OPEN-SOURCE SCRIPT
True Strength FX
True Strength FX shows you which currency is really driving a forex pair.
When EUR/USD falls, the chart alone can't tell you why. Is the euro weakening, or is the US dollar strengthening? Or both? The answer matters. If you're trading a hawkish Fed, you want to see the dollar gaining across the board, not a pair falling because of euro-specific news.
True Strength FX splits any major pair into its two currencies and plots each one as its own line underneath your chart, so you can see the real source of the move at a glance.
WHY I BUILT IT
I trade macro, and for years I used my own custom currency indexes in my TradingView watchlist to confirm my bias after central bank decisions and major data releases. Standard indexes like the DXY didn't work for this, because they're unevenly weighted. The euro makes up more than half of the DXY, so it often tells you more about EUR/USD than about the dollar as a whole.
I wanted indexes where every currency in the basket counts exactly the same. This indicator turns that idea into a tool anyone can add to their chart.
HOW IT WORKS
- Each of the 8 major currencies (USD, EUR, GBP, JPY, CHF, CAD, AUD, NZD) gets its own index, measured against the other 7.
- All 7 pairs in each basket carry equal weight at all times. The index averages the percentage moves of the pairs rather than adding up their prices, so a pair like USD/JPY (priced around 150) doesn't outweigh a pair like EUR/USD (priced around 1.10).
- Every pair is flipped where needed, so a rising line always means that currency is getting stronger.
- The indicator detects the pair on your chart automatically. Open GBP/JPY and you get a GBP line and a JPY line. Switch to AUD/CAD and it updates on its own.
- Both lines start at 0% from your chosen starting point, so you see exactly how much each currency has gained or lost since then.
HOW TO READ IT
Example: EUR/USD is falling.
- EUR line flat, USD line rising → the move is US dollar strength.
- EUR line falling, USD line flat → the move is euro weakness.
- EUR falling and USD rising → both are pushing the same way, which usually means a stronger, cleaner move.
- Both lines moving in the same direction → the two currencies are cancelling each other out, and the pair tends to go sideways.
WAYS TO USE IT
- Confirm a fundamental bias. After a central bank decision or a major data release, check whether the currency is actually strengthening against the whole basket, not just against one pair.
- Measure event reactions. Set the starting point to the exact time of an FOMC, ECB or CPI release and see how each currency has moved since.
- Choose the cleanest pair. If your bias is "strong USD," pick the pair where the other currency is also weak, so both sides work in your favour.
- Avoid one-sided traps. If a pair is moving but your currency isn't the driver, the move may not mean what you think it does.
SETTINGS
- Data source: price feed for all pairs (OANDA by default). Keep the same source across your charts.
- Backup data source: FX_IDC (ICE Data Services) by default.
- Backup data source: OANDA by default.
- Measure change from:
– Visible chart start: both lines start at 0% at the left edge of your screen and reset when you scroll or zoom.
– Custom date: pick an exact date and time, such as a central bank announcement.
– Rolling bars: shows the % change over the last N bars.
- Rolling bars: the number of bars used in rolling mode.
- Show: Both, Base only or Quote only. Prefer each currency in its own pane? Add the indicator twice, set one to Base only and the other to Quote only.
NOTES
- Works on any pair between the 8 major currencies, on any timeframe. I mainly use it on the 4H, daily and weekly charts.
- If a currency can't be calculated, a grey label names the missing pairs. Switching the data source usually fixes it.
- This is an analysis tool, not a buy or sell signal. Use it alongside your own analysis and risk management.
When EUR/USD falls, the chart alone can't tell you why. Is the euro weakening, or is the US dollar strengthening? Or both? The answer matters. If you're trading a hawkish Fed, you want to see the dollar gaining across the board, not a pair falling because of euro-specific news.
True Strength FX splits any major pair into its two currencies and plots each one as its own line underneath your chart, so you can see the real source of the move at a glance.
WHY I BUILT IT
I trade macro, and for years I used my own custom currency indexes in my TradingView watchlist to confirm my bias after central bank decisions and major data releases. Standard indexes like the DXY didn't work for this, because they're unevenly weighted. The euro makes up more than half of the DXY, so it often tells you more about EUR/USD than about the dollar as a whole.
I wanted indexes where every currency in the basket counts exactly the same. This indicator turns that idea into a tool anyone can add to their chart.
HOW IT WORKS
- Each of the 8 major currencies (USD, EUR, GBP, JPY, CHF, CAD, AUD, NZD) gets its own index, measured against the other 7.
- All 7 pairs in each basket carry equal weight at all times. The index averages the percentage moves of the pairs rather than adding up their prices, so a pair like USD/JPY (priced around 150) doesn't outweigh a pair like EUR/USD (priced around 1.10).
- Every pair is flipped where needed, so a rising line always means that currency is getting stronger.
- The indicator detects the pair on your chart automatically. Open GBP/JPY and you get a GBP line and a JPY line. Switch to AUD/CAD and it updates on its own.
- Both lines start at 0% from your chosen starting point, so you see exactly how much each currency has gained or lost since then.
HOW TO READ IT
Example: EUR/USD is falling.
- EUR line flat, USD line rising → the move is US dollar strength.
- EUR line falling, USD line flat → the move is euro weakness.
- EUR falling and USD rising → both are pushing the same way, which usually means a stronger, cleaner move.
- Both lines moving in the same direction → the two currencies are cancelling each other out, and the pair tends to go sideways.
WAYS TO USE IT
- Confirm a fundamental bias. After a central bank decision or a major data release, check whether the currency is actually strengthening against the whole basket, not just against one pair.
- Measure event reactions. Set the starting point to the exact time of an FOMC, ECB or CPI release and see how each currency has moved since.
- Choose the cleanest pair. If your bias is "strong USD," pick the pair where the other currency is also weak, so both sides work in your favour.
- Avoid one-sided traps. If a pair is moving but your currency isn't the driver, the move may not mean what you think it does.
SETTINGS
- Data source: price feed for all pairs (OANDA by default). Keep the same source across your charts.
- Backup data source: FX_IDC (ICE Data Services) by default.
- Backup data source: OANDA by default.
- Measure change from:
– Visible chart start: both lines start at 0% at the left edge of your screen and reset when you scroll or zoom.
– Custom date: pick an exact date and time, such as a central bank announcement.
– Rolling bars: shows the % change over the last N bars.
- Rolling bars: the number of bars used in rolling mode.
- Show: Both, Base only or Quote only. Prefer each currency in its own pane? Add the indicator twice, set one to Base only and the other to Quote only.
NOTES
- Works on any pair between the 8 major currencies, on any timeframe. I mainly use it on the 4H, daily and weekly charts.
- If a currency can't be calculated, a grey label names the missing pairs. Switching the data source usually fixes it.
- This is an analysis tool, not a buy or sell signal. Use it alongside your own analysis and risk management.
오픈 소스 스크립트
트레이딩뷰의 진정한 정신에 따라, 이 스크립트의 작성자는 이를 오픈소스로 공개하여 트레이더들이 기능을 검토하고 검증할 수 있도록 했습니다. 작성자에게 찬사를 보냅니다! 이 코드는 무료로 사용할 수 있지만, 코드를 재게시하는 경우 하우스 룰이 적용된다는 점을 기억하세요.
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.
오픈 소스 스크립트
트레이딩뷰의 진정한 정신에 따라, 이 스크립트의 작성자는 이를 오픈소스로 공개하여 트레이더들이 기능을 검토하고 검증할 수 있도록 했습니다. 작성자에게 찬사를 보냅니다! 이 코드는 무료로 사용할 수 있지만, 코드를 재게시하는 경우 하우스 룰이 적용된다는 점을 기억하세요.
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.