Forex Meter Oscillator

Forex Meter Oscillator is an indicator that can give a whole view of forex market from a single chart, measuring currency strenghts among 28 forex pairs (majors and minors).

The "oscillator" word is very meaningful: it normalizes currency strenghts in order to provide values in a predefined range (from -1 to 1).

What are normalization's advantages?

It's so simple, values will always be in a pre-defined range that reflect exactly the current value compared to the last N values. In this way you will not have spikes and values "out of range" that can make more difficult the understanding of the indicator. In this way it will be possible to shape more precise and robusts rules about a trading strategy! 

For example:

Value +1 : Currency strenght is at maximum of last N candles. Wait for the currency to decrease from 1 to catch good weakness moment of that currency.

Valule -1: Currency strenght is at minimum of last N candles. Wait for the currency to increase from -1 to catch good strenght moment of that currency.

Indicator has an alert section in order to trigger alert messages when some conditions are met.

• Currency are rising or falling. (Crosses of specific value, input parameters)
• Currencies crosses

Indicator also has some analyzer panels:

• Yesterday panel: differences from yesterday to current candle.
• Today panel: differences from midnight of current day to current candle.
• Last candle: differences from the last candle and the previous one. 

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