Configuring the EURX Indicator for MT5

The Euro Currency Index, or EURX as we like to call 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 (USD) – 25%
  • Japanese Yen (JPY) – 25%
  • British Pound (GBP) – 25%
  • Australian Dollar (AUD) – 25%

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, you can also apply the native standard moving averages found in the Navigator and set these to your prefered period.

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 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 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 Quantum EURX. 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

Here you will find the  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 explain these in more detail shortly and for each configurable input of the Quantum EURX below.

Colors tab

All the plots of the Quantum EURX can be configured in this tab. It contains 1 candlestick plot and 1 line plot which you can both customize the appearance for each.

The first plot is the CandlestickChart which uses 3 colors: (1) whitesmoke for the wick, (2) dodgerblue for the bullish candle body and (3) red for the bearish candle body. To change the color, double-click any of the three color boxes transforming the field to a drop down menu which you can click again to select a new color. Width and style cannot be customized in candlestick plots.

The second plot is the LineChart. Please note that this plot is only visible when Line Chart Mode is on. This is set to chartreuse by default but you can change this by double-clicking its color box. The field will transform to a drop down menu which you can click again to select a new color. You can also customize the line’s width and style

Levels tab

This indicator does not use any Levels so this tab is 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 suggest you leave it as shown here.

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 EURX.

Account Email

When running the Quantum EURX 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 – 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 setting defines the number of bars the indicator processes and this is also the number of bars it displays on the chart. It is set to 200 by default.

Line Chart Mode

The Quantum EURX indicator uses a candlestick plot by default but if this field is set to true, it will use a line plot to display the index.

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.

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.

Applying a Moving Average Indicator Over Quantum EURX

You can add the native Moving Average indicator over your Quantum EURX. This is especially useful if you intend to look for MA crossovers. Here’s how:

  1. Add your Quantum EURX to your chart.
  2. Go to your Navigator and find the Moving Average indicator under Indicators > Trend tree.
  3. Click Moving Average and drag it over your Quantum EURX chart. A new window appears.
  4. In the Parameters tab, select Previous Indicator’s Data in the Apply to field.
  5. Once you make adjustments to its other parameters, click OK.
  6. If the Moving Average is not displaying correctly, simply change the timeframe back and forth to update the chart.

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.