IndexDollar
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This tool is designed to provide a customized visual metric that tracks the relationship between specific global currency pairs and a set of fixed baseline values. Instead of looking at any single currency in isolation, it calculates a consolidated "Index" value to help traders monitor broader market movements.
How the Logic Works
1. Establishing Baselines The script starts with four specific "anchor" prices for the British Pound (GBP), Euro (EUR), Swiss Franc (CHF), and Japanese Yen (JPY). These serve as the historical benchmarks against which current market prices are compared.
2. Real-Time Data Collection The tool constantly monitors the closing prices of four primary currency pairs:
- GBP/USD
- EUR/USD
- USD/CHF
- USD/JPY
3. The Calculation Process For every candle on the chart, the script performs a series of mathematical operations to determine the "Index" value:
- It calculates the difference between the current market price and the pre-set baseline for the Pound and Euro.
- It performs a proportional calculation for the Swiss Franc and Japanese Yen based on their respective market positions.
- All these differences are multiplied by a consistent factor (100,000) to standardize the units, ensuring that each currency contributes appropriately to the final total.
4. Visual Output The final result is aggregated into a single numerical value. This value is then plotted as a continuous line in a separate window at the bottom of your trading platform.
Summary for the User
Essentially, this script acts as a "composite thermometer" for these specific currencies. Rather than watching four different charts to see how they are performing relative to their starting points, you can watch this single line. A rising or falling line indicates the cumulative movement of these major pairs relative to the fixed benchmarks provided in the settings.
//+------------------------------------------------------------------+
//| IndexDollar.mq4 |
//| Copyright © 2005, Zmiuka Software Corp. |
//| |
//+------------------------------------------------------------------+
#property copyright "Copyright © 2005, Zmiuka Software Corp."
//----
#property indicator_separate_window
#property indicator_buffers 1
#property indicator_color1 DeepPink
//---- input parameters
extern double GBP0=1.9272;
extern double EUR0=1.3471;
extern double CHF0=1.1486;
extern double JPY0=103.78;
//---- buffers
double IndexBuffer[];
//+------------------------------------------------------------------+
//| Custom indicator initialization function |
//+------------------------------------------------------------------+
int init()
{
string short_name;
//---- indicator line
SetIndexStyle(0,DRAW_LINE);
SetIndexBuffer(0,IndexBuffer);
SetIndexEmptyValue(0,0);
ArrayInitialize(IndexBuffer,0);
//---- name for DataWindow and indicator subwindow label
short_name="Index =";
IndicatorShortName(short_name);
SetIndexDrawBegin(0,2);
}
//+------------------------------------------------------------------+
//| Custom indicator iteration function |
//+------------------------------------------------------------------+
int start()
{
int counted_bars=IndicatorCounted();
int limit, i;
double USD;
double Data1, Data2, Data3, Data4;
i=(3000-counted_bars)+1;
//----
while(i>=0)
{
Data1=iClose("GBPUSD",NULL,i);
Data2=iClose("EURUSD",NULL,i);
Data3=iClose("USDCHF",NULL,i);
Data4=iClose("USDJPY",NULL,i);
USD= (GBP0 - Data1) * 100000
+ ((EUR0 - Data2) * 100000)
+ ((Data3 - CHF0) * 100000/Data3)
+ ((Data4 - JPY0) * 100000/Data4);
IndexBuffer[i]=USD; Comment("IndexDollar");
i--;
}
//----
return(0);
}
//+------------------------------------------------------------------+
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