Hello and welcome to another Currency Strength Analysis tool available at CompleteCurrencyTrader.
This indicator looks at 28 currency pays in the Forex Market, splits the individual currencies down in isolation and then plots them relative to one another.
So, you can see the relative strength in relation to one another.
So, you can see the relative strength of the individual currencies and see which ones are strong and which ones are weak.
This overview video will show you how to use the indicator in terms of the mechanics of it.
So, we have currency [points generally] colored lines which make up the main indicator.
You can see that each one is a different color.
Each of these lines represents a different currency: you can see that from the legend at the top.
So, we have the (pink-orchid) Euro [EUR], (red) British Pound [GBP], (violet-blue) United States Dollar [USD], (yellow) Japanese Yen [JPY], (blue-lt) Swiss Franc, (green) Canadian Dollar [CAD], (orange) Australian Dollar [AUD], and the (white-lilac) New Zealand Dollar [NZD].
Each of those is obviously color coded and represents these lines down [points currency lines] here.
If you have problems with the colors–perhaps you are color blind–you can actually halt your mouse over each of the lines [demonstrates] and that little pop-up window turns up and will tell you what each of those lines represents so you can, at a glance, see each of those currency lines.
Now, by default the settings are as you see [points generally] them here on the screen so it has the dark background and the specific colors for the individual currencies, but you can change that, if you want.
Up there you see a <SETTINGS> tab.
If you click the <SETTINGS> tab, this new drop-down opens up and you can change all of the colors for the different currency lines.
So, if you don't like the dark background of the chart, you can change that to something else and, of course, you can change these colors for the different currency lines, as well.
Once you've made your selections, you just click [demonstrates] on one of the colors.
You have this pop-up box open.
You can click on any color you like, click <OKAY> and, then, make sure you click <UPDATE>.
When you update this, your settings will change and the colors will appear the way you've personally chosen them and computer will remember that.
Cookies are set, your computer or your browser will cache those settings and remember them, so that they remain there the next time you come back and each time you come back and load the indicator.
So, you only need to change those settings once and your browser will remember them and, each time you come back and use this indicator, those saved settings will be recalled and you will have your customized indicator rather than the default settings that you see here.
One of the other things you can do is look at different time frames.
Now, by default, we're always [points generally around currency lines] looking at the one-minute charts.
I set it [points drop-down field top menu bar <LOOK BACK:>] to a 60-period "Look Back" here.
What that means is that we are looking at the last sixty [clicks drop-down field just left at <SELECT TF:>]– [2nd view indicator: pink high up, orange mirroring low] (continues).
one-minute price bars and that's telling you the last hour.
Of course, you can change that to the five minutes, 15 minutes, 30 minutes, all the way up to the monthly charts.
So, if I'll just give you an example, here [highlights 5th (ctr) listing "H1", same field] of changing it to "H1", if you want to look at the hourly charts.
And, you can change [highlights "Look Back" drop-down field, right] this to anything you want.
Once you've changed it, [points <REFRESH>] click <REFRESH> and, if you give a few moments,– [3rd view indicator: orange spikes straight up then sideways, white-lilac lowest] (continues).
the chart will change and you're now looking at the last sixty one-hour price bars.
And, again, [opens "Select TF" drop-down field, highlights "D1"] you can do that for daily charts, as well.
Change it to the last daily, [highlights "Look Back" drop-down, types "30"] maybe you want to look at the last 30 days.
[clicks <REFRESH>] Click <REFRESH>.
The indicator– [4th view indicator: violet-blue climbs, pink-orchid / blue fall] (continues).
will then update and you can see the relative [points highest / lowest lines] strengths and weaknesses of the different currencies over the last 30 days.
But, like I said, by default, [clicks "Select T1:" drop-down, highlights "M1", 1st item] it will be on the one-minute chart when you load it and I have it set [highlights "Look Back" drop-down field, types "60", clicks <REFRESH>] to a 60-period "Look Back:" so I'm always looking at the last one hour– [previous 1st view indicator: pink-orchid climbs, orange falls] (continues).
because for the break-out [circles about lines] strategy that I tend to teach on the Web site for new traders as an introductory course, this is the information that– [previous 2nd view indicator: pink high up, orange mirroring low] (continues).
we're looking at.
But, you can see the new indicator is very customizable.
It has far more features than it used to in the past and, hopefully, this makes it a lot easier for you to use and you'll be able to put this to good use in your trading.