PipTick Currency Scanner indicator is a lite version of our popular PipTick Currency Strength Indicator (CSI). Knowledge of the strength and weakness of each currency is vital for every forex trader. Our indicator measures strength of eight major currencies (USD, EUR, GBP, CHF, JPY, CAD, AUD, NZD) by using Relative Strength Index indicator, also known as RSI. PipTick Currency Scanner show you in a simple and quick way, when a currency is oversold, overbought or in "normal area". In this way, you can simply identify, which currency is the strongest and which is the weakest.
The indicator is calculated from 28 currency pairs and works on every MT platform. PipTick Currency Scanner uses only 7 currency pairs for calculation of the rest of 21 pairs. For correct working of the indicator you need only these seven pairs in your MT platform: EURUSD, GBPUSD, AUDUSD, NZDUSD, USDJPY, USDCHF and USDCAD.
Interpretation of the indicator
Because our PipTick Currency Scanner is based on the RSI, its interpretation is very simple. There are three areas
Oversold area (the value of Currency Scanner is between -100 and -50)
Normal zone area (the value of Currency Scanner is between -50 and 50)
Overbought area (the value of Currency Scanner is between 50 and 100)
How to you use the PipTick Currency Scanner?
There are two basic aproaches how to trade curency strength and weakness:
Buy strong currency and sell weak currency - Trend Following strategy. For example, if you see the EUR is strengthening and AUD is weakening, buy EURAUD currency pair. Do not trade if one of currencies is overbought/oversold.
Sell strong currency and buy weak currency - Counter Trend strategy. For example, if USD is overbought (above the level of 50) and JPY is oversold (under the level of -50), sell USDJPY.
You can achieve great results if you use overbought/oversold concept of currency in conjunction with Price Action, Candlestick patterns or support and resistance levels. All you have to do is wait for overbought/oversold of one currency, followed by drawing candlestick pattern like hammer or shooting star. Of course, this is just one of thousands of possible ways of using of our currency scanner indicator.
You can use this indicator for long-term, swing, intraday or even scalp trading.
The indicator shows strength and weakness of eight major currencies (USD, EUR, GBP, CHF, JPY, CAD, AUD, NZD)
Simple comparison of one currency against another
Overbought and oversold area for entering or exiting the trades
Works on every timeframe
Excellent results in conjunction with price action levels
Ideal tool for scalping
Very fast calculation
Indicator works with prefix and suffix of symbols as well
Available for MT4 and MT5
Weighted_Mode - Allows to choose between weighted or unweighted calculation
Smoothed_Mode - Allows to choose between raw or smoothed curve
Smoothed_Method - Allows to choose from for type of smoothing
Smoothed_Period - Period for calculation of smoothed curve
Time_Frame_1 - Allows to choose any time frame
Time_Frame_2 - Allows to choose any time frame
Time_Frame_3 - Allows to choose any time frame
Time_Frame_4 - Allows to choose any time frame
Time_Frame_5 - Allows to choose any time frame
Histogram_Thickness - Thickness of bars
Text_Size - Text size of labels
Color_USD - Color of USD bar and label
Color_EUR - Color of EUR bar and label
Color_GBP - Color of GBP bar and label
Color_CHF - Color of CHF bar and label
Color_CAD - Color of CAD bar and label
Color_JPY - Color of JPY bar and label
Color_AUD - Color of AUD bar and label
Color_NZD - Color of NZD bar and label
Alert - Allows to enable or disable alert notifications when the indicator exceeds a certain value
Alert_Threshold - - Allows to choose a threshold value