Currency Strength Meter [ForexCracked]🔵 OVERVIEW
A currency strength meter that ranks the eight major currencies against each other in real time, and then tells you the one thing you actually opened it for: which pair to trade right now.
It reads all 28 major crosses, so every currency is measured across all seven of its pairs, not just against the dollar.
🔵 WHAT MAKES THIS ONE DIFFERENT
Almost every strength meter measures each pair's percent change and averages it. That has a flaw nobody talks about: a 40 pip move in a quiet pair and a 40 pip move in a violent one are treated as the same event, when they are not remotely the same event.
This meter measures every move in ATR units instead. A currency only scores highly if it has moved far relative to how far that pair normally moves. Quiet pairs stop being drowned out by naturally volatile ones, and the ranking stops flattering whichever currency happens to be paired with the wildest counterpart that week.
🔵 WHAT IT SHOWS
• A live ranking of USD, EUR, GBP, JPY, CHF, AUD, NZD and CAD, strongest to weakest
• Each currency's strength in ATR units, so the numbers mean something rather than being an index
• Whether each currency is strengthening or weakening against its own recent reading, not just where it sits
• The Best Pair line: long the strongest currency, short the weakest
• The Spread: the distance between strongest and weakest
🔵 THE SPREAD (read this one first)
The spread is the gap between the strongest and the weakest currency. It answers a question most traders skip: is anything actually happening?
A wide spread means currencies are genuinely diverging and a strength-based trade has something to work with. A narrow spread means everything is drifting together, the ranking is mostly noise, and the best trade is usually no trade. Check the spread before you trust the ranking.
🔵 HOW TO USE
• Read the spread. If it is small, the ranking is not telling you much, so wait.
• Take the Best Pair as a starting point, not an entry. It tells you where the divergence is, not when to get in.
• Prefer a currency that is both highly ranked and still strengthening over one that is highly ranked and already fading, since the second one has usually made its move.
• Confirm the pair on the chart with your own entry method. A strength meter frames the trade. It does not time it.
• Lengthen the Lookback for swing trading and shorten it for intraday.
🔵 SETTINGS
• Strength Lookback: how many bars back the move is measured over (default 24)
• ATR Length: the volatility yardstick every move is divided by (default 14)
• Symbol Prefix: leave blank on most charts. If the pairs do not load, set it to your data provider, for example OANDA: or FX:
• Show Ranking Table: toggles the strongest-to-weakest table in the top right (default on)
• Plot Strength Lines: toggles the eight strength curves in the pane (default on)
⚠️ DISCLAIMER
Relative strength tells you which currencies are moving and which are not. It does not tell you when to enter, and strong currencies reverse. Results depend on market conditions, settings, and your own execution and risk management. Shared for educational and research purposes. Not financial advice. Indicator
Currency Strength MeterCurrency Strength Meter — 8 Majors
Track real-time relative strength across the 8 major currencies in a single panel: USD, EUR, JPY, GBP, AUD, CHF, CAD and NZD. Each currency is benchmarked against the average performance of the group, so you can instantly see which currencies are bid and which are offered — without flipping between a dozen FX charts.
What it shows
Each line represents a currency's strength relative to the basket average, expressed in basis points (bps) of percentage move since the anchor reset. A currency above the zero line is outperforming the average, below zero it's underperforming. The relative ranking matters more than the absolute values — if USD is at +40 bps and JPY is at -60 bps, you're looking at a 100 bps gap of relative momentum that typically shows up in USD/JPY price action.
The math: the script pulls EURUSD, GBPUSD, AUDUSD, NZDUSD, USDJPY, USDCHF, USDCAD, computes each currency's percentage move since the anchor (inverted for the quote currencies), then subtracts the basket mean so all 8 strengths sum to zero. This removes the USD bias inherent to most "strength meters" that just measure pairs against the dollar.
Why it matters
Currency strength meters cut through the noise of individual pair charts. When you see the same pattern repeated across multiple pairs (EUR weak vs USD, EUR weak vs JPY, EUR weak vs GBP), it's no longer about one pair — it's about EUR itself. This indicator surfaces that signal in one glance.
Particularly useful for:
Pair selection — long the strongest, short the weakest for maximum dispersion
Avoiding chop — when two currencies are clustered near zero, their cross is likely to range
Spotting regime shifts when a currency suddenly breaks away from the pack
Confirming or fading reactions to central bank decisions, CPI, NFP across the FX complex
Filtering out fake breakouts on individual pairs that aren't backed by broader strength
Viewport-following labels (the killer feature)
Unlike most strength meters where labels stick to the latest bar, the labels here follow the right edge of your visible viewport . Scroll back in history and the labels update to show the strength values at that point in time — not at the current bar. This lets you study historical setups with the same readability as the live state, no zooming and hovering required.
Labels are automatically positioned to avoid overlap when multiple currencies are clustered, with configurable spacing (auto or manual).
Anchor modes
Daily : reset at the start of each trading day (default — best for intraday)
Weekly : reset at the start of each week (best for swing trading)
Session (Lookback) : rolling N-bar window for continuous measurement (best for context-free relative strength)
Settings
Reset anchor : Daily, Weekly, or rolling Session lookback
EMA smoothing : optional smoothing to filter intrabar noise (1 = raw, no smoothing)
Line width : 1 to 4
Currency toggles : show or hide each of the 8 currencies independently
Custom colors : each currency line can be recolored
Label gap : auto (scales with range) or manual (fixed bps gap)
Zero line : visual reference for relative strength sign
Recommended setup
Apply on any forex pair, on a 15m to 1h timeframe for intraday work, or 4h to daily for swing analysis. The indicator uses the chart's symbol only as a time base — the strength calculation is independent of which pair you're viewing.
Best paired with the underlying price action: when a currency breaks out on the strength meter, look at its strongest/weakest counterpart to find the best pair to trade the move.
Notes
Strength is measured against the 7 majors using direct or inverted USD crosses. JPY, CHF and CAD are inverted (since they're quote currencies vs USD in their major pair), so a rising USDJPY shows as JPY weakness, not strength. The mean-subtraction step normalizes the basket so all 8 values sum to zero, giving you true relative momentum rather than dollar-skewed readings.
Feedback and suggestions welcome. Indicator
Currency Strength V2An update to my original Currency Strength script to include a 2nd timeframe for more market context.
Changed the formatting slightly for better aesthetics, as the extra column and colors became unsightly.
Also added a new setting for "Flat Color", which changes the value background to a simple green/red for above or below 50, rather than using the Color Scale that increases color intensity the further it gets from 50.
________________________________________________________________________________
This script measures the strength of the 6 major currencies USD, EUR, GBP, CAD, AUD and JPY.
Simply, it averages the RSI values of a currency vs the 5 other currencies in the basket, and displays each average RSI value in a table with color coding to quickly identify the strongest and weakest currencies over the past 14 bars (or user defined length).
The arrow in the current RSI column shows the difference in average RSI value between current and X bars back (user defined), telling you whether the combined RSI value has gone up or down in the last X bars.
Using the average RSI allows us to get a sense of the currency strength vs an equally weighted basket of the other majors, as opposed to using Indexes which are heavily weighted to 1 or 2 currencies.
The additional security calls for the extra timeframe make this slower to load than the original, but this was a user request so hopefully it will prove worthwhile for some people.
Those who find the loading too slow when switching between charts may be better off still using the original, which is why this is posted as a separate script and not an update to the original.
This is the table with Flat Color option enabled.
Indicator
Currency StrengthThis script measures the strength of the 6 major currencies USD, EUR, GBP, CAD, AUD and JPY.
Simply, it averages the RSI values of a currency vs the 5 other currencies in the basket, and displays each average RSI value in a table with color coding to quickly identify the strongest and weakest currencies over the past 14 bars (or user defined length).
The Dir. value looks at the difference in average RSI value between current and X bars back (user defined), telling you whether the combined RSI value has gone up or down in the last X bars.
Using the average RSI allows us to get a sense of the currency strength vs an equally weighted basket of the other majors, as opposed to using Indexes which are heavily weighted to 1 or 2 currencies.
The table doesn't load super fast as we are making 15 Security requests to get the values for each pair (where possible we reverse the values of the pair to reduce Security requests, e.g. we don't need to request EURUSD and USDEUR, we reverse the value to calculate the USD RSI). Indicator
Indicator
Indicator
Strategy
Indicator
Indicator
Indicator
Indicator
