The "Currency Strength" Index is commonly used to select currency pairs with trading opportunities, but
Discretionary traders, when looking at actual charts, examine MACD conditions and moving average conditions to holistically assess entry opportunities, I think.

Today we introduce a handy indicator that allows you to monitor the state of the indicators you normally use across multiple currency pairs.

Best for monitoring multiple currencies, Technical Ranking

”Technical Rankingaggregates the technical information of the registered currency pairs by time frame and displays it on a single screen.

There are more than 40 technical indicators available! You can freely combine and display them.
They are color-coded for up and down, so the direction is understood at a glance.

You can sort by item, highlight specific currency pairs, so you can easily find the best currency pairs for trading.

The currency pairs to display and the timeframes displayed can be changed freely.
In addition, you can configure highly flexible parameters.

By using Technical Ranking to select the most favorable currency pair, and then adding refined trendline analysis and wave analyses to it, it becomes a game changer.

A high-win-rate trading can be expected.”　(Quoted from the sales page)

There are more than 40 usable technical indicators！ The list can be checked on the author's Peaky FX blog.

▼Technical Indicator Reference

What users say

Trading methods proposed using Technical Ranking

1) Look at the mid- and long-term state of RCI to buy on dips and sell on rallies

The trend-following method using three RCI lines is popular, but by looking at the long-term state of RCI you can know by the parameter values whether the trend is up or down. Once the direction is established, enter on the short-term pullback using the short-term RCI.

References on RCI methods are here

▲When displaying RCI9, 26, 52 on Technical Ranking, I found those where RCI9 is opposite to the mid- to long-term direction.
If the mid- to long-term is around ±80, you are in a strong trend direction.

In the figure above,AUDJPY1Hwas found to be negatively correlated, so let's actually check it.

▲ AUDJPY 1-hour chart. Looking at three RCI lines shows that there is a short-term pullback within an uptrend. You could enter a buy when RCI9 returns from -80; the right timing can be found from the Technical Ranking list.

2) Enter in the direction of the trend by looking at the Moving Average Perfect Order (GMMA) state

When the set of moving averages is in a Perfect Order (arranged in order of period), the score moves up and down. You can also adjust the periods and the number of moving averages.

▲Sorted by GMMA as a reference. On M15 USDJPY, EURUSD, EURJPY are in a bearish Perfect Order.

3) Check volatility and trend state with ATR and DMI

With ATR (Average True Range), you can know the volatility of the timeframe (the average range of price movement over the reference period).

Currency pairs with higher volatility yield more pips, so the profit comes faster.

Also, with DMI (ADX), generally when the level exceeds 25, the trend's momentum is strong and tends to continue.

By knowing volatility and overheating/overbought signals, you can identify trending currency pairs and timeframes

▲You can know volatility with ATR, and the magnitude of the trend with DMI (ADX). Sorting by DMI shows that M15 EURJPY, GBPJPY, and AUDJPY show strong downtrends.

▲Upon actually checking the GBPJPY 15-minute chart, the numbers for RCI and ADX are also checked.

A downtrend is developing, and it's a wait-for-a-pullback situation for selling on rallies. It might be good to time entries with the RCI 9-period pullback timing or another signaling indicator.

※The signaling indicators on the chart are usingW Joker_prospect.

As described above, by checking multiple states of the technical indicators you are used to, you can find charts that match your preferred conditions. As a result, you won't need to make wasted trades, and the quality of each trade should improve.

I hope this will be a reference for everyone's trading.

Written by Tera GogoJungle Marketing.