A good fellow from a group in the old days, made different sheets we could use to quickly calculate things like daily pip travel and general trend direction. This Forex currencies sheet tool gets data from a data feed transmitter built into MT4 trading platforms. If you own the 2.44 chart already, you simply launch it and read the graphs.
The Menus On The Sheet Explained.
the Action Menu says which currency pairs are at extremes with the number of red arrows representing which pairs are down and green for going up. It is showing which pairs are moving up or down with force. It points out what pairs to take a look at.
The Pip travel guide lets me know when certain pairs are most likely exhausted by measuring how many pips a certain currency has moved since the broker began the new day. Price is usually adjusted at 5 PM NY Time. We can see it happen on the charting strength programs. You must figure it out on your own for your time zone.
Strength String and bar strength meter is a tick by tick strength meter. Since it measures up to 26 pairs and does not track or graph outside of the moment. It can’t replace a currency strength chart. It is terrific for zeroing in on the individuals moving at that moment.
Pair comparison bars show how each Individual stacks up bar-wise to another currency. There are three boxes of pairs on the sheet.
It is a tool using currency strength and pair measurements.
As soon as the sheet launches it will ask you to enable content. Do that and soon the numbers and boxes begin to fill up. Should you encounter a problem and weird symbols result you are not using the MT4 version I have linked for you. Also, should the numbers not change at all, then you have not enabled the update on the spreadsheet. You must allow the sheet and MT4 to communicate with each other.
Keep in mind this is a tool. not a trading system or methodology.
It will show you how the various individuals are measuring up against each other in real time.