How can you easily identify the momentum of all the currency pairs or futures at one time? The RSI Meter for forex (or futures), as a group, can identify the overall momentum of the market using the RSI formula. In this example, all of the currencies have been inserted and the trader can tell at a glance what all the currencies are doing on the specified time frame.
RSI Meter for Forex
In these examples, one window is monitoring the momentum (using the RSI formula) for the 240 minute time frame and the other window is monitoring the momentum of the 60 minute time frame. This provides an overview of the momentum but also identifies any markets that are either overbought or oversold.
As you can see, the EURGBP is close to being oversold and earlier the USDCAD was oversold. The USDCAD did reverse on the 11th and made a high at 1.3297.
As shown in the 60 minute window above, most of the currencies this morning are heading down. (The Brexit vote results are expected later today with an expectation that the plan will be rejected.) Currently, the only forex pair that is going upwards is the USDCHF.
In other words, you can use the RSI Meter to identify direction for trades or to identify which markets are either overbought or oversold. Additionally, whenever the lines are close together with no directional bias, then you know to stay away from until the markets have direction.