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FXI - MultiTimeFrame

The FXI - MultiTimeFrame indicator displays the relative strength of each currency in a currency pair across multiple timeframes. In the above picture, the FXI - MultiTimeFrame indicator is showing the relative strength of the USD and JPY against all of the other major currencies across the 5 minute, 15 minute, 30 minute, 60 minute, and 4 hour timeframes. By looking at the strengths over such a broad spectrum of periods, you can really see whether a move in a pair is supported by the strength and weakness of each individual currency.  The FXI - SingeTimeFrame is the main driver of it's FXI - MultiTimeFrame cousin and is repeated 5 times in the FXI - MultiTimeFrame indicator. Click here to see all of the features of the _FXI - SingleTimeFrame indicator.

Use of the FXI - MultiTimeFrame Indicator

So one might ask, how could I use the FXI - MultiTimeFrame indicator? A totally fair question!  We use, and suggest you use, the FXI - MultiTimeFrame as a filter for your other indicators and trading systems.  In general, the _FXI - MultiTimeFrame can give you the 'big picture' so you can focus on looking for trades in the direction that agree with what the FXI - MultiTimeFrame is telling you across all of the timeframes. The above image is a good example of how one might use the FXI - MultiTimeFrame :
You can easily see that the EURJPY has been trading flat for about 2 days. It should be looking to break out of this trading range in the coming hours or days.  But which way?              

The longer timeframes on the FXI - MultiTimeFrame are indicating a down move in the EURJPY. The EUR is struggling much more than the JPY against the major currencies in the daily, 4-hour, and 1-hour timeframes. The 5 and 30 minute timeframes are showing a little EURJPY strength so watching them to see if they pull the higher timeframes in their direction is a good filter on going long or going short the EURJPY.  However, we would predict that any breakout of the trading range to the downside should be taken, but breakouts to the upside one should be very careful about taking.
This is but one way a trader could use the FXI - MultiTimeFrame indicator. There are many others and we look forward to sharing them with you and in hearing how you find the indicator useful.

If you are interested in trying the FXI - MultiTimeFrame indicator, please go to the Downloads page to get the setup package.