Base currency strength

[kenorb]

Calculate the relative performance of the base currency across various currency pairs and then aggregate the results.

Example:

#property indicator_separate_window
#property indicator_buffers 1
#property indicator_color1 Blue

// Input parameters
input ENUM_TIMEFRAMES TimeFrame = PERIOD_H1; // Timeframe to analyze
input int Period = 14; // RSI period

// Global variables
double RSI_Buffer[];
string baseCurrency = "USD"; // Base currency symbol

//+------------------------------------------------------------------+
//| Custom indicator initialization function                         |
//+------------------------------------------------------------------+
int OnInit()
  {
   // Indicator buffers
   SetIndexBuffer(0, RSI_Buffer);
   SetIndexStyle(0, DRAW_LINE);
   IndicatorShortName("RSI Base Strength");

   return(INIT_SUCCEEDED);
  }
//+------------------------------------------------------------------+
//| Custom indicator iteration function                              |
//+------------------------------------------------------------------+
int OnCalculate(const int rates_total,
                const int prev_calculated,
                const datetime &time[],
                const double &open[],
                const double &high[],
                const double &low[],
                const double &close[],
                const long &tick_volume[],
                const long &volume[],
                const int &spread[])
  {
   AnalyzeBaseCurrencyStrength();
   return(rates_total);
  }

//+------------------------------------------------------------------+
//| Analyze base currency strength across pairs                      |
//+------------------------------------------------------------------+
void AnalyzeBaseCurrencyStrength()
  {
   double totalStrength = 0;
   int pairCount = 0;

   for (int i = 0, count = SymbolsTotal(); i < count; i++)
     {
      string symbol = SymbolName(i, true);
      if (StringFind(symbol, baseCurrency) == 0)
        {
         double rsiValue = iRSI(symbol, TimeFrame, Period, PRICE_CLOSE, 0);
         totalStrength += rsiValue;
         pairCount++;
        }
     }

   double averageStrength = pairCount > 0 ? totalStrength / pairCount : 0;
   RSI_Buffer[0] = averageStrength;
  }

The code analyzes the RSI (Relative Strength Index) of the base currency across various pairs containing that currency in their symbol names. It then calculates the average RSI to determine the strength of the base currency. You can modify and expand upon this example to create a more sophisticated indicator based on your needs.