Yesterday I was browsing through FXCodeBase.com and noticed some custom indicators for the Marketscope charts you may find useful. So I picked out 5 of the ones I found most interesting and you can find them highlighted below. FXCodeBase has 600+ custom indicators for Marketscope on theri website, so if you need some thing specific, it's worth doing a search on the website. All of these indicators can be added to the Marketscope charts inside the FX Trading Station II platform. The download link for each indicator is listed below. If you need any help importing the indicator into Marketscope, check out the imageI posted
here .
1. Display Trading History on Chart
The Marketscope chart will display current trade information and recent historical trade information directly onto the chart. However, the chart will not display all of your historical trading history. The solution is to use the trading history indicator. If you look at the screenshot below, I added the trading history indicator to the USOil chart and it displayed trading history from October 2010 through January 2011. Profitable trades are indicated by a green arrow, and losses are indicated by a red arrow. You can choose to have the trades connected from open to close by a line.
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2. Symbol Correlation
DailyFX releases a currency correlation report which shows how currency pairs move in relation to each other. Instead of waiting for the report to be released, you can use this indicator to quickly identify currency correlations between any currency pairs, and for any time period. In the example below, I have compared the GBP/JPY with the SPX500 which tracks the S&P500 stock index. This is an interesting correlation because the GBP/JPY and equities markets were highly correlated during height of the carry trade. The chart on the left shows the GBP/JPY & SPX500 correlation from 2008-2010, and you’ll notice the correlation was 0.895. A correlation of 1 indicates a strong positive correlation, meaning the two symbols move in tandem. In the next chart on the left, you’ll see the correlation has broken down to -0.207 from 2010 until 2011. A correlation of 0 indicates no apparent correlation, the movements are seemingly random to each other.
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3. Constant Range Bars
The constant range bar indicator allows you to create candlesticks based on a specific number of ticks. For example, you could create 100 tick candles. The candle will be based upon number of ticks rather than time. The below screenshot shows a constant range bar chart of 100 ticks on the left and a 5 minute candlestick chart on the right. Both charts cover the same time period. The difference is that the chart on the left creates a new candle after every 100 ticks, and the chart on the right create a new candle every 5 minutes. Notice also that the CRB chart has a blue number on the most recent candle. That number counts the number of ticks in the current candle. If have set the indicator to 100 ticks, then the candle will close once that blue number hits 100.
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4. Movers and Shakers
This indicator shows you which currency pairs or symbols have had the biggest percentage/pip movement for the specified time. For example, I just sit down at my computer and I want to know which symbols have had the biggest move over the past hour, day, week, or month. This indicator gives you that information. The below image is an example of what it looks like. I have sorted all of the information by percentage gain/loss for the day. On the left you have all of the symbols with a percentage gain for the day, and they are in order of largest percentage gain to smallest. On the right you have the symbols with a percentage loss for the day, and the symbols are organized by loss from smallest to largest. The indicator will only calculate the percentage gain/loss for the symbols displayed in the dealing rates window. From the screenshot, you’ll see that oil, gold and silver have the largest gains for today, up nearly 2%. The stock indices have the largest losses for the day at 1%+. And the currencies are in the middle.
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5. Gross P/L
The Gross P/L indicator will display the Gross P/L for all open positions in a window at the bottom of the chart. This way you can keep track of the profit/loss on all of your positions when viewing one specific chart. In the image below, I have 9 trades open on the demo. I can quickly tell that positions in 5 of the currency pairs traded are in a profit, and 4 of the currency pairs traded are in an overall loss.
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