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PipTick Currency Barometer MT4

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PipTick Currency Barometer is one of our favorite indicators. It measures the strength of two currencies and compares their difference. The result is displayed as a histogram, where you can easily see which currency is stronger. The indicator is designed to measure the strength and weakness of eight major currencies (USD, EUR, GBP, CHF, CAD, JPY, AUD, NZD) and works on 28 currency pairs. To calculate the strength and weakness of currencies, the PipTick Currency Barometer uses the CCI method (the Trading channel index method).

In essence, the indicator is divided into three zones.

  • Overbought zone-above the 200 line
  • The norm zone is between the lines 200 and -200
  • Oversold zone-below the -200 line

Due to the fact that the PipTick Currency Barometer compares the first currency of the pair with the second, it is more convenient to use the following scale.

  • Super Strong – the color of forest green
  • Very strong-lime color
  • Strong – yellow-green color
  • Neutral – yellow
  • Weak-orange color
  • Very faint-orange-red color
  • Ultra-weak-crimson color

We believe that there are many ways to use the PipTick Currency Barometer. For example, you can trade on discrepancies between the price and the indicator. Of course, you can also trade using the classic trend-following strategy: buy a strong currency and sell a weak one. But don’t use this strategy if the barometer is in the extreme zone. Often, on the contrary, it shows the possibility of trading in the opposite direction (reverse strategy).

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  • A simple comparison of the strength of two currencies
  • The indicator works on 28 pairs
  • Automatic currency pair recognition
  • Overbought and oversold zones for entry and exit
  • Works on any timeframe (M1, M5, M15, M30, H1, H4, D1, W1 and MN)
  • Does not redraw
  • History testing (configurable history period)
  • Configurable parameters (color, line thickness, periods…)
  • Very fast calculations
  • The indicator also works with prefixes and suffixes (EURUSD. m, EURUSD-pro…)
  • It can be used to create an Expert Advisor
  • Designed for MT4 and MT5

  • Bars_Ago – The number of bars displayed by the indicator. If the Bars_Ago parameter is set to 0, all bars will be displayed on the chart
  • CCI_Period – The period for calculating the Comodity Channel Index
  • Weighted_Mode-Selection of weighted or unweighted calculation
  • Smoothed_Mode- Selecting a raw or smoothed curve
  • Smoothed_Method- Selecting the anti-aliasing type
  • Smoothed_Period- Period for calculating the smoothed curve
  • Text_Size – The size of the placemark text
  • Histogram_Thickness – The thickness of the histogram
  • Weight_USD – Weight coefficient of USD
  • Weight_EUR – Weight coefficient of EUR
  • Weight_GBP – Weight coefficient of GBP
  • Weight_CHF – The CHF weight factor
  • Weight_CAD – CAD weight factor
  • Weight_JPY – The weight coefficient of JPY
  • Weight_AUD – AUD weight ratio
  • Weight_NZD – Weight coefficient of NZD
  • Visibility_Label-Enables / disables the display of Currency Barometer labels
  • Color_Text – Text color
  • Color_Extremely_Weak – Color of an extremely weak histogram
  • Color_Very_Weak – Color of a very weak histogram
  • Color_Weak – Color of the weak histogram
  • Color_Neutral – Color of the neutral histogram
  • Color_Strong – Color of the strong histogram
  • Color_Very_Strong – The color of a very strong histogram
  • Color_Extremely_Strong – The color of an extremely strong histogram
  • Barometer Value – Displaying Currency Barometer Values
  • Extremely Weak – Displays Currency Barometer values when the first currency is extremely weaker than the second currency. Otherwise, the value is zero
  • Very Weak – Displays Currency Barometer values when the first currency is very weak than the second currency. Otherwise, the value is zero
  • Weak – Displays Currency Barometer values when the first currency is weaker than the second currency. Otherwise, the value is zero
  • Neutral – Displays Currency Barometer values when the first currency and the second currency are neutral. Otherwise, the value is zero
  • Strong – Displays Currency Barometer values when the first currency is stronger than the second currency. Otherwise, the value is zero
  • Very Strong – Displays Currency Barometer values when the first currency is very much stronger than the second currency. Otherwise, the value is zero
  • Extremely Strong – Displays Currency Barometer values when the first currency is extremely stronger than the second currency. Otherwise, the value is zero

For more information, visit the PipTick Currency Barometer page.

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