The Currency Index indicator computes an “index” using an un-weighted geometric mean of several currency pairs. This is similar to the US Dollar Index (USDX) and FXCM’s USDOLLAR. However, it does this, not just for the USD, but for 7 other currencies too. That’s 8 major currencies in total: USD, EUR, GBP, CHF, JPY, AUD, CAD and NZD.
The “index” is computed for one currency at a time, which requires 7 currency pairs. For example, to compute the “USD index” it uses EUR/USD, GBP/USD, USD/CHF, USD/JPY, AUD/USD, USD/CAD and NZD/USD.
The “index” is normalized so that it has a nominal value of 10000 on 1/1/2011; this is similar to FXCM’s USDOLLAR.
The resulting “index” can be treated as a synthetic instrument (although only close prices are available, there is no high or low). You can perform the majority of standard technical analysis techniques with it, including drawing trend lines, marking support / resistance, etc. as well as using technical indicators such as moving averages, RSI, Bollinger Bands and many others.
The following parameters are available in this app:
The application displayed on this page does not take in to consideration your individual personal circumstances and trading objectives. Therefore it should not be considered as a personal recommendation or investment advice. Past performance is not indicative of future results. There is no guarantee that the systems, trading techniques, trading methods, and/or indicators will result in profits or not result in losses.
This indicator is only compatible with FXCM’s Trading Station Desktop. Additionally, an FXCM account is required (including free FXCM demo accounts). Note, when using a demo account, the “Lite” or “Lite+” modes of the indicator might be required, due to the limit on the number of currency pairs which can be subscribed.
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