Currency Strength Meter

Currency Strength Meter Indicator

Currency strength meter indicator for MT4 shows strongest and weakest currency. Best forex trading signals with BULLISH and BEARISH trend.

CATEGORIES: MT4, SIGNAL, INFORMATIONAL
Updated on: 09.10.2023

The Currency strength meter indicator for MT4 shows the strength of individual currencies by monitoring their performance against all other currencies. As a result, the indicator plots every individual currency’s strength as a visual color histogram and also as a numeric value. So forex traders can easily identify the BULLISH and BEARISH currencies and form the best currency pair to trade. By combining the strongest currency against the weakest and by continuously monitoring its strength technical traders can ride the trend using a trend following trading strategy.

The indicator works well for new and experienced forex traders. New traders can visually identify the BULLISH and BEARISH trends of the currencies and their underlying strengths. Additionally, the indicator is free to download and easy to install.

Currency Strength Meter Indicator For MT4 Trading Setup

The above GBPUSD H1 chart shows the Currency Strength Meter Indicator for MT4 in action. The indicator displays the meter in the lower right bottom of the chart. Moreover, the currency strength is shown in various colors depending on the currency strength. RED for very weak, OrangeRed for weak, Light Green for strong, and Lime for very strong. Additionally, the strength in a numerical value is in Sienna and the name of the currency in DarkSlateBlue.

Forex traders can use this indicator to identify the strength of one currency against other and find the strength of an individual currency. So, forex traders can pair the strongest currency against the weakest and BUY or SELL accordingly. As the higher value of a currency shows the underlying BULLISH market trend, the lowest value indicates the underlying BEARISH price trend.

Promotion:

On the other hand, a reducing strength value indicates that the currency is losing its strength. So forex traders can exit the trade or book profits partially. But, if the currency strength continues to hold, traders can hold the position and ride the trend until the currency shows weakness.

The indicator works on the principle, if one currency is gaining BULLISH momentum then some other currency will gain BEARISH momentum. So forex traders can BUY or SELL and currency pair once a Strong and weak currency is identified and pitch them against each other.

The indicator works well in all intraday time frames as well as the daily, weekly, and monthly charts. So forex traders can use this indicator to identify the trend in the higher time frame to choose the best entry and exit point in a lower time. So the indicator is used to trade using a multi-timeframe (mtf).