Hey traders! Today, I'm diving into the SymbolX_Candle indicator for MetaTrader 5. This nifty tool calculates the index of a selected currency based on the USD index, giving you a more comprehensive view of market movements. What sets it apart? Unlike other indicators that rely on a single close price, SymbolX_Candle utilizes four prices: Open, High, Low, and Close (OHLC) for its calculations.
Here’s how it works:
- The EUR index is determined by the formula: (EUR / USD) * USDX;
- The CHF index is calculated as USDX / (USD / CHF).
The beauty of this indicator lies in its customizable settings:
- Instrument - Specify the name of the instrument for which you want the index calculated;
- Invert the graph - This option allows you to flip the indicator graph.
Just a heads-up! The index calculation utilizes six currency pairs: EURUSD, USDJPY, GBPUSD, USDCAD, USDSEK, and USDCHF. To ensure accurate data, you’ll need to load the historical data for these pairs, which might take a little time. So, when you first run the indicator or switch the chart timeframe, it will load the history before calculating and displaying the index for your chosen currency.
The SymbolX_Candle indicator is versatile and can be used on the charts of any currency pairs.
Fig 1. SymbolX_Candle index EUR
Fig. 2. SymbolX_Candle index AUD
Fig. 3. SymbolX_Candle index JPY
Fig. 4. SymbolX_Candle index RUB
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