OPEN-SOURCE SCRIPT
Dynamic Currency Strength Index
Description:
This indicator calculates the relative strength of the base currency and quote currency of the currently selected forex pair. Instead of just using a single pair comparison (e.g., GBPUSD - AUDUSD), it determines currency strength using a basket of related pairs, making it more accurate and useful for trading decisions.
How It Works:
Extracts the base and quote currencies from the selected forex pair.
Calculates their individual strengths using multiple related forex pairs.
Displays the strength difference between the base and quote currencies.
How to Use:
✔️ If the strength difference is positive, the base currency is stronger → Bullish signal.
✔️ If the strength difference is negative, the quote currency is stronger → Bearish signal.
✔️ Use it to confirm trends, filter trades, and improve entry timing in forex trading.
💡 Ideal for traders using trend-based strategies (Dow Theory, HH-HL patterns, breakouts, etc.).
This indicator calculates the relative strength of the base currency and quote currency of the currently selected forex pair. Instead of just using a single pair comparison (e.g., GBPUSD - AUDUSD), it determines currency strength using a basket of related pairs, making it more accurate and useful for trading decisions.
How It Works:
Extracts the base and quote currencies from the selected forex pair.
Calculates their individual strengths using multiple related forex pairs.
Displays the strength difference between the base and quote currencies.
How to Use:
✔️ If the strength difference is positive, the base currency is stronger → Bullish signal.
✔️ If the strength difference is negative, the quote currency is stronger → Bearish signal.
✔️ Use it to confirm trends, filter trades, and improve entry timing in forex trading.
💡 Ideal for traders using trend-based strategies (Dow Theory, HH-HL patterns, breakouts, etc.).
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.