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.
Note di rilascio
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hides labels when currency switched off
Note di rilascio
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Made it clearer to modify colours. Added a 'dark screen mode' to optimise the colours for dark or light backgrounds.
Note di rilascio
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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
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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
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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
Hi john how can we use it to compare USDINR strength as the INR option isn't available?
Help will be appreciated 🙏🏻
john_everist
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@lallamehul, I’m afraid there is a pine script limit to how many currencies I can load into an indicator – to generate the strength numbers I need to load into one indicator every single major and cross which takes it very much to the limit of what pine script will allow. I don’t think there would be enough space to add even more currencies into that I’m afraid. Sorry
i can't fit any more currencies into the indicator. However, if you copy the script into Wordpad and make a non-case sensitive find/replace for "NZD" to "INR" you can paste it back into pinescript and modify the indicator yourself. you might have to read a few of the tutorials if you don't know how to make a basic script - its not that difficult.
Good luck!
lallamehul
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@john_everist, Hi John Thanks for the help and suggestion will definitely try this alternative
nispa
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For those new to this indicator. Just applying it to a chart does not show it. Right click the mouse to display the object tree to the right of the chart and move this indicator to the bottom pane. If there is no pane, clicking the up/down triangle icon will display "To new pane below".
I'm sorry if the sentence is hard to understand. This is a translation from Japanese to English.
Daveatt
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I actually learned a few things reading your code
Thank you for this piece of art
john_everist
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@Daveatt, thanks. its nice to know I'm giving back - I learnt by reading others too.
TradingView
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Thanks for creating and sharing this script! It was recently featured in our weekly newsletter
inariyama
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irst of all, thank you for providing such a great indicator.
I can't find the basic manual on how to use it. Please answer the following questions
①By default, gold is used as the standard. How do I change it to a currency, such as the dollar or the Aussie? How can I do this?
➁If you look closely, the diagram in this explanation is not in real time. I usually use MT4 and the trading view I am not familiar with the trading view, but after a little research, I found out that it is not downloaded like MT4, but rather a program that is here somewhere. I'm not familiar with the trading view, but after a little research I found out that you don't download it like MT4, but paste the program here somewhere to get LIVE information?
③And the chart in this explanation is based on the daily time frame, but how can I change it to the 4-hour or 1-hour time frame? How can I change it to 4 hours or 1 hour?
Finally, this text is written using DeepL. There may be a few things wrong.