Customized Indicator

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Customized Indicator

Postby jonas88 » Wed Nov 13, 2019 1:36 am

Hi Apprentice,

Is there a customized indicator which tells if a certain currency is strong or weak based on the scoring for the following currencies?

AUD
EUR
GBP
USD
NZD
CAD
JPY
CHF

for example,
if AUD is strong against all the currencies above except for USD
the score will show +6 |-1
But if AUD is weak against all the other currencies except USD
the score will show -6 | +1

also, the scoring report is timeframe dependent, H1 H4 1D 1M
for example,
AUD shows +6 on H4 if it is strong against 6 other currencies on H4 TF
but on H1 it will only show +3 if four other currecies are stronger than AUD on H1 TF

is it possible to code this kind of indicator with alert?

Thank you.
jonas88
 
Posts: 10
Joined: Mon Nov 11, 2019 4:36 am

Re: Customized Indicator

Postby Apprentice » Wed Nov 13, 2019 3:10 pm

Your request is added to the development list.
Development reference 310.
User avatar
Apprentice
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Posts: 36341
Joined: Thu Dec 31, 2009 11:59 am
Location: Zagreb, Croatia


Re: Customized Indicator

Postby jonas88 » Sun Nov 24, 2019 7:43 am

Hi Apprentice,

Thank you for your help.

I tried the one you suggested but It doesn't give any help.
The indicator is returning same score for all currency pairs

example:
EUR pairs - H1 = +6/-16
H4 = +10/-12
D1 = +15/ -7
'
that result is the same other currency pairs such as
AUD
GBP
USD
CAD
CHF
JPY
NZD

I cannot identify properly which one is strong, weak or neutral.

I hope you can give me a more accurate version of my request.

Thanks again!
jonas88
 
Posts: 10
Joined: Mon Nov 11, 2019 4:36 am


Re: Customized Indicator

Postby jonas88 » Tue Nov 26, 2019 1:07 am

Hi Apprentice,

It's working now.
i'll observe how it goes and will give an update.

Thank you
jonas88
 
Posts: 10
Joined: Mon Nov 11, 2019 4:36 am

Re: Customized Indicator

Postby jonas88 » Wed Dec 04, 2019 7:55 am

Update:

Upon observing this indicator for several days, I noticed the following:

1. MT4 freezes whenever I put this on chart and also whenever I changed the TF

2. The scoring really confuses me. I can't figure out how it works. Scores ranges from minus 1 to plus 22. But whenever I looked on the chart, there are times that currency with the high score is weaker than the currency with the low score.

3. I don't understand why the score ranges from -1 to +22, since there are only 8 currencies in the indicator.

I think this indicator will be effectively use when the scoring changes from -1 to +7 because there are only 7 possible combination for each type of currency used.

ADX can be used to determine the direction of the trend and the RSI or CCI to determine the strength

Also it would be better if the color of each TF can be changed.


Anyway, many thanks for your effort, I really appreciate it.
jonas88
 
Posts: 10
Joined: Mon Nov 11, 2019 4:36 am

Re: Customized Indicator

Postby Apprentice » Wed Dec 04, 2019 4:37 pm

Your request is added to the development list.
Development reference 397.
User avatar
Apprentice
FXCodeBase: Confirmed User
 
Posts: 36341
Joined: Thu Dec 31, 2009 11:59 am
Location: Zagreb, Croatia



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