ForexCurrencyStrength

The "ForexCurrencyStrength" indicator is a powerful tool designed to analyze the relative strength of the eight major currencies in the Forex market: EUR, USD, GBP, JPY, CHF, CAD, AUD, and NZD.

🔍 What does this indicator do?
The ForexCurrencyStrength indicator calculates the strength of each currency based on price changes across a variety of major currency pairs. It analyzes logarithmic returns (Log Returns) from 28 Forex pairs to give a comprehensive view of the market strength of each individual currency.

⚙️ How does it work?
The indicator calculates the strength of each of the 8 currencies by analyzing the changes in relevant currency pairs.

The strength is calculated based on the cumulative price changes since a user-defined start date.

Each currency is plotted as a separate line on the chart for easy comparison and identification of trends.

📅 Custom Start Date
You can set a custom start date for the calculation, allowing you to begin analysis from an important event or any preferred date.

📈 Use Cases
Identify the strongest and weakest currencies at a glance.

Help in choosing optimal Forex pairs for long or short trades.

Ideal for trend-following and relative strength strategies in Forex trading.

🎨 Features
Clear line plots for each currency.

Color-coded for easy visual differentiation.

Real-time values displayed as labels directly on the chart.