Currency strength indicator.
Definition: This an Metatrader indicator which plots the net Strength / Weekness of an Individual currency (Not a Pair) in an easy to read graphical and number format.
Summary: When a currency is making a huge movement, (Lets use Eur/USD going up for an example) , its not clear, which is the driving force behind the currency.
In our example:
1) If Eur Is going up in Value or:
2) If the USD is becoming weaker.
The currency meter is a graphical as well as tabular representation of individual currency strength in relationship to the other currencies from a previous point in History
How would it Work:
Time: Lets say 5:00 PM EST (Input can be any time in the 24 hr format)
Reset Every: Choices: 1 Hr, 4 Hr, 24 Hr, Weekly, Monthy, Yearly, and Never
Indicator assumes all the currencies to have 0 value at the “Time” the user has input.
The following Currencies will be taken to ascertain the individual strength of the currency:
Eur, GBP, CHF, USD, JPY , Cad, Nzd and Aud
The Indicator will Look at the current value of all Eur Pairs against the value of all the Eur pairs at the start time”, and the net % change in all the EUR currency pairs from the start time forms the current value of Net EUR:
So to get the EUR Net value:
Difference between the EURUSD start and EurUSD current: +1.2%
Difference between the EURJPY start and EurJPY current: +1.3%
Difference between the EURGBP start and EurGBP current: -0.4%
Difference between the EURCHF start and EurCHF current: +0.3
Difference between the EURAud start and EurAUD current: -0.5
Difference between the EURCAD start and EurCAD current: -0.3
Difference between the EURNZD start and EurNZD current: -0.1
Net Strength of Eur: 0.1
This needs to be done for all the 8 currency pairs