Just came across this tool from Tom Yeomans, he released it free for anyone who wanted it. It's a spreadsheet .xls file and gets data from MT4 DDE so you need to have an MT4 demo running. Instructions on how to use it are here http://privare.org/wordpress/?p=22 or here http://www.zimbio.com/member/privare/articles/492947/Currency+Strength+Meter+ForexGrail+Released I haven't looked at this in detail so have no idea how, or even if, it works. It looks to be customizable and the way the data is analysed in each cell seems transparent. He called it 'forexgrail' but I doubt it is, it may be a useful tool to add to the arsenal though. ------------------------------------------------------------------------------- Tom Yeomans says: Currencies tend to trend. Everyone has seen the line on the EURUSD chart go up or down. When its rising does that mean the euro is strengthening or the US dollar is weakening? The chart only gives us part of the answer to what is going on. It only tells us how one currency is doing against another. The currency meter will show you strength of individual currencies in real-time using a free data source. There is nothing like it on the market. The currency strength meter is the missing link for technical trading systems. Add the knowledge you gain from the currency meter to your trading system and it will add rocket fuel to any technical system. This is the missing element for your technical or fundamental trading system. You need to know the true strength of an individual currency. You may have wondered why I call the TrueTrend meter the ForexGrail. It is the closest anyone trading forex short term will get to the real Holy Grail. 1..Match a currency that is getting stronger with a currency that is getting weaker. In other words; Buy a currency that is on its way up and sell one on its way down. That is simple isnât it? Step 1 Go to the strength form on the Truetrend currency meter spreadsheet and find a red rectangle and a light blue one. Open a price chart or just use the one from the front page of Oanda. Make a note of the Bid price if you are buying the currency and the Ask price if you are selling. Now, write them down and see what happens as the red light and blue light stays on. This is pure simplicity. This is trading foreign exchange spreads correctly. Nothing can be simpler since we only have to match a strong currency with a weak one. (A red light with a blue light) Hang on and collect the profits. When the lights begin to change for a sustained period of time it is time to think about exiting. You can hang into the trade for a few minutes, hours or days. It is up to you. There is more to this way of trading and a heck of a lot you can do to make those profits bigger. The example above will only take you an hour or two during an active market time to see just how easy this can be. It is the very simple way but it does get peoples attention. Many of the things that will make your trades more profitable will be sound economic conclusions. Things like an economic report that shows the currency is going in the toilet or comes out above everyoneâs expectations will greatly affect your trading. You need to keep an eye on items affecting the markets. News or events around the world have a bearing on your tradesâ success. You need to keep an eye on what the other markets are doing as well. Combining your skills as an observer of basic economics and supply and demand can make you successful in trading forex pairs. Do not test this system out on a real money account until you have satisfied yourself that it works consistently for you under many different conditions and using many combinations of pairs. This, my friends is as close to the grail as you are going to get. The rest of it is up to you! Tom Yeomans ----------------------------------------------------------------------------------
I'm just comparing it to leveragefx's map, so far so good, I just need a few more of his maps to compare it against.
Thanks for the link, another handy tool. Maybe we should start a thread for free useful trading tools!