Strong vs. Weak

[NicolaeZ]

Thank you, you are right.
I was subscribed to USDMXN too, that gave me unusual values.

Nicolae

[NicolaeZ]

Hello,

I wonder if we can develop RSI, CCI, Stochastic & Ichimoku indicators currency (not pair) oriented based on the same methodology used to determine the strength values as used by this Strong vs. Weak indicator already developed (sum in pips of the difference between MA and price for all subscribed pairs containing that currency) .

Let me explain myself.
Basically, we can determine RSI over any series of data.
The classic RSI indicator loads as entry data the close rate for each candle of the specific pair at a determined time frame (if we set the Close price as reference). Based on this entry data it determines moving averages and do all the maths requested by the algorithm to determine RSI.

If we take as entry data the values given by the Strong vs. Weak indicator for a particular currency (which is another series of data), we can determine and plot the RSI for that specific currency.

Supposing that the strength values determined by the current Strong vs. Weak indicator are consistent with the actual strength of a currency, we can get a consistent RSI value for that specific currency.

In my opinion, the SW RSI indicator should allow user to select one currency and the application will do the maths using only subscribed pairs that includes the selected currency.

The same idea with all other indicators (CCI, Stochastic & Ichimoku).

Thank you in advance,
Nicolae

[Apprentice]

You're still a bit vague.

U can use the currency indexes.
We have few on the on forum.
One of them is.
viewtopic.php?f=17&t=970&p=89981&hilit=Kiwi#p89981
Add the RSI on this indicator to get RSI, for USD.

[NicolaeZ]

Thank you, it is all I need.
I didn't know that has been added indexes for all majors.
Best regards,

Nicolae

[mykkee]

Is there a way that you can add an alert to this....say you have the EUR/USD chart up and you also have the E/U strong/weak lines below as an oscillator....and when the eur and usd lines cross it creates an alert.....and any other pairs that you may be following as well with just their strong/weak lines? Thank you for your time and consideration.

[Apprentice]

Your request is added to the development list.

[dwrench]

I have to agree with mykkee.
If an alert could be built into this indicator it would absolutely rock.
If you could turn the alert on/off similar to the way that you select the currency would work great.
I use it constantly now, but an alert would really help to wake me up.

[pdjtman66]

Hi Apprentice, thank you so much for this indicator. I learned a manual method for calculating, and I know this will help me a save a LOT of work. But I am a newbie, and I need just a little clarification to be properly oriented. Your explanation note at the top says: "Count: The sum of the positive and negative indications." Today the numbers are in wholes and .5's, but I don't know if positive is weak or strong, etc. My guess is that this is measuring whether a currency in each pair is below or above the MA (negative or positive indication), with below giving a negative and above being a positive? How much is each pair worth? 1.0? .5? (totally making a guess but may be wayyy off). e.g. today GBP is +3.0, so is it the strongest, with 6 positive indications of .5 each, adding up to 3.0? Thanks for an orientation.

[pdjtman66]

Also, in Trading Station, I do have all 28 pairs unlocked, but do I have to have them all selected somehow? *Note from previous post: I noted 6 pairs, but it should be 7.

[Apprentice]

Wil only provide output for the majors.
Majors = {"USD","EUR","GBP","CHF","JPY" ,"AUD" ,"NZD","CAD"}