Same-way versus opposite-way currency pair construction

A book of currency legs

The construction is written for two or three currency legs used together, not for a single charted market in isolation.

The reading is driven by the currency futures chosen in the settings, not by the symbol displayed on the chart.

Translated session changes

Each currency choice is translated to a designated futures series so that series open and close can be read independently.

A translated session change is the open-to-close of a selected currency, read from the mapped futures series instead of from the symbol on the chart.

Same-way and opposite-way books

When the legs are treated as a same-way book, entries and exits are taken from correlated moves. The legs are treated as moving together, so joint session changes are combined rather than opposed.

When the legs are treated as an opposite-way book, entries and exits are taken when the legs move away from each other. The useful event is divergence rather than a shared move.

The combined-move histogram

The intensity of those joint or divergent moves is shown as a histogram rather than as a mark on the price pane.

The combined reading adds the first leg's close-minus-open to a scaled close-minus-open of the second leg, and the second sign flips when the book is not treated as same-way.

A scale factor of 10000 is applied to the second leg so the two translated session changes sit on one histogram scale.

Threshold bands and retuning

Symmetric bands at 0.1 and -0.1 are the upper and lower gates used to place entries and exits on that histogram.

Those threshold bands are fixed upper and lower levels on the combined reading that locate candidate entries and exits.

The same two-leg procedure can be retuned by editing those inputs without changing the translation, signing, or banding structure.