Currency Strength Index (CSI) - MetaTrader 5 Script | Forex Indicator Download - MT4/MT5 Resources

Trade the strong against the weak !

The Currency Strength Index (CSI) is a technical indicator that charts the strength and weakness of eight major currencies. (EUR, GBP, AUD, NZD, USD, CAD, CHF, JPY)

The indicator is based on mathematical decorrelation of 28 cross currency pairs.

It uses the percentage difference in the linear weighted average (LWMA) of closing prices.

If the X/Y currency pair is in an uptrend, it shows whether it is due to a strong X or a weak Y.

Imagine what it would be like to monitor the performance of all 28 currency pairs on one chart.

Instantly see which currency pairs are trending and, if so, how strongly.

Advantages of Trading Strategies

The Currency Strength Index (CSI) can be applied to any chart of any currency pair.

The chart does not influence or affect the appearance or performance of the indicator.

For example, you can apply this indicator to GBP/USD, EUR/USD, USD/CHF or any other currency pair.

The indicator will appear in the same way on every chart.

For the first time, you may need to switch the chart time range multiple times to allow all indicator data to be loaded.

Currencies that are significantly tilted towards each other are candidates for trend trading.

There is a wide range of currencies that run parallel to each other and can be traded from the top to the bottom of the range or channel with confidence.

Using this indicator on multiple timeframes is a great way to see if a currency is rising or falling across multiple timeframes, adding more dimensions to your analysis and allowing you to quantify the risk of any trade in a more detailed way.

The Currency Strength Index (CSI) does not tell you when to enter a trade, it only helps you filter potential currency pairs for trading.

You can adjust the Currency Strength Index (CSI) to suit different trading time frames.

https://en.wikipedia.org/wiki/Currency_strength_index

https://www.mql5.com/en/articles/83

http://fxcorrelator.wixsite.com/nvp100

Attachment download

📎 dummy.mq5 (3.35 KB)

📎 currency_strength_index.mq5 (31.64 KB)

Source: MQL5 #27950