RSI Heatmap Indicator
Trade forex using the best currency strength meter for mt4. Monitor color-coded signals with RSI based Multi time frame heatmap for multiple currencies.
The RSI heatmap mt4 indicator helps the Forex traders determine the strength of a currency pair. This currency strength meter indicator uses RSI – Relative strength Index and therefore accurately calculates the currency strength. Besides they produce a heatmap with multiple currencies and timeframes to monitor and interpret them effectively.
The heatmap of the currency strength meter uses a different color to indicate the various strengths accurately. The currency strength heatmap has four different strengths. Based on the RSI values and price movement direction. These different colors provide the trades with a clear understanding of the currency strength in real-time.
How to trade forex using RSI currency strength indicator heatmap?
During an up move forex traders can place a BUY order if the color of the heatmap changes from Green to Lime green. Because, the color change indicates the strength of the currency has changed from weak to strong.
On the other hand, traders can place a SELL order when the color changes from Fire Brick to Red.
Traders can place a BUY order if the color of strength changes from Green to Lime Green across multiple time frames. As a result, the color change across time frames indicates a strong signal. Conversely, the opposite is true for a SELL order.
Traders can also choose to list all fx pairs having a common currency to determine an individual currency’s strength. For example, traders can list all forex pairs with GBP, to identify and monitor the strength of GBP.
Conclusion:
Obviously, forex currency strength meter is an amazing MetaTrader 4 indicator. It is very useful particularly for those traders using the strength of currency pairs as a trading strategy. Moreover, using RSI to determine the currency pairs’ strength definitely increases this MT4 indicator’s accuracy.
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