Forex strength meter

Calculates the strength of a particular currency taking into account it's rate of change (% price change in a period) in all correlated and anti-correlated pairs. For instance, when looking for USD strength we will add ROC for USDCAD , USDCHF and USDJPY while subtract AUDUSD , EURUSD , GBPUSD and NZDUSD .

After ROC step, one can smooth the result using EMA , or MACD .

As the script needs to fetch values from multiple currencies it isn't the fastest one, but it gets its job done.

Important: Only major currencies (AUD, CAD, CHF, EUR, GBP, JPY, NZD and USD) are considered.

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.