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PipTick Currency Strength Indicator

Knowledge of the strength and weakness of each currency is vital for every forex trader. Our currency strength 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 Strength Indicator shows 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.

 

PipTick CSI

The indicator is calculated from 28 currency pairs and works on every MT platform. PipTick CSI 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 CSI is based on the RSI, its interpretation is very simple. There are three areas:

 

  • Overbought area (the value of CSI is between 70 and 100)
  • Normal zone area (the value of CSI is between 30 and 70)
  • Oversold area (the value of CSI is between 0 and 30) 

 

PipTick CSI 

How to you use PipTick Currency Strength Indicator?

There are two basic aproaches how to trade curency strength and weaknes:

 

  • 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 70) and JPY is oversold (under the level of 30), sell USDJPY.

 

You can achieve great results if you use overbought/oversold concept of currency in conjunction with Price Action or Candlestick patterns. 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 strength indicator. 

 

You can use this indicator for long-term, swing, intraday or even scalp trading.  

 

It is possible to use PipTick CSI for manual backtest as well. All you have to do is set parameter "Bars_Ago = 0" in indicator settings and download historical data for seven currency pairs which our indicator needs to calculate.

 

Main features

  • 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 (M1, M5, M15, M30, H1, H4, D1, W1, MN) 
  • The indicator is non-repainting
  • Ready for backtesting (customizable look-back period)
  • Customizable parameters (Colors, Line thickness, RSI period...)
  • Excellent results in conjunction with PA and Candlestick patterns
  • Ideal tool for scalping
  • Very fast calculation

 

Inputs

  • Bars_Ago - Number of bars displayed by the indicator
  • RSI_Period - Period for RSI calculation
  • Constant_Mode - Allows to use the USD as constant for comparison to another currencies
  • 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 of smoothing calculation
  • Text_Size - Text size of labels
  • Line_Thickness - Thickness of lines
  • Weight_USD...NZD - USD...NZD weight coefficient
  • Visibility_USD...NZD - USD...NZD visibility
  • Color_USD...NZD - Color of USD...NZD curve and label

 

Outputs

  • USD...NZD - Value of USD...NZD CSI

 

Screenshots

PipTick CSIPipTick CSIPipTick CSIPipTick CSIPipTick CSIPipTick CSI

 

Demo video

   

 

PipTick CSI (MT4) - First adding to the chart

   

 

PipTick CSI (MT5) - The first adding to the chart

   

 

PipTick CSI (MT4) - How to use the indicator with historical data

   

 

Purchase

All our products are available in MQL5 market.

 

MetaTrader 4 version

Buy PipTick Currency Strength Indicator MT4 customer indicator in the store selling algo trading systems

MetaTrader 5 version

Buy PipTick Currency Strength Indicator MT5 customer indicator in the store selling algo trading systems

 

 

 

 

 

 

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