In a sense, when we trade currency pairs we are always trading two currencies at the same time, hoping two different things take place: perhaps one goes up while the other goes down, or more simply, one moves a lot while the other moves a little. It seems to me that it might be helpful to separately view - at a glance - how each of the two currencies in a pair have been doing over time.
To that end, I would like to propose an indicator consisting of a series of paired vertical lines beneath the chart. Each pair of lines would correspond with a candle or bar in the chart above, using the same TF. Each line in the pair of lines would represent an indexed value of the two currencies from the currency pair being viewed; the line on the left should be an indexed value of the base currency in the pair (e.g. EUR in EUR/USD), while the line on the right should be an indexed value of the quote currency.
I envision these two vertical lines rising from the same horizontal line, both lines touching one another, or very close. Additionally, each "Pair of Indexed Currencies" or "PIC" would rise from that same horizontal line. These pairs of lines could use a red line for a down move and a green line for an up move, with the height of each line corresponding to the size of the price move.
So there you have it! Nothing fancy, to be sure, though I've often wondered how each currency is effecting the move in particular currency pairs. Certainly, if I want to know bad enough, there are ways to find this information today. But I believe the convenience of a quick, automated, click-of-the-mouse glance at something like what I've described would make this part of a currency pair's story much more accessible.
Just my initial idea. In practice, it may need to be drastically changed. All opinions welcome...
To that end, I would like to propose an indicator consisting of a series of paired vertical lines beneath the chart. Each pair of lines would correspond with a candle or bar in the chart above, using the same TF. Each line in the pair of lines would represent an indexed value of the two currencies from the currency pair being viewed; the line on the left should be an indexed value of the base currency in the pair (e.g. EUR in EUR/USD), while the line on the right should be an indexed value of the quote currency.
I envision these two vertical lines rising from the same horizontal line, both lines touching one another, or very close. Additionally, each "Pair of Indexed Currencies" or "PIC" would rise from that same horizontal line. These pairs of lines could use a red line for a down move and a green line for an up move, with the height of each line corresponding to the size of the price move.
So there you have it! Nothing fancy, to be sure, though I've often wondered how each currency is effecting the move in particular currency pairs. Certainly, if I want to know bad enough, there are ways to find this information today. But I believe the convenience of a quick, automated, click-of-the-mouse glance at something like what I've described would make this part of a currency pair's story much more accessible.
Just my initial idea. In practice, it may need to be drastically changed. All opinions welcome...