How To Use Currency Strength Meter? One of the best uses for me is to gauge market condition before and after an economic news release. Now let’s say we are getting the Australian Retail Sales figure in just under 5 automatic binary option trading software, and the meter is showing AUD reading at a 6.
If the news comes out favoring AUD, the best choice would be to BUY AUDCHF, since it has the best match up, with AUD at 6. AUD, then the best choice would be to SELL AUDNZD since NZD is at 8. 50 pips more than just selecting a default pair, such as the AUDUSD. How Does The Meter Calculate Currency Strength? Then divide by Number of Pairs. Amount of pips this pair is at in reference to the daily range. 3500 and the daily range is 1.
3550, this figure would be 50. Low range for the currency pair. 3550, the daily range would be 100. Once you get the reading and based on the pair, you’d multiply that using Bank of International settlement Forex volume distribution list to get the right weight. Repeat this process for every pair that contains your currency. For instance, the reading of EUR will require the meter to repeat the process 7 times: EURUSD, EURGBP, EURCHF, EURJPY, EURAUD, EURCAD, EURNZD. Finally, you take the average reading and divide the result by the number of pairs, which is 7.
You repeat the same process for all 8 majors. You also have to keep in mind for reverse calculations as per the naming convention, because sometimes your currency could be either the base or quote currency in a pair, like USD is to USDJPY and EURUSD. The meter does about 112 calculations per each reading, which is lightning fast considering the amount of pairs it has to go through. Make sure to watch my above videos and don’t forget to share with me how are you using my CSM. My name is Henry Liu and I am a Forex Trader and Mentor. I help traders achieve consistent income trading Forex while spending less time trading.
My focus in trading is a combination of Fundamental Analysis, Technical Analysis, and Market Sentiment. You can find more information about me on my Google Profile. I thought, since it has built-in news monitoring, you could program into it a clicker. Only if you can get the signal fast enough and your broker fulfills your order on a timely basis. Lots of moving parts and I’d suggest testing it out to be sure. Thank you for this great tool. You assign 2 points to the range top: red color, 7.
And 2 points to the range buttom: blue color, 0. It is not a symetrical partition: because if 6. 0, we know it is strong. 0, we should know it is weak.
Will there be a Mac version for this ? Working on an iOS app at this moment. Could you please add GOLD to the CSM and make the Application re-sizable. On several of my Windows 7 PCs the Windows displaying the numbers are too small for the data. Hey, I installed this and it gives different numbers to the widget to the right on this website. I posted yesterday explaining that I was having problems using the CSM. I try refreshing but to no avail.
6 windows app has not updated for over a day now. Nor has the one on the website. The CSM on my PC started working a couple of days after I posted my comment above but I’ve noticed the web based CSM is still stuck with the same numbers from June 7th. It would be nice to have that as a back up in case the Windows based CSM quits working. It seems to be great but doesn’t work ! Henry for Education and information , but I want to know where to get the BIS Weighted Formula.
CSM stopped displaying data since yesterday. Why are comments always perpetually waiting moderation? CSM has refused to display anything for some days now. I’m having problems with my CSM software.