A pair strength indicator of EUR GBP USD Vs JPY and as an oscillator i used the TSI indicator it is based on the article "May the Strength be with You"
"How to apply this info to our trading strategy? I suggest at least two approaches:
1) filtering trades of your current strategy depending on the strength of currencies involved. As an example, if your system gives a buy signal on EURUSD, but we know that EUR has a much lower strength than USD, then this trade should be probably filtered out.
2) building an entire automatic strategy based on the strength concept itself. As an example, a strategy that constantly monitors the 6 pairs EURUSD, EURGBP, EURJPY, GBPJPY, GBPUSD, USDJPY and enters a trade only on 1 pair at a time when a huge spread among strengths is detected (buy EURUSD if EUR is the strongest currency and USD is the weakest one in our analysis)." pimpmyea.com/may-the-strength-be-with-you/