Xmeter Indicator

Xmeter Indicator

Xmeter indicator for mt4 – download free. Best momentum indicator for mt4. Free trend reversal mt4 indicator. Best volatility indicator for mt4.

The Xmeter indicator for MetaTrader is a technical trading tool that detects and analyzes the strength of an asset. This indicator would play an important role in your trading journey because currency strength is one of the major factors used to predict the directional bias of the market.

The indicator was built with algorithms that automatically identify and pair a base currency with other available currencies to determine the aggregate strength and weakness. The data used for calculation are tracked from the previous market conditions of past prices.

The results of the obtained calculations are displayed on your MT4 chart as graphs. The indicator also comes with signal arrows for easy identification of the changing direction of an asset. What’s more, it also suggests the trend bias of analyzed assets on your chart.

In essence, the Xmeter indicator is a tool that displays the increase and decrease in the relative strength of a trading asset. Moreover, the indicator would be a valuable tool for novice, intermediate and advanced traders in analyzing the strength/weakness of any pair. Besides, the indicator is recommended for scalpers, day/intraday, and swing traders.

How to Trade With The Xmeter Indicator

The above screenshot depicts how the indicator would look on your MT4 chart.

The Xmeter indicator is not recommended to be used as a stand-alone tool. It should be used as a filter/confluence along with technical analysis/other indicators before opening a trade position.

The indicator isn’t a BUY/SELL signal-generating tool per se, but one that shows you the strength of different currency pairs. It, however, helps you to identify the potential trend bias.

BUY and SELL Signals

From the above screenshot, the indicator has identified the trend biases of AUDJPY, CADJPY, and NZDJPY as bullish. With this information, you may then proceed to look for a BUY/LONG entry using technical analysis.

For instance, the above BUY entry would have been taken after the price broke and retested the resistance level. Besides, the price also showed a clear wick rejection which further confirms a potential bullish move. This principle is also applicable for a SELL entry.

Conclusion
The Xmeter indicator for MT4 is not just a technical trading tool that displays the strength/weakness of an asset but also helps you to identify the bias of the trend. What’s more, the indicator is free to download.