Currency Strength Index

Want to know if to go long or short on any currency pair? 5TT Currency Strength Index is the answer! 5TT Currency Strength Index is a unique indicator for determining the short-term strength of any currency.

Each currency strength is determined by an index of the currency with the strength of 7 other major currencies. The indicator is constantly monitoring price action across 28 currency pairs and 56 combinations; taking the following into consideration

• Price volatility.
• Short-term price range.
• Short-term price action and candle formation.

How To Use

• Always trade in direction of trend.
• More than 3 green bars indicate strength and more than 3 red bars indicate weakness.
• Combine weak currencies with strong currencies. This will always be a trending condition. For instance if AUD has 5 red bars (weakness) and USD has 5 green bars (strength), sell AUDUSD.
• Avoid combination of strong vs strong or weak vs weak pairs. This will be a ranging condition.

Parameters

• Header Color: This is the color of the indicator text. Can be adjusted to suit chart background.
• SymbSuffix: If the broker platform includes a suffix on currency pairs, please enter onLY the suffix. If no suffix, leave blank. E.g. ETX will display EURUSD as EURUSDSB. Enter SB in this case.
• ShowComments: Displays Relative Currency Strength percentages on the chart.