OPEN-SOURCE SCRIPT
Updated FX Setup Scanner. Currency Strength and Divergence
This indicator is designed to try and help identify which FX pair you should look at trading, a pair with a high negative correlation will be more likely to have a bigger move with potential higher volatility.
There is a colour coded currency key which defines the current currency strength. Look for a strong vs weak pair for direction.
There is a data table for which pair has hit 1:1 RR most often and the avg distance that pair moved before a change in signal (atr based).
also a table for the number of times that pair has had a 'TRADE' signal where 4 conditions have been met.
There is a colour coded currency key which defines the current currency strength. Look for a strong vs weak pair for direction.
There is a data table for which pair has hit 1:1 RR most often and the avg distance that pair moved before a change in signal (atr based).
also a table for the number of times that pair has had a 'TRADE' signal where 4 conditions have been met.
Release Notes
Small bug fix.Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.