Note di rilascio
I added a feature to make the comparison period a constant value. This means it can be used on higher timeframe as well as intra-day.Note di rilascio
You can now use the new tradingview colour selector - so if you change the colours the labels will now match...You can now compare the strength of counter currencies against one another verses the baseline currency
you can now treat gold same as any other currency (is switched off by default)
improvements thanks to correspondence with an experienced trader - (thankyou for showing me how to use my own indicator!)
Note di rilascio
bug fix colour selector does not work so you need to change colours the old way - seems to be an error with pinescript but i'll have to check
Note di rilascio
fixed the colour issue...Script open-source
In pieno spirito TradingView, il creatore di questo script lo ha reso open-source, in modo che i trader possano esaminarlo e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricorda che la ripubblicazione del codice è soggetta al nostro Regolamento.
Per un accesso rapido a un grafico, aggiungi questo script ai tuoi preferiti: per saperne di più clicca qui.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Script open-source
In pieno spirito TradingView, il creatore di questo script lo ha reso open-source, in modo che i trader possano esaminarlo e verificarne la funzionalità. Complimenti all'autore! Sebbene sia possibile utilizzarlo gratuitamente, ricorda che la ripubblicazione del codice è soggetta al nostro Regolamento.
Per un accesso rapido a un grafico, aggiungi questo script ai tuoi preferiti: per saperne di più clicca qui.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.