Forex Currency Strength Index

About Forex Currency Strength Index

For Forex traders - shows a graph of Absolute Currency Strength (Please read http://en.wikipedia.org/wiki/Absolute_currency_strength to understand the concepts).

Note: the graph looks much better in the ad-free version.

Set a period (eg M1, M15, D1 etc), a sample (steps of 10), and threshold in %. Get an alert when a currency moves above the threshold for the period and sample you selected.

Same thing when a currency becomes weak, and moves below the threshold.

For example:
Click on 'Alarm Clock' icon, click the plus sign, see a dialog to add an alert.
Set an alert for M1/50/0.2 - that is for 50 samples on the 1-minute chart, at a threshold of 0.2. Provided the markets are open, you should get an alert very quickly, meaning a currency has moved more than 0.2% in the last 50 minutes.

Second Example:

You set an alert for M5/50/2.0. This means you want an alert when a currency increases OR decreases by 2% on the 5-minute chart, relative to a point 50 5-minute periods before (that is 250 minutes).

So, if USD has increased by 3.5%, and NZD has decreased by 2.1%, you get an alert saying "USD/NZD".

Another example:

You set an alert for H1/30/5.0 - 30 samples on the 1-hour chart, and a threshold of 5% (You need a bigger threshold for longer periods)

Say CAD has decreased 6%, but no currency has increased more than 5% (the threshold you set) - you get an alert saying "-/CAD", meaning no rising currency, CAD is falling.

You get alerts at the end of each period - that is, H1 alerts come at the start of each hour, M30 each half hour etc.

Please leave a comment if you do not understand anything, I will try and help.

Alerts are handled through Google Cloud Messaging, not by polling - so an M1 alert will not be battery heavy, as it is not checking every 1 minute - the server does that.

Disclaimer:

Forex trading is risky, and this is just a tool to help you pick entry points as part of an overall trading strategy. I make no promises that you will become rich through using it, and no liability is accepted for any financial damage incurred.