The idea of the algorithm and display is based on the Currency Power Meter indicator, the differences in this version are in removing restrictions on the number of displayed currencies, the code is more compact and faster, it is possible to get values for the current bar through the indicator buffers.
What the indicator shows: the thin band and the upper number opposite the currency shows the relative strength index for the last N hours (N is set by the Hours variable in the parameters), the wider band shows the daily index. The more currency pairs using a particular currency you specify in the input parameters (provided that your broker provides quotes for such a pair), the more weighted the index will be (just be careful with pairs of “non-major” or exotic currencies, they can distort the overall picture), for example, when specifying only EURUSD, the calculation of the relative index for the Euro will go only for this pair, if you add another EURGBP, then the Euro index will be calculated for two pairs and will show a more weighted value.
How to use the data: the lower / higher the index value, the more likely a technical correction or further continuation of the trend is, provided that there is no important news.
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Version for MetaTrader 4: