Configuring the Currency Array Indicator for MT5

The Currency Array indicator has been developed to measure and display quickly and easily, the speed at which currency pairs are rising and falling. Just like the Quantum Currency Matrix, the Quantum Currency Array indicator displays the complete array of 28 currency pairs derived from the 8 major currency pairs as featured in the Quantum Currency Strength Indicator:

  • US Dollar
  • Euro
  • British Pound
  • Swiss Franc
  • Japanese Yen
  • Canadian Dollar
  • Australian Dollar
  • New Zealand Dollar

In displaying all the pairs in an array this gives an instant view of the relative trend strength and displays this relationship in a visual and intuitive manner in three ways. Each one shows a different perspective and insight into the complex world of currency strength concepts.

Ranked list

First, the indicator displays 28 major currency pairs in a ranked list ordered by the strength of the trend. The currency pair with the greatest momentum and steepest uptrend appears at the top of the list while the one with the greatest momentum and steepest downtrend appears at the bottom. All the other pairs are then ranked accordingly, and color coded from red at the bottom, to yellow and into green at the top of the ranking table. Currency pairs in congestion appear in the middle of the table.

In the ranked list, alongside the ranks of currency pairs is a second column that provides signals as to whether a particular currency pair is approaching an overbought or an oversold state. These are then signaled in two ways. First a signal the currency pair is approaching such a state, and second when it has arrived in this condition. These are coded as follows:

  • (OB) – This signal appears as a dark shade of blue which means that the currency pair is APPROACHING an OVERBOUGHT state.
  • OB – This signal appears as a bright shade of blue which means that the currency pair is IN an OVERBOUGHT state.
  • (OS) – This signal appears as a dark shade of red which means that he currency pair is APPROACHING an OVERSOLD state.
  • OS – This signal appears as a bright shade of red which means that the currency pair is IN an OVERSOLD state.

Once any of these signals appears beside a currency pair, it signals the potential impending change in direction of the trend, which can then be considered further by analysis of the chart. For example, if the EURGBP is seen at the very top of the list and beside it is an OB signal, it means that although the uptrend is seemingly strong, the bullish strength driving it may be reaching an exhaustion point, starting to diminish with a possible change in direction in due course.

Currency Array

Secondly, it displays the same 28 major currency pairs as lines in a graph that diffuse out into the array and with varying magnitudes depending on the strength and inclination of each currency pair’s trend. This means the order in which they appear vertically follows the same ranking in the table alongside, but as a graphical display, instantly, visually and numerically revealing the actual steepness of each currency pair’s trend. As you would expect the currency pair with the fastest and steepest uptrend also has the steepest UPWARD line in the graph. Likewise, the fastest and steepest downtrend also has the steepest DOWNWARD line in the graph. Currency pairs with the least steepness in their trend (and in congestion) are found closest to the 0 level of the graph and appear horizontal.

You can also see each line in the array has one of 2 different line styles. Its style depends on the state of its corresponding currency pair as defined above.

  • Dashed – This means the currency pair is trending, but not close to an overbought or oversold condition.
  • Solid – This means the currency pair is at an overbought or oversold condition.

One of the most powerful features of the array when watching trends develop in real time is not only considering one pair, but how pairs move together ‘en masse.’ This can give you huge confidence when taking a position in the market, as you will see all the currency pairs for that complex “marching together” stretching higher or stretching lower and reflecting market sentiment for that currency and its associated pairs. This is immensely powerful, and will give you the confidence, not only to take a position, but then to hold it to maximize your profits from the trend.

Currency filter

The Currency Array indicator allows you to filter the currency pairs relevant to the currency you are trying to focus on. Just like the Quantum Currency Matrix indicator, a set of toggle buttons is provided beside the ranking table and arranged vertically:

  • USD is the red button which filters out and displays all currency pairs containing the US Dollar.
  • EUR is the orange button which filters out and displays all the currency pairs containing the Euro.
  • GBP is the yellow button which filters out and displays all the currency pairs containing the British Pound.
  • CHF is the green button which filters out and displays all the currency pairs containing the Swiss Franc.
  • JPY is the magenta button which filters out and displays all the currency pairs containing the Japanese Yen.
  • CAD is the purple button which filters out and displays all the currency pairs containing the Canadian Dollar.
  • AUD is the blue button which filters out and displays all the currency pairs containing the Australian Dollar.
  • NZD is the white button which filters out and displays all the currency pairs containing the New Zealand Dollar.

Click then once to filter, and then click again to remove the filter. When a certain currency filter is in effect, the relevant currency pairs in the table appear in square brackets as in [EURUSD]. Meanwhile, all relevant currency pairs in the array are the only ones displayed.

Divergence

And this leads on to the third aspect of the Currency Array indicator which is this – it will give you an instant heads-up to divergence across a currency complex, and the easiest example here is with the Japanese yen which is the counter currency for the major and cross pairs. On the array we should expect to see all the currency pairs on one side of the mid point or the other. After all, if the flow of sentiment for the Yen is universal, then we would expect to see all the currency pairs aligned accordingly, wither with selling or the yen or buying. If not, then we have some divergence, and the flow of sentiment is not universal. If you are trading a pair which is perhaps counter to broad sentiment, then this is a high risk proposition. The currency array will tell you this instantly and visually and across all the timeframes with a single click and on ONE chart. No need to try to scan 28 charts. It is all here for you.

Dynamic graded color coding

One of the coolest features we have introduced recently across all our indicators is the dynamic graded color coding; found in both the ranked list and the graph which makes interpreting intuitive and fast. You can probably see instantly just from the images how easy it is, but we will walk you through anyway.

The currency pairs appear as a color in the range of a green-yellow-red gradient (in that order). Simply put, the color of each currency pair varies depending on its value, in this case the steepness of the trend:

  1. Green shades – the steepness of the currency pair’s trend is positive and is well above the fulcrum of zero.
  2. Yellow shades – the steepness of the currency pair’s trend is relatively flat and around the fulcrum of 0. It can either be positive or negative but trails the numbers closest to 0.
  3. Red shades – the steepness of the currency pair’s trend is negative and is well below the fulcrum of zero.

The same color gradation applies to the array itself. It is important to note the yellow levels are not precisely in the middle of the list (rank 14 of 28). The gradation of color is dynamic and hence the transition of colors will depend entirely on the steepness of the trend of each currency pair as explained above. As with all our other indicators, this is dynamic and is constantly shifting in real time to reflect the ebb and flow of sentiment across the timeframes.

Getting Started

Here are some further details on the Currency Array indicator to help you get started:

  • Your Quantum Currency Array indicator can be applied to any chart for any currency pair. The chart does not influence or affect the appearance or performance of the indicator. For example you can apply the indicator to a EURUSD, a GBPUSD, or a USDCHF, or any other pair. The indicator will display in an identical way on each chart.
  • The indicator occupies its own indicator window in the chart. We recommend expanding the indicator vertically to get a complete view.
  • The indicator works in all MT5 timeframes.
  • When you first apply the indicator, please allow a few seconds for the data to build in history. You may need to switch timeframes once or twice before the indicator builds in realtime, once the history has been created. This should only occur on the first installation.
  • PLEASE NOTE: many FX brokers deliver their MT5 platforms with unique currency pair notations, which vary from the standard notation as in EURUSD, USDJPY and NZDUSD. These unique currency notations can be anything from a full stop, to colon, or letters and numbers and can be either before the symbol (which we call a “prefix”) or after the currency notation (which we call a “suffix”). In either case the prefix or suffix will need to be added when configuring the indicator, otherwise it will not work. This is explained further later in the guide.

By itself, the Quantum Currency Array indicator is a powerful trading tool for identifying trading opportunities, quickly, easily, and on ONE chart. However, it was developed as part of what we like to call the Quantum Currency Dashboard which consists of the following indicators:

  1. Quantum Currency Strength Indicator (CSI)
  2. Quantum Currency Matrix
  3. Quantum Currency Array
  4. Quantum Currency Heatmap

These four indicators then provide a unique and compact insight into all the various aspects of strength and weakness for both currencies and currency pairs, from trend and momentum to overbought and oversold. What is unique is that using four charts, you are then able to monitor the myriad combinations of strength, weakness, momentum, congestion and divergence across the entire forex complex at a click of a button. And even more powerfully, giving you the confidence to get in and stay in for maximum profits. No more missed opportunities, no more struggling with multiple charts, and no more trader regret, whatever your trading style or approach.

Applying the Indicator

Open your MT5 platform and in the main menu, select View > Navigator to open the Navigator window which appears at the left hand side of your workspace.

In the Navigator window, expand the Indicators tree by clicking the “+” symbol. Find the Quantum tree and expand it by clicking the “+” once again to reveal the full list of Quantum Trading indicators.

To start using the indicator, you can click and drag QuantumCurrencyArray from the Navigator to a chart or you can also double-click QuantumCurrencyArray (which will then be applied to the currently selected chart). Doing either one of these will display the Custom Indicator window where you can configure all the various user settings for your Quantum Currency Array. These options are grouped and can be accessed by selecting the tabs which will be discussed further in the following sections. Once you are done customizing the indicator’s options, click OK to run the indicator.

Common tab

You can find here basic information about the indicator like its name, description, and version number.

Inputs tab

You can configure the indicator by changing its variables listed in this tab. We will discuss further each configurable input of the Quantum Currency Array below.

Colors tab

The Quantum Currency Array uses drawing objects instead of plot lines so this tab is empty.

Levels tab

The Quantum Currency Array does not use levels so this tab is also empty.

Scale tab

This tab contains options to change the scale of how the indicator is displayed in the chart. We do not recommend changing any of the values here and it is best to just leave it as it is.

Visualization tab

The indicator’s visibility can be toggled on or off in different contexts with the options in this tab.

 

Dependencies tab

Please make sure that the “Allow DLL imports…” option is checked/ticked before running the indicator. This is required by all Quantum indicators to properly communicate with its accompanying DLL file. Alternatively, you can set this option globally by selecting in the main menu, Tools > Options > Expert Advisors tab and checking/ticking the “Allow DLL imports” option.

Configuring the Indicator

Let’s go back to the Inputs tab and explore the ways on how to customize the settings of your Quantum Currency Array indicator.

Account Email

When running the Quantum Currency Array for the first time in your trading account, you need to enter the email you used to register in the Quantum Trading Indicators Enablement System – http://enable.quantumtrading.com/ as part of its verification process. You only need to do this once as the email is stored in the terminal’s global variable cache after it is entered initially. Please make sure that you enter your email correctly and exactly without any extra spaces before and after it. If you made an error, simply fill this field again to update it.

Look Back

This is the number of bars that the indicator processes during the calculation up to the most current bar. The Quantum Currency Array indicator requires a significant amount of processing power compared to most indicators, and this is the recommended setting. The higher the setting then the more processing power is required and we suggest it remains at 80, although you can change this if you wish.

RSI Period

This setting controls the period of the indicator’s internal RSI which determines whether a currency pair is overbought or oversold.

Line Thickness

This refers to the thickness of the solid lines (of the currencies that are in the OB/OS overbought and oversold state) found at the array. Please note that this input does not affect the dashed lines, only solid ones.

Button Size

You can change the size of the toggle buttons and the table by changing this setting. This is especially useful for screens with very low or very high resolutions. Its default value is 1 but you can enter negative values to decrease their size further.

Font Size

You can change the size of the text by changing this setting. Its default value is 8 (it can only hold positive values).

Show Array Labels

The indicator shows labels in the top, middle and bottom parts of the array which are MOST UPTRENDING, HORIZONTAL, and MOST DOWNTRENDING respectively. They are visible (true) by default but they turn hidden if this setting is changed to false.

Use Classic Colors

Instead of using a Green-Red gradient, the indicator switches to a dual color scheme when this setting is true. When using classic colors, all currency pairs with a trend rating above 0 are blue and those below it are red. This is set to false by default.

USD Button Color

This setting defines the color of the USD button. Its default color is Red.

EUR Button Color

This setting defines the color of the EUR button. Its default color is Orange.

GBP Button Color

This setting defines the color of the GBP button. Its default color is Yellow.

CHF Button Color

This setting defines the color of the CHF button. Its default color is Green.

AUD Button Color

This setting defines the color of the AUD button. Its default color is Blue.

CAD Button Color

This setting defines the color of the CAD button. Its default color is Purple.

JPY Button Color

This setting defines the color of the JPY button. Its default color is Magenta.

NZD Button Color

This setting defines the color of the NZD button. Its default color is WhiteSmoke.

USD Button Text Color

You can change USD’s button text color from the default White to any color you like.

EUR Button Text Color

You can change EUR’s button text color from the default White to any color you like.

GBP Button Text Color

You can change GBP’s button text color from the default Black to any color you like.

CHF Button Text Color

You can change CHF’s button text color from the default White to any color you like.

AUD Button Text Color

You can change AUD’s button text color from the default White to any color you like.

CAD Button Text Color

You can change CAD’s button text color from the default White to any color you like.

JPY Button Text Color

You can change JPY’s button text color from the default White to any color you like.

NZD Button Text Color

You can change NZD’s button text color from the default Black to any color you like.

Array Start Bar

The bar where the array starts is defined by this setting which is at the 20th bar by default.

Array End Bar

The bar where the array ends is defined by this setting which is at the 10th bar by default. Please make sure to account for the space occupied by the labels when adjusting its value.

Bookmarked Currency Pairs

This is a new feature we added to the Currency Array which helps you keep track of currency pairs you’re interested in wherever they are in the list. To bookmark a currency pair, simply enter its symbol (without any prefix or suffix) in this field like so:

eurusd

You can bookmark multiple currency pairs at the same time by adding a space between them. For example, if you like to bookmark EURUSD, AUDCHF and USDJPY, simply enter the following value in this field:

eurusd audchf usdjpy

All bookmarked currency pairs are given a different color so you can see them easily in the constantly changing list. They are also not affected by the currency filters.

Bookmarked Currency Pair Color

The indicator gives you the option to change the cell color of the bookmarked currency pair(s). It is set to DarkViolet by default but you can choose any color available in MT5.

Bookmarked Currency Pair Text Color

The indicator also gives you the option to change the text color of the bookmarked currency pair(s). It is set to Yellow by default but you can choose any color available in MT5. Just make sure to pick something in contrast with its cell color.

Currency Prefix

This is the variable field that you will need to update, if your FX broker delivers your currency pairs with a prefix. As an example this might be a.EUR/USD, in which case you would need to enter the value a. in the Currency Prefix field. If your currency pairs are delivered with a prefix, then you MUST enter this in this field, otherwise your indicator will not work. 

Currency Suffix

This is the variable field that you will need to update, if your FX broker delivers your currency pairs with a suffix. As an example this might be EUR/USDm, in which case you would need to enter the value m in the currencySuffix field. If your currency pairs are delivered with a suffix, then you MUST enter this in this field, otherwise your indicator will not work. 

Making Adjustments to the User Interface

Currency Buttons

The currency buttons are the colored buttons located at the right side of the list of currency pairs. This is used to filter out the currency pairs that contain the selected currency. Only one currency can be selected at any time.

A currency is selected if its button is pressed. This filters out all the currency pairs containing the selected currency. In the list, currency pairs matched by the filter are colored while the rest are gray (except for bookmarked currency pairs). In the array, only the currency pairs matched by the filter are visible while the others are hidden.

This way, you can easily focus on a currency conveniently. Also, your toggled buttons are saved so you can be sure that the same buttons are pressed when you reopen your MT5 terminal.

Expanding the Indicator’s Screen Size

To expand the indicator to full size so that it fills the chart, these are the steps to follow:

  • Hover your mouse pointer over the double horizontal lines marked with the red arrows above
  • A small icon of two parallel lines with the words ‘click drag a border of the window’
  • HOLD down the left click on your mouse, and drag these lines to the top of your chart, and release when done
  • Hover your mouse over the right hand edge of the chart until a double headed arrow appears
  • HOLD down the left click on your mouse, and drag the right hand edge of the chart across to the left and release when done
  • Left click on the chart to make it the active window
  • Left click on the zoom icon below, to expand your Currency Array indicator to full size. The zoom function is shown below and is found in the standard toolbar below the top level navigation.

Removing the Indicator from the Chart

Open the chart’s Indicator List window by pressing Ctrl+I. You can also right-click the chart and select Indicator List from the context menu.

Select QuantumCurrencyArray and click the Delete button then click the Close button.