Power oscillator to discern what currency's are stronger/weaker.
added option to use a smoothed source(close) for pooling the change, giving longer term directional bias, note that this causes lag in the results as MA's turn slower than price.
The Power Law Correlation Indicator is an attempt to chart when a stock/currency/futures contract goes parabolic forming a upward or downward curve that accelerates according to power laws.
I've read about power laws from Sornette Diedler ( www.marketcalls.in ). And I think the theory is a good one.
The idea behind this indicator is that it will rise to 1.0...
![EURUSD: [RS]Multiple Majors Currency Basket Power Oscillator V1](https://s3.tradingview.com/a/acRbNhH8_mid.png "[RS]Multiple Majors Currency Basket Power Oscillator V1")
![EURUSD: [RS]Multiple Majors Currency Basket Power Oscillator V0](https://s3.tradingview.com/j/JdOl7oYm_mid.png "[RS]Multiple Majors Currency Basket Power Oscillator V0")
![EURUSD: [RS]Power Correlation Oscillator (GOLD) V0](https://s3.tradingview.com/o/oNNVAWjw_mid.png "[RS]Power Correlation Oscillator (GOLD) V0")
![EURUSD: [RS]Power Correlation Oscillator (DOLLAR) V0](https://s3.tradingview.com/h/hWh8q7C4_mid.png "[RS]Power Correlation Oscillator (DOLLAR) V0")
![EURUSD: [RS]Power Correlation Oscillator (EURO) V1](https://s3.tradingview.com/b/BXfjHdlj_mid.png "[RS]Power Correlation Oscillator (EURO) V1")
![EURUSD: [RS]Power Correlation Oscillator (EURO) V0](https://s3.tradingview.com/v/vf7XJxPK_mid.png "[RS]Power Correlation Oscillator (EURO) V0")