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the problem is that the three indexes have very different values and can not be plotted with a minimum and maximum level in one window. maybe if we can plot these indicators in three windows and as percent we will receive something. I will think about it.
But I don't undestand how they are used. If you see that eur is going up and gbp is going down and both lines crosses, what trades do you take
if you move the chart to the right or to the left side you can see that the three indexes change the places where they cross. Look the pictures i attached to see what I mean. How can you be sure it is the right cross?
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at a glance i dont know if u can look for crosses with this. u may have to look at if they are going in the same direction or oppisite and to what degree or some kinda funky TLB.
I still have to shapen up my skills with correlation but if u did se the link from other post and did se the excel spreadshet ( i use that site alot also ) im not good to program myself but hope to learn it.. u use correlation between pairs ?
I think corelation is good to be used when price is near important support and resistance points. At this points is very important to know if the price will retrace or will break out. SO if one pair makes a small breakout (just some pips)(for building a divergence) and the other pairs do not, there is a big probability that the price comes back and the level won't be breaken. See the attached picture and the text on it.
That what I think to do with your indicators is the following: I will try to modify them using the last X bars to define minimum and maximum. Then I will try to plot the current indicator value as a percentage from this minimum-maximum range. I will upload the files when I am ready. But I've never programmed indicators, only experts, and am not sure how many time it will take
ya agre if u see previer post i use it as a leading indicator on for example 4 hour and agree if pairs is near sup/res levels indicator may make sence to for example stay in a trade or take a fresh position
Hi
this is what I've been looking for some time
But it seems to me that there is a problem with this indicator since the values presented are not on the same scale. I appears that it is possible that you will get a n>m values with n below m on the graph. So you don't have a real picture of the strength of that particular currency. The other problem is that the index of other currencies is calculated based on the USDX which I'm not sure gives the real picture too.
If somebody here has a possible solution I'd be more than grateful to hear from.
Best to all there,
ID
add a GBP/USD chart. add the indicator to the chart and in properties u notice its set for usd so it will show usd data. now add another instance of the indicator to the same window and change properties to GBP and change the color if you like and then it will show USD and GBP's data on the same window
I has try the step above.. but still cant make it.. hope someone can help me..
Linear Mode
