This is a group of currency strength indicators from Forex Factory I’m sure many of you have seen before. It’s really old but I’ve found it to be more effective than any other currency strength indi and I’ve used quite a few.
It’s supposed the weigh the 8 major currencies against each other (28 pairs) and plot what should be the RSIs for each currency. I use the fast line in the inputs and I just look for one currency to be above 90 and one below 10 (or if I’m being more aggressive then I’ll use 85 and 15), and I trade the pair accordingly. I use the H1, H4 and D1, and the more timeframes one or two of the currencies are oversold/overbought on the better. It’s a great tool to use alongside multi-timeframe regular RSI.
The only problem is the RSI period can’t be adjusted and I’ve only been able to find this indi in .ex4 (and the coder doesn’t appear to have been active on Forex Factory in years). I was wondering if anyone knows of an indi like this with adjustable RSI period and alerts, or would be interested coding an indi with those inputs