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MT4 Plugin – Relative Strength for Majors at a glance

UserPost

3:36 pm
March 8, 2012


FXChris

South Florida, USA

Admin

posts 80

Post edited 3:37 pm – March 8, 2012 by FXChris


This is a plug-in uploaded by a member of our previous SmartPip forum, Dan K. I have copied his entire original post here, I have not tested this plug-in please let me know if there are any issues with it should you try it.

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This is a custom indicator I've developed for MT4 – see image below. It assigns a strength value for each pair of the majors, so you get more detail specifically where the strength and weakness are. Green is strong, red is weak, yellow means neither. Values range between 1 – 4.

The relative strength algorithm is as follows:
It looks at 4 moving averages (5, 8, 21, 55) over the last 4 periods on a M30 chart. It simply assigns a value of 1 for each moving average if it is trending over the last 4 periods. Green means trending up, red means trending down, yellow is no trend. If all MA's are trending in the same direction, then it gets the highest value of 4. There are two shades of green. Dark green means strength, and it's trading above the 200 period MA. Light green means strength, but trading below the 200 MA. Dark red means weakness and trading below the 200 MA. Light red (pink) means weakness, but trading above the 200 MA.

If anyone has suggestions for a better algorithm to measure relative strength, let me know. The code is straight forward, and I can easily make changes / improvements.

Attached is the code. You will need to unzip and save in the ExpertsIndicators folder under your MT4 install, then compile. After compiled, just drag onto any chart. It works on any pair.

Enjoy,
Dan

Forex MT4 Relative Strength Indicator

Custom Relative Strength.zip

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Thanks Dan, and Enjoy all Laugh

FXChris


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