This innovative indicator creates a scatter-graph of multiple instruments, using common oscillator values (such as RSI, CCI, SSD, etc.) for their �X� (horizontal) and �Y� (vertical) coordinates.
The result is a constellation of points, which allows all the instruments to be viewed and compared together on a single chart, in a visually appealing and informative way. It allows the user to quickly assess which instruments are over-bought / over-sold, etc. without having to open multiple charts.
Typically, different indicators would be specified for X and Y axes. For example, RSI on X-axis, and ROC on Y-axis; in this case the X-axis is the strength, and the Y-axis is the rate of change of price. Using the same indicator on X and Y axes isn�t typically very useful unless different parameters are used, e.g. SSD(20, 3, 3) on X-axis and SSD(5, 3, 3) on Y-axis.
The indicator is also able to plot a small amount of historical data (e.g. last 10 data points, which appears as a �tail� for each instrument). See Figure 1.
The indicator can display all instruments, specific subsets (such as all forex majors, all JPY crosses, etc.) or any custom group.
Standard reference lines can be specified for the X and Y axes. For example, the normal 80/20 lines for SSD, etc.
This indicator is now available on the
store.
