glennmercer

Currency Relative Strengths V.2 [GM]

Version 2 Updates
  • Speed has been increased by ~7X
  • Highest and lowest pairs now highlighted using brighter colors
  • Re-ordered pairs from highest to lowest 'flight to risk' rating

I created this tool for the purpose of determining strongest and weakest currencies over different periods of time. Each major currency is compared to the field of other majors and its average change is measured over a predetermined period of time. The result is displayed as a percentage. I use it for trend following but it can also be used to fade exhaustion.

Instructions
  • Add indicator to chart
  • Select a time frame under settings
  • Place cursor over period of interest
  • Click "Data Window" on right hand side bar
  • View % change avg values for each currency
Release Notes: Bug Fixes:
  • Color bug in NZD fixed
  • Resolution input changed to string
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great script can you advise best way to use ie 4h , 1h for shorter trades any guidance appreciated - cheers ally
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glennmercer WINSTON2016
@WINSTON2016 Thanks Winston and great question. For intraday time frames, TradingView only accepts input in minutes. For example, 60 = 1h, 240 = 4h, 480 = 8h, etc. This is the reason why I designed this input as a string and not a resolution. For a resolution variable type, trading view restricts input to only a few different time frames (of which 4h is not one of them).
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WINSTON2016 glennmercer
@glennmercer, cheers , what time frames can you use , and is better to use on higher time frames
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glennmercer WINSTON2016
@WINSTON2016, I use mainly 1h, but also trade 4h and 15m. As a general rule of thumb:

15m => Trending pairs on 1D
1h => Trending pairs on 1W
4h => Trending pairs on1M
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WINSTON2016 glennmercer
@glennmercer, thanks ally
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