Private Messages Chat Ideas Published Followers Following Priority Support. Trading the STRONG against the weak! Inspired by an indicator I found on stevehopwoodforex. I'm sure I'm not the first one on here to think volatility this. My apologies for the messy work though, because the chart gets scrambled when you move it, the text moves all over the place and the calculations mataf probably completely wrong, but I'm sure you get what I'm trying to do here. Now check out the chart. How often a year does a currency significantly change direction? I know I haven't. I have been and will be only buying CAD, AUD, USD and now also GBP and NZD and I will be only selling EUR, JPY and CHF until the direction significantly changes. Which could of course happen at any time for all I know and when it does we look to trade that currency only the other way and count the money we made on the long run we just had! The strengthening and weakening of a currency as you can see can last for months. Realising this changed my trading forever. My interpretation of the chart: Currencies that are significantly sloping away from eachother are candidates for trend trading. Gauge that run paralel to eachother are ranging and can be traded from the top of a band or channel to the bottom with confidence. I hope this makes sense. I really appreciate this illustration, gauge helps neglect noise. As the chart shifts everything seems to get scrambled and the text won't display right behind it. But you probably mataf what Volatility trying to say here, right? The calculations are probably very wrong. But still it works volatility me and I thought maybe some of you may find this idea interesting too: Excellent idea - thanks for sharing it. BTW, where is the 'zoom out' button? In the middle of the chart, below. The "minus" button, next to mataf "plus" button and the arrows. My team and I are now using this graph daily! Please keep it available, we LOVE it! Forex for your chart. This is a performance chart of the differents currency index. Your interpretation is good, you have to find the negative correlation between the differents currency index to find mataf acceleration points resulting from the combination of two indexes to build the currency pair. Indeed we have being developing a software based volatility this tool and that calculate quantitatively forex correlations of each index, if want more info just email me at: It is a great idea, and absolutely useful for inspecting the trend. Is it possible to get the script for using in TradingView charts under different conditions. For example, at different time frames, or overlaying on charts to see how it can predicts the trends. I have been receiving PM's about what script is used and so on, so I thought I would clarify. Again, there could be a better way, but this works great for me. You can easily duplicate this chart forex for use on other timeframes and so. In the upper left corner of the chart you can see what I did. I added up all pairs containing a currency. So you get something like this: Now click on gauge compare button in the upper navigation bar and enter your next currency, for example EUR: You get where am getting at, right? Saf Oh and here's an updated version: Hi, Could you add a momentum oscillators like RSI 14 under the same chart and republish again? Hi Hamed, I would love to, but what would it be based on? I mean, there's 8 currencies on the chart, so what should the oscillator be indicating? This is really fantastic, and so simple. When I recreate it, I cant replicate all of the lines originating from a central point on the left hand side axis, like you have above. Any ideas on achieving this? I remember that I once watched a video where someone held a web conference and was showing this exact same chart. He never said how he got this chart. I started looking for this and never found and indicator for this. After 8 years, I came across your post. I am going to give this mataf try. Guys, thank you all for your kind responses. I have been expanding on the concept a little. You guys might want to check this multi timeframe version. I posted it here, but unfortunately the formulas are visible in the background, so here's a direct link to the chart also. Volatility you're a pro user, it should display correctly. New post on the subject: How do I see the current price without keep clicking on the arrow button? Try this forex mate! The Key question is - From which date do you start comparing their relative strengths and why? Because crucially, there are trends within trends That's really well said, Max! I can't really answer this question. It all depends on how long term you want your trades to be. I like to look at month charts for my long term setups, but you can look at this in lots of different ways. Just enter a formula and then press the compare button and add another. Then forex to add AUD by clicking compare and entering: The actual formula for calculating correlations like this isn't allowed by tradingview, but I believe it should be something like this: Because tradingview doesn't allow this I chose to post it like I posted it. By now I found the above to work even better, so I suggest you try that. Here's a link to what it will look like you might need to zoom in a little: Very nice way in interpreting the market! Thanks for the posting! It is indeed very useful! Hi Hamed, Maybe you will find this one usefull: This version has some bugs when volatility bars are missing etc. I used it already 3 years gauge. Just wondering which time zone is this chart based on? Could you tell me what time does every 'new day' start? Is anybody on this thread still? I have been putting some thought into this. First, I think the arithmetic is not forex quite right. I believe that you must add the currency pairs as you would fractions, with a common denominator, and then take the inverse of that sum. For example, the USD Sum agrees with the US Dollar Index when approached as: I took this approach when I noticed the shapes of the USD sum and gauge USD index were in big disagreement. My first thought was that the fractions aren't added right. This makes sense to me It seems as though this is more along the lines how the US Dollar Index is calculated, judging by the agreement in curve shape. I have a nice illustration, just no way to put the picture up Perhaps you could cut and past the different symbols into tradingview: Either way gives you a great idea which currencies are broadly weak, strong, or stable. I have had great results since I started using this as a stepping stone to decide on pair and direction, then finding setups from there. Tradingview takes the reciprocal automatically So the currency strength plot will be more straight forward to enter. I tried the USD and compared it with US Dollar Index, the graph looks different. I gauge I agree with what you're saying, but not sure. Are you saying the original posters equation for say GBP is adding equations with denominators of different variables? Ok haha, let's me explain a bit further. And instead of using quotes we can just use simple mataf. But to start, in original equation you're adding GBPJPY to GBPUSD and so on, so you're adding different currency values like Yen to USD. It still gives an idea of the movement of currencies but you're right, it's probably not as accurate as it could be. Ok, let's use a simple fraction example to make sure we're saying same thing. Hi Guys this really impressive work, thanks for sharing this. This indicator is along the same lines as the one I developed for commercial purposes. My AccuStrength currency strength meter is windows software and will give you more options, but the general idea is the same. Paying attention to the actions and reactions of the various currencies on their own just makes sense. Whether a currency trader gets a free, or commercial strength chart, it is a valuable tool to have. More data to make a decision with. It is not a magic gizmo. It should be a crucial part of every forex strategy. I like your AccuStrength and I will probably purchase it as I am using a free one at the moment but I'm sure your data is more reliable and up to date. I gauge it out! There is any chance to add the RUB and MXN? Where can I get the script for trading view? Can you send me an email as well. Would the idea be that you would trade an appropriate currency pair? It's in my favourites bookmarks. Only if there is a way of avoiding to scroll down to check which one is which because by the time I do it, I forget what I was about to check. You can get two styles of currency strength chart I developed from http: The second piece of Windows software is called the AccuStrength. Yes, they cost money, but they will save you a lot of time and energy trying to reinvent the wheel. This is a money-laden business so investing in your tools is perfectly in line with speculation. It is not the end all and be all, but a well designed and properly calibrated currency strength indicator will get you in earlier and out faster. The FX4Caster is a one time purchase and the AccuStrength is a subscription model because of the data included with it. Blog House Rules Moderators People Chat Chat History Press Referral Program Advertise. Stocks Forex Futures Indices Bitcoin Elliott Waves Harmonic Patterns Technical Analysis. From the creators of MultiCharts. Select market data provided by ICE Data services. Ideas Scripts Chart United States. 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It is usually made by robot so it is not precise but it can be helpful sometimes.
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