You can set the exchange rates on the cost tab in either the Trading Strategy or Prediction wizard. For this example, we’ll use the Trading Strategy wizard. After you’ve entered the rules, click on check box Exchange rate for Forex crosses, etc., then click on the View/Modify Exchange Rates button.

The Exchange Rates dialog box lists the instruments in the current chart. We’ll first select EURO/GBP and then click on Set Exchange Rate. The Trader brings up the Other Instrument Data Wizard. For the data type that will be used for an exchange rate, we’ll select Forex, and then select an instrument that can be used to calculate the Exchange Rate.

The instrument you select depends on which instruments are available from your data provider. You’re looking for an instrument that contains the quote currency that you’re trading combined with your home currency. In our example, that would be GBP combined with the US dollar. We’ll choose the GBP/USD.

Once you find the symbol, the Trader will ask you which data to use. We’ll select the close because that is the most up to date information we can use to calculate the exchange rate.

Next we need to determine if the home currency is the quote currency in the exchange rate symbol. In our example, we chose GBP/USD represented by the symbol GBP A0-FX. Some data providers leave out the US dollar in the symbol name. Since the US dollar is presumed to be on the right of our symbol name, it is considered the quote currency, so we answer yes to the Trader’s question, is the home currency equal to the quote currency.

Note that if you change data providers, you may have to reset your exchange rates to insure that the correct symbols are used. You can edit the symbols for Exchange Rates through the Tools Menu, Options, Exchange Rates tab. You can remove old ones and add new ones as needed. This shows a list of all of the Exchange Rates you’ve set, not just the ones in a single chart. Be sure to type in the exact symbol used by your data provider.