[RS]Multiple Majors Currency Basket Power Oscillator V1 — Indicator by RicardoSantos

power oscillator majors basket correlation

Power oscillator to discern what currency's are stronger/weaker.
added option to use a smoothed source(close) for pooling the change, giving longer term directional bias, note that this causes lag in the results as MA's turn slower than price.

Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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//@version=2
study(title='[RS]Multiple Majors Currency Basket Power Oscillator V1', shorttitle='P', overlay=false)
USE_TF = input(title='Use Alternative Timeframe?', type=bool, defval=false)
tf = input(title='Alternative Timeframe:', type=string, defval='D', confirm=false)
smooth = input(title='Result Smoothing:', type=integer, defval=1)

src = ema(close, smooth)
eurusd = security('EURUSD', USE_TF ? tf : period, change(src) > 0 ? 1 : change(src) < 0 ? -1 : 0)
eurgbp = security('EURGBP', USE_TF ? tf : period, change(src) > 0 ? 1 : change(src) < 0 ? -1 : 0)
eurjpy = security('EURJPY', USE_TF ? tf : period, change(src) > 0 ? 1 : change(src) < 0 ? -1 : 0)
euraud = security('EURAUD', USE_TF ? tf : period, change(src) > 0 ? 1 : change(src) < 0 ? -1 : 0)
eurcad = security('EURCAD', USE_TF ? tf : period, change(src) > 0 ? 1 : change(src) < 0 ? -1 : 0)
eurchf = security('EURCHF', USE_TF ? tf : period, change(src) > 0 ? 1 : change(src) < 0 ? -1 : 0)

usdeur = 0 - eurusd
usdgbp = security('1/GBPUSD', USE_TF ? tf : period, change(src) > 0 ? 1 : change(src) < 0 ? -1 : 0)
usdjpy = security('USDJPY', USE_TF ? tf : period, change(src) > 0 ? 1 : change(src) < 0 ? -1 : 0)
usdaud = security('1/AUDUSD', USE_TF ? tf : period, change(src) > 0 ? 1 : change(src) < 0 ? -1 : 0)
usdcad = security('USDCAD', USE_TF ? tf : period, change(src) > 0 ? 1 : change(src) < 0 ? -1 : 0)
usdchf = security('USDCHF', USE_TF ? tf : period, change(src) > 0 ? 1 : change(src) < 0 ? -1 : 0)

gbpeur = 0 - eurgbp
gbpusd = 0 - usdgbp
gbpjpy = security('GBPJPY', USE_TF ? tf : period, change(src) > 0 ? 1 : change(src) < 0 ? -1 : 0)
gbpaud = security('GBPAUD', USE_TF ? tf : period, change(src) > 0 ? 1 : change(src) < 0 ? -1 : 0)
gbpcad = security('GBPCAD', USE_TF ? tf : period, change(src) > 0 ? 1 : change(src) < 0 ? -1 : 0)
gbpchf = security('GBPCHF', USE_TF ? tf : period, change(src) > 0 ? 1 : change(src) < 0 ? -1 : 0)

jpyeur = 0 - eurjpy
jpyusd = 0 - usdjpy
jpygbp = 0 - gbpjpy
jpyaud = security('1/AUDJPY', USE_TF ? tf : period, change(src) > 0 ? 1 : change(src) < 0 ? -1 : 0)
jpycad = security('1/CADJPY', USE_TF ? tf : period, change(src) > 0 ? 1 : change(src) < 0 ? -1 : 0)
jpychf = security('1/CHFJPY', USE_TF ? tf : period, change(src) > 0 ? 1 : change(src) < 0 ? -1 : 0)

audeur = 0 - euraud
audusd = 0 - usdaud
audgbp = 0 - gbpaud
audjpy = 0 - jpyaud
audcad = security('AUDCAD', USE_TF ? tf : period, change(src) > 0 ? 1 : change(src) < 0 ? -1 : 0)
audchf = security('AUDCHF', USE_TF ? tf : period, change(src) > 0 ? 1 : change(src) < 0 ? -1 : 0)

cadeur = 0 - eurcad
cadusd = 0 - usdcad
cadgbp = 0 - gbpcad
cadjpy = 0 - jpycad
cadaud = 0 - audcad
cadchf = security('CADCHF', USE_TF ? tf : period, change(src) > 0 ? 1 : change(src) < 0 ? -1 : 0)

chfeur = 0 - eurchf
chfusd = 0 - usdchf
chfgbp = 0 - gbpchf
chfjpy = 0 - jpychf
chfaud = 0 - audchf
chfcad = 0 - cadchf

eur_power = eurusd + eurgbp + eurjpy + euraud + eurcad + eurchf
usd_power = usdeur + usdgbp + usdjpy + usdaud + usdcad + usdchf
gbp_power = gbpeur + gbpusd + gbpjpy + gbpaud + gbpcad + gbpchf
jpy_power = jpyeur + jpyusd + jpygbp + jpyaud + jpycad + jpychf
aud_power = audeur + audusd + audgbp + audjpy + audcad + audchf
cad_power = cadeur + cadusd + cadgbp + cadjpy + cadaud + cadchf
chf_power = chfeur + chfusd + chfgbp + chfjpy + chfaud + chfcad

plot(title='EUR', series=eur_power, color=color(black, 0), linewidth=0)
plot(title='USD', series=usd_power, color=color(maroon, 0), linewidth=0)
plot(title='GBP', series=gbp_power, color=color(navy, 0), linewidth=0)
plot(title='JPY', series=jpy_power, color=color(blue, 0), linewidth=0)
plot(title='AUD', series=aud_power, color=color(teal, 0), linewidth=0)
plot(title='CAD', series=cad_power, color=color(yellow, 0), linewidth=0)
plot(title='CHF', series=chf_power, color=color(red, 0), linewidth=0)