Quantum GBPX

The Quantum GBPX is the latest addition to our suite of currency indices, and one which we have been asked for many times, and even more so since Brexit. It is an index which has taken us some time to develop, and through a series of complex calculations draws its primary data from a basket of currencies based on the old style dollar index, the Dixie. This is converted to a chart for the British pound. The result is an accurate index which describes strength and weakness for the GBP currency in all timeframes.

The underlying basket and weighting are as follows, with the SEK replaced with the AUD. The percentages are as follows:

• EUR 57.6%
  
• JPY 13.6%
  
• GBP 11.9%
  
• CAD 9.1%
  
• AUD 4.2%
  
• CHF 3.6%
  

The calculated value of the US Dollar is multiplied by the live exchange rate for the GBP/USD currency pair.

The indicator can be used in one of three ways:

• First, to identify and confirm strength and weakness in major and cross-currency GBP pairs, helping you get in, stay in and get out
  
• Second, as a confirming indicator for the Quantum Currency Strength indicator, providing a perspective against other currencies
  
• Finally to provide a relevant and consolidated view of the British pound
  

The indicator plots strength and weakness of the UK pound as a candlestick chart in a separate indicator window when you attach it to the chart. In addition, there are two configurable simple moving averages to make chart reading easier.

Trading the British pound and its related pairs is now straightforward and clear, so grab your copy today and trade through the Brexit volatility with renewed confidence.

Versionsinformation:

Updated for PineScript version 4
Added alert conditions