MetaTrader5
Unlocking the iUSDx Multicurrency Indicator for MetaTrader 5
If you're trading in the Forex market, you know how crucial it is to monitor the performance of the US Dollar against other major currencies. That's where the iUSDx Multicurrency Indicator comes into play! This handy tool measures the US Dollar Index, which tracks the Dollar's value against a basket of currencies, including the Euro (EUR), Japanese Yen (JPY), British Pound (GBP), Canadian Dollar (CAD), Swiss Franc (CHF), and Swedish Krona (SEK).
The USDx Index was established back in March 1973, shortly after the end of the Bretton Woods system, with an initial value set at 100.000. Since then, it has seen highs in the mid-160s and lows of 70.698, which was recorded on March 16, 2008—the lowest point since its inception.
The composition of this "basket" has only changed once, when several European currencies were replaced by the Euro in 1999. The USDx is updated continuously whenever the Forex markets are open, which is from Sunday evening New York time (early Monday morning in Asia) right through to late Friday afternoon New York time.
The formula for calculating the USD Index is as follows:
USDx = 50.14348112 * EURUSD^(-0.576) * USDJPY^0.136 * GBPUSD^(-0.119) * USDCAD^0.091 * USDSEK^0.042 * USDCHF^0.036
Key Features of the iUSDx Multicurrency Indicator:
Utilizes the MCM Control Panel.
Operates in a real multicurrency mode, processing all ticks for each symbol without delays. This means that if a currency pair experiences multiple price changes within a second, all of them will be accounted for.
Offers full synchronization across currency pairs. If there's no historical data for a particular pair, the USD index value won’t be computed.
Fun fact: The indicator line is drawn whenever new bars appear across all currency pairs!
Provides complete control over data synchronization for each currency pair using the "Initialization" event of the MCM Control Panel. This feature saves time when recalculating indicator values, such as during historical data loading. Recalculation will only occur after the "Initialization" event.
Utilizes a simpler implementation than methods using OnTick() or OnTimer(), which helps eliminate delays.
Allows you to adjust the frequency of indicator recalculations on the fly. For instance, if you're working on an hourly chart, you don’t need to recalculate with every tick. You can set events in the MCM Control Panel (such as one minute, five minutes, or hourly). However, I recommend sticking with the "new tick" events due to the necessity of repeating historical data requests.
Installation Steps:
Download the "MCM Control Panel for Multicurrency Expert Advisors and Indicators and compile the files "iControl panel MCM.mq5" and "Spy Control panel MCM.mq5".
Ensure that the symbols in Market Watch are ordered as follows:
EURUSD,
USDJPY,
GBPUSD,
USDCAD,
USDSEK,
USDCHF.
The order of symbols in Market Watch is essential for correct Index calculation.
Unzip the iUSDx.zip file into the /MQL5 folder. Then, attach the iUSDx from /MQL5/Indicators/iUSDx/ to a chart, such as EURUSD M1.
Next, configure the events in the MCM Control Panel: Set the New tick event for all symbols as outlined here.
Also, add a New bar event for EURUSD M1 to ensure proper synchronization when a new bar appears on this timeframe.
And that's it! Enjoy trading with the iUSDx Indicator. If you encounter any bugs, feel free to send me a private message.
2010.12.24
