ma based currency strength indicator

ma based currency strength indicator
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ma based currency strength indicator

Info

The ma based currency strength indicator is a Indicator for MetaTrader 4 that note: new update on 30 mar 2020 - added support for brokers that use all sorts of prefix/infix/postfix to their symbols. scroll down for more detailed description.

Usage

This tool is typically used for enhancing chart analysis and decision making.

Platform

This Indicator works exclusively on MetaTrader 4 (both build 600+ and newer versions).

Setup

Place the downloaded file in MQL4/Indicators folder via File ? Open Data Folder in MetaTrader 4.


How to Install and Use ma based currency strength indicator

1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.

2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.

3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.

4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.

Frequently Asked Questions

Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."

Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).

Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.

What this tool does

note: new update on 30 mar 2020 - added support for brokers that use all sorts of prefix/infix/postfix to their symbols.

Typical Use Case

This Indicator excels in automated trading and technical analysis on MetaTrader 4.

Compatible Platform & Setup

This Indicator works on MetaTrader 4. Place the file in the MQL4/Indicators folder and restart the terminal.

Description & Settings

Related: currency indicator: a comprehensive trading tool - another powerful indicator for MetaTrader 4 traders.


note
: new update on 30 mar 2020 - added support for brokers that use all sorts of prefix/infix/postfix to their symbols. scroll down for more detailed description.

Also recommended: moving averages alternative based on bezier curve - similar indicator with strong performance on MetaTrader 4.

description
when we determine that a currency pair, for instance, eurusd is trending up, we want to know the extent to which eur is strengthening, and usd weakening. similarly, if cadjpy is trending down, we want to know the extent to which cad is weakening, and jpy is strengthening.
a simple way to measure the extent of strengthening/weakening is to look across multiple pairs of currencies and add up the times where each currency play a certain role within each pair. so it'll be meaningful to know that, for example, cad has been strengthening across all pairs that contain it, and for how many bars already.
given that there are many currencies being trade, it will be wise to narrow down and focus on just 8 of the major ones - usd, eur, gbp, chf, aud, cad, jpy and nzd, at least for now, and the combinations of these 8 currencies will be 28 pairs.
what this indicator does, is to scan through all 28 pairs, determine the strengthening and weakening currency within each pair, and add up the numbers - i.e. number of times each currency is strengthening and weakening, and present it as follows:
from the above screenshot, we can easily conclude that usd is strengthening, and aud is weakening, and thus audusd is heading south with maximum momentum!
so this indicator provides an easy way, to see, in one glance, the pairs that are worth closer monitoring at any chosen timeframe.
inputs
the inputs that a user may set, are as follows:
to call this indicator from ea, other indicators or scripts, this function can be used:
and this is an example of how to use the getcsbuffer() function:
when using this indicator, pay attention to the experts tab in terminal, ensure that there are no error messages.
lastly, for those who are more adventurous, the function gettrend() can be rewritten (just make sure it takes the same parameters, and return the same value range (i.e. 1 for up, -1 for down, as simple as that) such that different criteria can be used to determine trend. of course, some changes may require some updates to the input parameters, but nothing too complex - if you have basic knowledge of programming, you can customize it call your own indicators.
have fun!

You may also like: trend indicator based on recent price action and rsi - excellent alternative for indicator users on MetaTrader 4.

Source Code

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Limitations & Risk Warning

  • This tool is provided for educational and testing purposes only.
  • Past performance does not guarantee future results.
  • Trading involves substantial risk of loss. Use on a demo account first.
  • Results may vary depending on market conditions, broker, and settings.
  • We recommend thorough backtesting and forward testing before using with real funds.
© ROBOTFX Free educational tools by RobotFX. Use entirely at your own risk; we are not liable for any financial losses incurred.