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‘Reality’ is the keyword here. Absolute pips haven’t got anything to do with ‘reality’, IMO. Pure pips counting is one of the worst things to do when analyzing moves. Just look at my 1st pic (the spreadsheet): 48 pips in both cases, yet 0.42% total change in one case, 0.70% in the other one. So the average rate of change of that move has to be considerably larger for NZD, as compared to EUR. Any error in that calculation? Did I hit your example correctly? That’s what I meant by ‘works as designed’: at the moment, it’s PURE ROC, nothing more.
Thanks to the further clarification that allowed me to see with other eyes your indicators for a deeper understanding. I lost for a moment the big picture. So if I look at the percentages, the strongest should be EUR and it seems correct if I look at EURNZD chart. Also noted that the magenta diff is ( obviously but not so evident at a first look ) ROC (2) of EURNZD.