Once you get familiar with the currency strength meters you will understand that the mathematics behind them is not so complex and probably you will decide to do it yourself. There are a lot of indicators over the internet that offer to show you that info in your trading platform or there are also ways to do that calculation yourself via ms excel or a similar program.
First, let's talk about the manual calculation. If we are using software like ms excel we have to create a table that accepts entry values for all the major crosses and makes calculations. After these calculations are made it will display the strength in another column. Now the big question is how many values does it need. Even if we take the most simple formula it will need all the 28 crosses between the majors and it will need their starting value and current value. This means that we will have to enter 56 values. This can be quite time-consuming.
We can choose a static starting point and move it more rarely, but even then we will have to enter the other 28 current values. And we need to do that every time we need to get the current data. Another thing to take into consideration is that after so many times copy pasting values we can make mistakes- like copy wrong values to wrong cells, etc... It is much more time-consuming and prone to error than just opening a website.
Using custom indicators
Using a custom indicator that will show us the values. Many indicators do that for many trading platforms. It is a much better option, it will not require any work, but it has its disadvantages too. The first disadvantage is that it requires a working PC. All the platforms that allow the option to integrate such indicators require a computer.
When we install the indicator it must have access to the data for all the major crosses. And here is the biggest problem. In most cases, there is no such data. When you add an instrument to the MarketWatch, you actually subscribe to the server to receive data for that instrument.
You will see the ticks coming, but your platform will do nothing to store them. In order to do that, you will have to open a chart, which will lead to the generation of history files, and then the platform will update them regularly. But even if you open all the 28 charts, in all the required timeframes, there will be moments that your computer is not working, which can lead to gaps in the data. There can be many other reasons for gaps in that data which can lead to false values. One such reason can be that opened 28 charts on the platform can lead to performance issues and mess up with the history center.
The online currency strength calculator
So using an online currency strength calculator is a much better option compared to the manual and custom indicator options. It is less likely to give wrong values, doesn't require a computer, and doesn't require efforts to store quality history data. It has its own dedicated services to get the latest data and all you need is just a simple click.