OPEN-SOURCE SCRIPT
Forex strength meter
Calculates the strength of a particular currency taking into account it's rate of change (% price change in a period) in all correlated and anti-correlated pairs. For instance, when looking for USD strength we will add ROC for USDCAD, USDCHF and USDJPY while subtract AUDUSD, EURUSD, GBPUSD and NZDUSD.
After ROC step, one can smooth the result using EMA, or MACD.
As the script needs to fetch values from multiple currencies it isn't the fastest one, but it gets its job done.
Important: Only major currencies (AUD, CAD, CHF, EUR, GBP, JPY, NZD and USD) are considered.
After ROC step, one can smooth the result using EMA, or MACD.
As the script needs to fetch values from multiple currencies it isn't the fastest one, but it gets its job done.
Important: Only major currencies (AUD, CAD, CHF, EUR, GBP, JPY, NZD and USD) are considered.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.