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Hello

Just wondering if it is possible to build a custom indicator for MT4, using values from other common indicators from all currency pairs in the system? This will give me a more complex view of the strength of each currency. Or does a custom indicator only pull values from one currency pair?

You could but complexity increases and there are lots of room for errors. This is why we limited the indicator builder to always use the current symbol. You can change this if you type the pair in the equations

Hey AlGer, there are a boatload of "basket" indicators floating around the web for free.

Another option would be to build a multipair EA in SB and set it to alert based on your conditions/indi's. With the second option, you run the risk of seeing "- internal stack overflow-simplify the program, please..." at generation. 26 pairs are too many. What the limit is exactly, I can't say.

RJO
Thanks for the info. I think my first option would be to check out the "basket" indicators. If somebody has already built one, why re-invent the wheel..... However I have specific indicators that I use to determine a currencies "current strength", and I have plotted this manually about 18 months ago and it is extremely accurate. The problem I ran into back then was when I got around to trading the "change in strength", the price move was already mostly over

That is why this time I want to automate this indicator so I can see it and trade it at the beginning of the indication change -- this is mostly done by checking one or two lower time frames. Currencies (not pairs), do change popularity with traders around the world, although the reasons for such are mostly unknown except to professionals connected at the highest levels of banking.

Molanis,
But I do have the option of building my own. If that takes a couple weeks, so be it. I now have my work cut out for me.

Note: Currency Trading is very deceptive. What seems very obvious or seems to work well in checking price behaviours in the past usually does not equate with how prices react in live trading.

Whether you mean build a single indi or an EA when you say automate, it might be worth Googling CC.mq4 and CCFp.mq4 (together). If I remember correctly, the inputs colors are blacked out however the indi buffers are well defined for import into SB. Be aware of lengthy loading time due to high CPU usage. They are customizable MA's of 8 major currencies--as opposed to individual pairs.

The cluster indicator you referred to is the idea I was getting at although I would only display two lines for each pair instead of all 8 lines as in the example of CC and CCFp updated on MQL4 code base site. The 8 lines are hard to read and also confusing if you don't know how they were generated.

I think I would be better off building my own since I already know what works for me. To answer your question: no, I meant indicator when I said automated. I was referring to letting the computer analyise and plot values instead of me doing it all manually -- Who has that kind of time?? Wow, it took up 2 hours daily, and by the time i had it plotted manually, I missed the price move!!!

Then after the indicator I will generate an EA to alert me in potential ideal conditions for entry. But if I did that, that would cut out all the fun of me reading my own indicator for various pairs.

As of now I do a quicker manual version and enter trades manually and that seems to be working at the moment.