Add the US dollar index to your MT4 platform with the USDX from Quantum Trading
An introduction to the USDX indicator for Ninjatrader
The Quantum USDX indicator has been created to provide a more “balanced” view of the US Dollar, more representative if you like of the world today. The index is based on a basket of four currencies which are equally weighted, in the same way as for the yen and euro indicator. The basket of currencies is as follows with each equally weighted at 25%:
- British Pound
- Japanese Yen
- Australian Dollar
The USDX indicator displays strength and weakness in the US Dollar against this basket of currencies. It can be applied to any chart in any timeframe, and will give you an instant view of the US Dollar. Alternatively, you can create a separate workspace with multiple timeframes providing a broader view of the US dollar. Even if you are not a forex trader, having a chart for the currency of first reserve is essential, as it provides an alternative view of price action in related markets such as gold, oil, and agricultural commodities.
The USDX for NinjaTrader in action
In this short video we show you how to apply the USDX indictor to the NinjaTrader chart, and how to change the user inputs on the indicator to suit your own personal style. In this example we apply the index to the gold chart, with the USDX index below which then provides that all important perspective on the commodity, index or currency pair from a dollar perspective.