Relative Currency Strength 🤑

[kitito 2]

This indicator shows the relative strength of the majors and crosses compared to each other. So, if you are taking a EURUSD long, are you taking it because the Euro is strong or the USD is weak or both? How do you know? This indicator will show you how strong a current is compared to the other majors and crosses. So in the EURUSD example, you will know how strong the EUR is compared to NZD, AUD, JPY, CHF, GBP, CAD and USD and how strong the USD is compared to the NZD, AUD, JPY, CHF, EUR, GBP and CAD. You can then make an informed choice as to whether the trade makes sense.

Notice in the examples below how the indicator clearly shows how CHF was weak all day and GBP was strong in the morning but then collapsed in the afternoon.

The indicator functions by taking a set point in the day and comparing how price compares to it for the rest of the day. I set it to Europe open and then take context of how a currency is comparing to that price (verses the other currencies) over the course of the day.

You can use the indicator in 2 ways - you set a currency as a baseline and see how other currencies fluctuate about it or you can see how all the currencies strengths compare to each other.

If you have the full tradingview membership you can have 8 screens and see how each currency compares. if you set the indicator to automatic it will automatically default to the base currency that you compare to OANDA gold .

The general strength is useful as a general overview as to where strength and weakness is in the charts. It works by using gold as the baseline which is a reliable way to compare strengths .  .  .

[wikilis 6]

The relative strength of the currency is a technical indicator used in the technical analysis of the forex market. Its objective is to chart the current and historical strength or weakness of a currency based on the closing prices of a recent trading period.

[kitito 2]

Thanks for the input, Greetings

[dr4ch3 18]

thanks for explanation