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Multicharts Custom instrument

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Multicharts Custom instrument

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Athens, Attika, Greece
Experience: None
Platform: Multicharts
Trading: Nothing yet
Evangelos's Avatar
Posts: 3 since Oct 2018
Thanks: 1 given, 4 received

Hello guys!

I would like some help here. Is there a way to create a new custom instrument in Multicharts which updates real time based on calculations on regular instruments?

And let me explain because it sounds complicated.
I want to create a real time volatility index for various FX pairs. It's an idea I got from Ivan of Global Prime. The concept is that you take the real time price of EUR/USD for example and divide it by it's value to get an initial value of 1. And then, depending on it's fluctuations, you get your "volatility index". The problem I come up with, is that I want to make a sum of 7 euro pairs. I want the euro against USD, JPY, CHF, GBP, CAD, AUD and NZD, divided by their values and added up to a main instrument with initial value of 7. The formula to get this result in tradingview is this one:


resulting to this chart:

And I want to apply the same principle to all the other 7 currencies to have a real time currency index.

So to sum up, I would like to somehow, take the real time price of 7 instruments, divide them with their initial value for the week( as an input I guess to update it regularly), and them up together. Then plot a chart or an indicator with initial value of 7 or in case of PCT change, zero.

Any help is most welcome, hope I made my myself clear and did not confuse you...

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