The Euro Currency Index, or EURX as we refer to it, quantifies and displays strength and weakness of the single currency. As the index rises it suggests strength in the single currency against a basket of currencies. As the index falls this signals weakness in the euro.The Quantum EURX is calculated from a basket of four currencies with each currency having an equal weighting of 25%.
- US Dollar
- Japanese Yen
- British Pound
- Australian Dollar
The indicator can be used in one of three ways:
- First, to identify and confirm strength and weakness in major and cross currency euro pairs, helping you get in, stay in and get out
- Second, as a confirming indicator for the Quantum Currency Strength indicator, providing a perspective against other currencies
- Finally to provide a relevant and consolidated view of the euro
The indicator plots strength and weakness of the euro as a candlestick chart in a separate indicator window when you attach it to the chart. In addition, there are two configurable simple moving averages to make chart reading easier.
Whether the single currency survives in the longer term, is one for debate. In the meantime, having a quick and easy way to view the euro and its performance against other currencies is key. The Quantum EURX indicator does just that -removing the hard work and presenting a chart which is simple and easy to read, and which provides and instant view of the euro and whether it is rising or falling, second by second and minute by minute. When used in tandem with the Quantum Currency Strength Indicator it is the closest you can come to having your own euro crystal ball!
Applying the Indicator
Open your MT4 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 section 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 QuantumEURX from the Navigator to a chart or you can also double-click QuantumEURX (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 indicator. These options are grouped and can be accessed by selecting the tabs. Once you are done customizing the indicator’s options, click OK to run the indicator.
How to access standalone chart through Offline Charts
Immediately after applying the indicator to a chart, it displays the EURX in line chart mode and a box containing instructions to display the index in a standalone chart window.
Proceed by going to the main menu then select File > Open Offline which will display the Offline Charts window.
Scroll down the list to find the name of the Offline Chart generated by the indicator. Select it then click Open.
A new chart window will open where you can run other indicators to analyze the index as a candlestick chart. Please remember that you need to KEEP the host chart (the chart where the indicator is running) OPEN to continue updating its paired standalone chart. Though the feature is called “Offline Chart”, it will tick and update alongside its host chart. Any changes to the indicator setting or chart settings (like timeframe) in the host chart will reflect to the index displayed in the standalone chart.
Configuring the Indicator
Let’s focus on the Inputs tab and explore the different options available to configure the EURX indicator:
Account Email
When running the Quantum EURX for the first time in your trading account, you need to enter the email you used to purchase the indicator 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.
Line Chart Price Type
When the indicator is set to Line Chart Mode, you can change the price type it uses to plot its line chart using this setting. You can choose one of the following price types: Open, High, Low, and Close which is the default setting.
Font Size
Sets the size of the text in the instructions box displayed at the top of the indicator.
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.EURUSD, 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 EURUSDm, 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.
Offline Chart ID
This value serves as a suffix to the name of the Offline Chart the indicator generates. You need to change this value only if you are running more than 1 instance of the indicator in any given workspace.
Making Adjustments to the User Interface
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 Quantum EURX 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 QuantumEURX and click the Delete button then click the Close button.
