OPEN-SOURCE SCRIPT
Updated Simple Currency Strength Measurer
This script is for measuring the strength of all currencies in the market, it's similar to indexes, but it's calculated differently and allows for customization to some degree.
For example, you can show the bar change of all currencies, or the SMA or EMA for customizable periods, or you can select one currency and check three SMAs or EMAs for comparison.
All currencies use 1 as the base, currencies over 1 are strong while the ones below one are weak.
If anyone knows the exact category where this script belongs, feel free to tell me, I think it belongs somewhere between volatility and trend analysis.
For example, you can show the bar change of all currencies, or the SMA or EMA for customizable periods, or you can select one currency and check three SMAs or EMAs for comparison.
All currencies use 1 as the base, currencies over 1 are strong while the ones below one are weak.
If anyone knows the exact category where this script belongs, feel free to tell me, I think it belongs somewhere between volatility and trend analysis.
Release Notes
This version allows for the use of a smoothing EMA to all currencies, as well as define the size of the smoothing EMA, this will most likely be the final update to the logic of this indicator. It's pretty damn powerful as it is... and takes a considerable amount of time loading.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.