BacktestRookies

Currency Strength

Republished: The original script violated house rules by including an external link to Backtest Rookies.

Background

The currency strength indicator takes up to 4 forex pairs and calculates the average strength across all pairs. The indicator uses the pair's daily percentage change to calculate the overall strength. For flexibility, it can accept any instrument as an input. This means you can use multiple instances to track various currency strengths. It was designed with the major pairs in mind but there is no reason why it cannot be used for other FX pairs.

Note: The indicator defaults to GBP. When setting it up for other currencies, be sure to flag whether the currency is a counter currency or not.

The code is provided free and open source. Please modify it as you see fit.

Screenshots

Defaults with Annotation


Yen strength beating pound strength


Opposing Trends

Release Notes: Bugfix

Fix for NA values that recently started to appear.

Skript med en öppen källkod

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

Frånsägelse av ansvar

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

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