Currency Strength Relative to all other Currencies

Jason101 · Sep 27, 2009

Hi, good people,

A quick Question.

Is there any where on the web that would give an instant reading of a currency strength compared to the collective strengths of all the other currencies?

Trader333 · Sep 27, 2009

I am not sure about web based data but there have been Excel spreadsheets that show this in real time on any given day and here is a screenshot of how it looked.

Paul

oildaytrader · Sep 27, 2009

Trader333 said:
I am not sure about web based data but there have been Excel spreadsheets that show this in real time on any given day and here is a screenshot of how it looked.

Paul

The best way of doing this is to run metatrader demo accounts on all currencies.Use the enclosed scripts on separate accounts.

Load these scripts into metatrader and reload platform.

run scipt on any one chart and it will generate trades.Click on account history and click profit.The most profitable ones are the strongest and losers are weakest.

Regularly close all trades and rerun script .After a few hours you will see the strogest and the weakest.

Google on how to use metatrader platform

OILDAYTRADER

zupcon · Sep 27, 2009

The problem with these particular approaches of course is that the "strength" is relative to whatever starting point in time you choose. A currency may be "strong" in relation to a particular basket of currencies when viewed over the short term, but "weak" against the same basket when viewed over a slightly longer timeframe.

The technique suggested by oildaytrader was originally suggested by poster named trader101, and there are multiple threads at both forexfactory and forextsd where this particular technique is discussed in depth, there are also a bunch of useful indicators that eliminate the need to constantly open and close demo orders.

Trader333 · Sep 27, 2009

The best way of doing this is to run metatrader demo accounts on all currencies.Use the enclosed scripts on separate accounts.

Why is it the best ?

The problem with these particular approaches of course is that the "strength" is relative to whatever starting point in time you choose. A currency may be "strong" in relation to a particular basket of currencies when viewed over the short term, but "weak" against the same basket when viewed over a slightly longer timeframe.

I agree and the above example I gave is for short term intra-day trading only and would never be used in isolation.

Paul

oildaytrader · Sep 27, 2009

Trader333 said:
Why is it the best ?

Paul

It can either be done by DDE or this way.DDE on excel may be more complicated to program.

What works for you is best.

If excel is better but you cant program a complicated spreadsheet, then it is of no use

OILDAYTRADER

oildaytrader · Sep 27, 2009

zupcon said:
The problem with these particular approaches of course is that the "strength" is relative to whatever starting point in time you choose. A currency may be "strong" in relation to a particular basket of currencies when viewed over the short term, but "weak" against the same basket when viewed over a slightly longer timeframe.

The technique suggested by oildaytrader was originally suggested by poster named trader101, and there are multiple threads at both forexfactory and forextsd where this particular technique is discussed in depth, there are also a bunch of useful indicators that eliminate the need to constantly open and close demo orders.

The ORIGNAL 101 method was flawed

OILDAYTRADER

sakhter · Oct 12, 2009

Try leverageFX Heatmap. You can lease or buy it for a fair price, or trade a certain amount of standard round lots/monthly and get it for free.

Daniel Webb · Jan 20, 2010

Jason101 said:
Hi, good people,

A quick Question.

Is there any where on the web that would give an instant reading of a currency strength compared to the collective strengths of all the other currencies?

I know FOREX Currency Strength Meter Trading System MetaTrader. you can check this site to help you learn more :megatrendfx.com.

GammaJammer · Jan 20, 2010

I think you need to start at the beginning and define the term 'strength' Looking at some whizz bang custom indicator should be the end step, not the start, or you won't have the vaguest clue what it's telling you and what to do with this information.

How do you personally define 'strong' in this case?

NVP · Apr 8, 2010

Daniel Webb said:
I know FOREX Currency Strength Meter Trading System MetaTrader. you can check this site to help you learn more :megatrendfx.com.

hey all..thought this thread was dead years ago ?

try the FXcorrelator (free meter) on my thread.....and I am happy to discuss merits of most meters out there as i've eyeballed most of them ......

like GJ is saying......the problem with using strength meters is never generally related to the the tool itself !

Neil
(NVP)

sebastionay · Jun 5, 2010

I suggest taking a look at hanovers relative strength indicator over at the forex factory, its a Mt4 indicator which shows relative strength for each pair next to one another.

t2wfx · Jun 16, 2010

Daniel Webb said:
I know FOREX Currency Strength Meter Trading System MetaTrader. you can check this site to help you learn more :megatrendfx.com.

I've used this one also. Very good in showing which currency is strong/weak.

jenniethingbaijam · May 4, 2011

Hello NVP, can you help me to know the indicator name where the eight different currency's strength are shown with different arroww pointing up and down.You have used this indicator in your video corrie60.

wackypete2 · May 4, 2011

NVP said:
hey all..thought this thread was dead years ago ?

It's just been re-resurrected !

Peter

Bint_Crusher · May 8, 2011

Not sure if the thread is still live, I've always found the futures market to be the best barometer.
http://finviz.com/futures_charts.ashx?t=CURRENCIES&p=d1

jenniethingbaijam · May 9, 2011

Thank you Bint for the reply.

jenniethingbaijam · May 9, 2011

I am looking for an Indicator which shows the current/live on and off time of all the trading centres/places of the entire world starting from Japan and ending to USA.

Bint_Crusher · May 9, 2011

jenniethingbaijam said:
I am looking for an Indicator which shows the current/live on and off time of all the trading centres/places of the entire world starting from Japan and ending to USA.

Don't know if there is an indicator as such, which currency pairs are you interested in. For my experience the European session is the prime time for any currency. Sometimes this reverses after the US opening.:smart:

Also have a root around this site.
http://www.forexfactory.com/

gamma · May 9, 2011

jenniethingbaijam said:
I am looking for an Indicator which shows the current/live on and off time of all the trading centres/places of the entire world starting from Japan and ending to USA.

This might be of help
http://www.forexmarkethours.com/

Currency Strength Relative to all other Currencies

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