This indicator calculates current price relative to previous 250 bars. I created this indicator to see the relative price change of 2 correlated pair e.g. EURUSD & GBPUSD. It helps in determining which pair (among the correlated one) is having more momentum.
The difference buffer (histogram) gives the relative difference between the 2 pairs. There's a optional 3rd symbol also.
Basically, I use it to see the relative momentum difference
between the 2 correlated pairs. The one with higher momentum will come back and the one with lower momentum will go up to maintain the correlation. The pairs I use are EURUSD & GBPUSD and AUDUSD & NZDUSD.
To download this indicator hit [here]. Below are some screen shot of the indicator.
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