Cluster RSI

Introduction

The Cluster-RSI indicator will calculate the performance (using RSI indicator) of each currency against the 8 major currencies (EUR, USD, GBP, AUD, NZD, CAD, CHF, JPY).

Cluster-RSI will buffer 2 lines for each currency attached to the chart. For example if we attach the indicator to EURUSD chart the indicator will draw 2 lines one for EUR and the second for USD.

Different between Normal RSI and Cluster-RSI indicator

Normal RSI indicator measures the speed and change of price movements; this is good when we apply the indicator for the stock Market or CFD as it is this stock price or CFD price is not involved in other trading symbols so when the indicator is comparing the recent average Gains to the recent average Losses to determine overbought and oversold conditions it will be easy to set up for the trade.

But in Forex Market, one Currency is involved in more than one pair to trade, so to trade with RSI it is better to get OVERALL average Gain and average losses for this currency to be able to understand overall currency performance.

Attention: This is a multiple pair indicator. To try this indicator in the Strategy Tester you will need to wait at least 1 Min for the indicator to calculate the data, in the real chart it respond very Fast.

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