Currency Basket - Custom Composite Index Indicator
This indicator combines multiple currency pairs into a single composite strength index, displayed in a separate panel below your chart. It automatically detects pivot points (fractals) on both your price chart and the basket index, then connects them with trendlines to reveal divergences.
Version 2.0 - See Release Notes Tab
Open for future updates
-------------------------------------------------------------------------------------------------------------------------------------------------------
What It Does
-------------------------------------------------------------------------------------------------------------------------------------------------------
- Composite Basket: Aggregates 5 currency pairs ( of your choise ) with equal weighting to create a strength index
- Automatic Fractal Detection: Identifies pivot highs and lows on your chart based on configurable left/right bar counts
- Sequential Tracking: Follows consecutive pivot points of the same type (highs or lows) and connects them with trendlines
- Divergence Highlighting: Automatically colors trendline segments yellow when price and basket move in opposite directions (divergence), white when they move together
-------------------------------------------------------------------------------------------------------------------------------------------------------
Multiple Calcualtion Modes for Weighted Average
-------------------------------------------------------------------------------------------------------------------------------------------------------
- Close: Single smooth line using close prices
- Weighted (HL2): Single line using average of high and low prices
- High/Low Separate: Two lines—high fractals compared with basket highs, low fractals with basket lows
-------------------------------------------------------------------------------------------------------------------------------------------------------
Customizable Settings
-------------------------------------------------------------------------------------------------------------------------------------------------------
- Enable/disable individual currency pairs
- Adjustable pivot detection sensitivity
- Configurable colors for fractals, trendlines, and divergences
- Inversion option for analyzing quote currency strength
- Scale multiplier for optimal visual display
The indicator works on any timeframe and automatically mirrors all detected fractals and trendlines between your price chart and the basket panel for easy visual comparison.
.jpg)
