FX Multi-Meter
This all-in-one indicator was inspired by !x-meter and used some of its code as a template for the graphic objects (so thanks to Robert Hill who developed it). It is however completely different and provides alot more information that would normally require many charts and indicators and general screen clutter. It was designed to give alot more precision to both trade entries and exits provide an instant snapshot of a currency pair's movement.
Multi-Meter works on any currency or timeframe (or it should) and displays the following in the bottom right corner of the chart.. A graph of Stochastic Oscillators on timeframes M1 up to D1. An indication of the market trend using EMA's on timeframes M1 to D1. The direction of the MACD on the current chart, and crossing of the signal line and zero line. The direction of a fast 3 period LWMA crossing a 5 period SMA (periods can be changed). The direction of the Parabolic SAR on the current chart for giving the exit signal and also confirmation for entry. An oscillating graph of the William's % Range indicator. This was used because of its fast movement and unique predictive quality.
Also because its very good for identifying Overbought/Oversold conditions. A Bar % Increase/Decrease meter I developed to give a direct visual representation of the percentage rise or fall of the current price compared to the last 4 bars. It's simple but effective. The gist of it is that the previous 4 bar movements (close close) are averaged and percentaged, so if the current bar rises above 100% it is speeding up above the recent average, conversely if it drops below 100% it is slowing down and taking on a more steady movement. Strong price movements displayed in bright red or green, with varying shades according to the strength of movement. The overall recommended signal to trade, based on the various indicator signals. And last but not least the spread of the currency, in big easy-to-see numbers.
Example interpretation - EUR/USD - M1 Chart
- Bar % Meter is showing that the price movement is accelarating upwards (237% above previous 4 bar average).
- MACD is crossing upwards above its signal line.
- MA-X is showing that the fast moving 3-period Linear Weighted MA has risen above the slower 5-period Simple MA.
- P-SAR is still travelling downwards and hasn't swung around yet.
- WPR% is peaking at its maximum level upwards, indicating either a commencing strong upward movement or an Overbought condition. In this case the movement is commencing, not peaking.
- All MA's except D1 timeframe are trending upwards.
- Stochastic Oscillator on M30 chart is peaking, indicating a possible Overbought condition on that timeframe. M1 Stochastic is 58% and rising.
- Current spread is 1.6 pips.
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