I put together these indicators to measure the "absolute" strength of each currency. It basically adds up the value of all of the currencies pairs and puts it on a line graph. So EURUSD + EURCHF + EURJPY, etc. Of course it turns the quotes round for the pairs where the indexed currency is listed second.
There are some quirks I can't figure out like it won't display on a daily chart. I put them all on the weekly chart corresponding to the pair so eurindex on EURUSD and so on. I put a timeframe option on EURUSD but found it better on daily charts anyway so set that to 1440. The suffix option allows you to add any suffix that your broker might use. Leave it blank if not needed.
I also added a 10 sma of the previous indicator to give it some sort of trend context. I've got this saved on a profile and it looks like the screenshot. This enables you to see where a currency is going overall so NZD getting weaker, EUR maybe about to get weaker, USD could be turning round, etc. I like to keep an eye on it to consider where the next long term trend might be about to occur.
I'm putting these on here for free so I hope you find them useful.
There are some quirks I can't figure out like it won't display on a daily chart. I put them all on the weekly chart corresponding to the pair so eurindex on EURUSD and so on. I put a timeframe option on EURUSD but found it better on daily charts anyway so set that to 1440. The suffix option allows you to add any suffix that your broker might use. Leave it blank if not needed.
I also added a 10 sma of the previous indicator to give it some sort of trend context. I've got this saved on a profile and it looks like the screenshot. This enables you to see where a currency is going overall so NZD getting weaker, EUR maybe about to get weaker, USD could be turning round, etc. I like to keep an eye on it to consider where the next long term trend might be about to occur.
I'm putting these on here for free so I hope you find them useful.
Attached File(s)
currency strength indicies.zip
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