OPEN-SOURCE SCRIPT

MB - Currency Strength ROC

Currency Strength ROC Enhanced is a technical indicator designed to measure and visualize the relative strength of different currencies in the foreign exchange market. Using a Rate of Change (ROC) approach and moving averages, this indicator provides valuable insights into the dynamics of currency strengths.

Key Features:
Relative Strength Measurement:
Calculates the strength of each currency relative to others, allowing you to identify which currencies are appreciating or depreciating.

Strength Histogram:
Presents normalized strength in a histogram format, making it easy to quickly see areas of positive (green) and negative (red) strength

Moving Averages:
Includes moving averages of normalized strength and trend, providing a clear view of the overall direction of strength over time.

Overbought and Oversold Zones:
Highlights critical levels of strength through horizontal lines, allowing traders to identify potential trend reversals.
Candlestick analysis

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in publication is governed by House rules. You can favorite it to use it on a chart.

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