Hey there, fellow traders! If you’re looking to spice up your trading strategy, the Generic_Index indicator for MetaTrader 5 is a fantastic tool that lets you create currency indices. You can build an index using one of the eight major currencies, and it can include up to ten components. Let's dive in!
Key Features of the Generic_Index Indicator
This indicator comes packed with twenty-two input parameters that you can customize to fit your trading style. Here’s a quick rundown of what you can tweak:
- Index - Choose which currency index you want to create.
- Inverse - Want to flip the index chart? You can toggle this option (Yes/No).
- Instrument 1 - Set the first component of your index (defaults to EURUSD).
- Use instrument 1 - Decide if you want to include this component (Yes/No).
- Instrument 2 - The second component (defaults to USDJPY).
- Use instrument 2 - Include the second component? (Yes/No).
- Instrument 3 - The third component (defaults to GBPUSD).
- Use instrument 3 - Include it? (Yes/No).
- Instrument 4 - The fourth component (defaults to USDCHF).
- Use instrument 4 - Add this one? (Yes/No).
- Instrument 5 - The fifth component (defaults to USDCAD).
- Use instrument 5 - Want this one in your index? (Yes/No).
- Instrument 6 - The sixth component (defaults to NZDUSD).
- Use instrument 6 - Should we use it? (Yes/No).
- Instrument 7 - The seventh component (defaults to AUDUSD).
- Use instrument 7 - Include this one? (Yes/No).
- Instrument 8 - The eighth component (defaults to USDSEK).
- Use instrument 8 - Add it to your index? (Yes/No).
- Instrument 9 - The ninth component (defaults to USDRUB).
- Use instrument 9 - Use this component? (Yes/No).
- Instrument 10 - The tenth component (defaults to XAUUSD).
- Use instrument 10 - Want to include it? (Yes/No).
Visualizing Your Currency Index
To give you a better idea of how these indices look, check out the following examples:
Fig.1. Index USD
Fig.2. Index EUR
Fig.3. Index AUD
Fig.4. Index RUB
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