An introduction to the currency array indicator for Tradestation Securities
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An introduction to the currency array indicator for Tradestation Securities. Imagine what it would be like if you could monitor the performance of all twenty-eight currency pairs on one indicator? To see instantly which pairs are trending, but not only trending but how strongly and the associated momentum. To see pairs that are in congestion, and which in a currency complex are diverging from the sentiment for that particular currency.
Well now you can with the Quantum Currency Array indicator, which delivers all this and more and is a powerful and elegant solution to a complex problem. Now with a single indicator you can see which currency pairs are trending strongly, the momentum of this trend, as well as see those pairs which are in congestion, and those pairs potentially approaching an overbought or oversold state.
Each pair is displayed as a single line, with the gradient describing the momentum of the trend. In other words the strength of the move. The steeper the angle, the stronger the trend either higher or lower. Universal strength or weakness is then signalled by all the respective pairs moving en masse together, with the simplest example here being the Japanese yen.
To help further, the indicator also signals those currency pairs approaching an overbought or oversold condition in the ranking table in all timeframes, and of course with the MT5 platform, this means for both standard and custom timeframes. These signals appear as either dark blue or dark red in brackets, OB for overbought and OS for oversold as these regions are approached, which then move to bright blue and bright red once confirmed.
And from the hugely successful MT4 version of the indicator, we have added several new and exciting features for the MT5 indicator. First you can resize the indicator instantly to fit into your trading workspace and match your screen resolution, giving you compete control.
Next comes the bookmark feature which, as the name suggests, gives you the option to bookmark a currency of interest so you can identify it quickly and easily in the ranking ladder on the array. This means you can instantly see the direction of the pair you are trading, and across all the various timeframes.
Finally the indicator can be displayed in the original colours of blue and red, or to the more recent graduated colour scheme which displays the changing sentiment from green, through yellow and orange to red.
And when the Quantum currency array indicator is paired with others such as the currency matrix and currency strength indicators, the you then have the perfect combination which spans the currency market from the individual currency, to the complex, and finally to the momentum within the complex, with the ranking ladder of overbought and oversold signals then completing the picture.