OPEN-SOURCE SCRIPT
Currency Strength Meter - Relative Strength
📊 Currency Strength Meter (CSM) — Relative Currency Strength
Description
The Currency Strength Meter measures the relative strength of 8 major currencies (USD, EUR, GBP, CHF, CAD, AUD, JPY, NZD) in real time, calculated from 26 Forex pairs.
Instead of looking at pairs in isolation, the CSM aggregates each currency's behavior across every pair it appears in, generating a score from 0 to 9 that reflects how strong or weak that currency currently is on the selected timeframe.
How it works
For each of the 26 pairs, the indicator calculates where the closing price sits within the high/low range of the last N candles — a calculation similar to a stochastic oscillator.
That value is converted into a score from 0 to 9 (0 = extremely weak, 9 = extremely strong).
The base currency of the pair receives the calculated score, while the quote currency receives the complementary value (9 − score).
Each currency's final strength is the average of all scores it received across the pairs it's part of.
An optional smoothing filter (with triangular weighting) reduces noise by giving more weight to recent candles.
Key features
📈 8 strength lines plotted on the panel, one per currency
📋 Real-time ranking table, sorting currencies from strongest to weakest
🔲 Mini visual histogram (block bars) showing each currency's intensity
🟢🔴 Configurable reference zones (strong limit and weak limit)
▲▼ Buy/Sell signals when the chart's base currency is strong and the quote currency is weak (or vice versa)
🔶 "Market imbalance" alert, triggered when one currency crosses into the strong zone and another crosses into the weak zone — a hint of a strong trend forming
🔔 Ready-to-use alertconditions for setting up TradingView alerts
Settings
Timeframe used for calculation (independent of the chart's timeframe)
Number of candles analyzed
Smoothing and triangular weighting (on/off)
Upper and lower thresholds for signals
Panel position and display options
How to use
This indicator works best as a confirmation and market-context tool, not as a standalone entry system. Combine the strength/weakness signals with your own technical analysis (price action, support/resistance, other indicators) before making entry decisions.
⚠️ This indicator is an analysis tool and does not constitute investment advice. Always manage your own risk.
Description
The Currency Strength Meter measures the relative strength of 8 major currencies (USD, EUR, GBP, CHF, CAD, AUD, JPY, NZD) in real time, calculated from 26 Forex pairs.
Instead of looking at pairs in isolation, the CSM aggregates each currency's behavior across every pair it appears in, generating a score from 0 to 9 that reflects how strong or weak that currency currently is on the selected timeframe.
How it works
For each of the 26 pairs, the indicator calculates where the closing price sits within the high/low range of the last N candles — a calculation similar to a stochastic oscillator.
That value is converted into a score from 0 to 9 (0 = extremely weak, 9 = extremely strong).
The base currency of the pair receives the calculated score, while the quote currency receives the complementary value (9 − score).
Each currency's final strength is the average of all scores it received across the pairs it's part of.
An optional smoothing filter (with triangular weighting) reduces noise by giving more weight to recent candles.
Key features
📈 8 strength lines plotted on the panel, one per currency
📋 Real-time ranking table, sorting currencies from strongest to weakest
🔲 Mini visual histogram (block bars) showing each currency's intensity
🟢🔴 Configurable reference zones (strong limit and weak limit)
▲▼ Buy/Sell signals when the chart's base currency is strong and the quote currency is weak (or vice versa)
🔶 "Market imbalance" alert, triggered when one currency crosses into the strong zone and another crosses into the weak zone — a hint of a strong trend forming
🔔 Ready-to-use alertconditions for setting up TradingView alerts
Settings
Timeframe used for calculation (independent of the chart's timeframe)
Number of candles analyzed
Smoothing and triangular weighting (on/off)
Upper and lower thresholds for signals
Panel position and display options
How to use
This indicator works best as a confirmation and market-context tool, not as a standalone entry system. Combine the strength/weakness signals with your own technical analysis (price action, support/resistance, other indicators) before making entry decisions.
⚠️ This indicator is an analysis tool and does not constitute investment advice. Always manage your own risk.
Open-source Skript
Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun auch andere Trader das Script rezensieren und die Funktionalität überprüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden, aber eine Wiederveröffentlichung des Codes unterliegt unseren Hausregeln.
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.
Open-source Skript
Ganz im Sinne von TradingView hat dieser Autor sein/ihr Script als Open-Source veröffentlicht. Auf diese Weise können nun auch andere Trader das Script rezensieren und die Funktionalität überprüfen. Vielen Dank an den Autor! Sie können das Script kostenlos verwenden, aber eine Wiederveröffentlichung des Codes unterliegt unseren Hausregeln.
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.