Currency Compare Oscillator Indicator
Currency compare oscillator is a very simple Indicator that show how much a currency gained or lost (gain and loss in %) during a specific number of periods (10 by default). For each currency, the indicator calculate the average gain/loss in % by referring to all the crosses of that currency, so make sure your broker provide the complete crosses list for each currency, also this indicator is lagging if you use it in shorter time frames, please limit it's usage to daily time frame and try to load all crosses charts mainly before using it to avoid CPU lagging.
The idea behind this indicator is simple, a currency which tend to lose or gain too much in short period, will eventually reverse direction soon.
For the last 10 days, AUD gained 2.7% across the board, probably the currency will stop or lose ground after reaching that level just like what happened in the past.
Another benefit of this indicator is help you choose the right currency pair: Using long term period view you only make sure to buy the best performer and sell the less performer:
Using 150 periods to compare you can see that GBP is above zero line (GBP is good performer in long term) and AUD is below zero line (AUD is weak in long term), the idea here is to keep with the trend (Buy GBP and sell AUD) unless there is a big fundamental shift (BOE/RBA Monetary policy decision, Geopolitical event, Economic crash...).
http://www.mediafire.com/download/v0cs9k7d68mfh5f/Forex_Simple_And_Easy_CurrencyCompareOsc.zip
