I have been using this strategy for a while, just like my last script (XAG/USD Spread) this utilizes my 'holy grail' method of basket weighting (aka why the script is protected).
This script just looks for periods of time when the euro is gaining against a basket of currencies and the USD is losing vs the basket (and vice versa)
I use this script on the 4H time frame; although I can make this script work for almost any currency pair and time frame I have the most success with EURUSD 4H.
I personally use 3 of these 'strength meters' in triangular arbitrage for EU UJ and EJ
if I get good feedback and support I may publish the other 2 of the 'triangle' or even make a version that automatically detects the currency pair and adjusts settings accordingly.
Thanks for the feedback and support, hope this helps!
Repaints like all this shitty strategies published here and there.
420snoop
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As you can see the indicator has switched from selling to buying off the basket data. Also it has confluence with a gann square and has made a move back up to the 233 MA. The 233 MA and another gann line stand in the way of further up moves but the basket data shows a stronger euro.
Not sure if I agree (especially with the looming italian debt crisis) but we will see how this plays out!