The Advanced Currency Meter indicator for Metatrader 5 gauges currency strength across three different time frames and provides buy and sell signals for any currency pair.
The dashboard, located in the upper left part of the chart, ranks the currencies according to their real-time currency strength.
The actual trading signals appear in a separate chart window as buy and sell signal arrows.
Interested in trading Forex pairs with this indicator? Here’s your guide:
- A green arrow presents a buying opportunity.
- A red arrow presents a selling opportunity.
The indicator includes several inputs and parameters, such as symbol prefix and suffix, colors, and more.
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Advanced Currency Meter MT5.ex5 Indicator (MT5)
Chart Example
The picture below illustrates how the Advanced Currency Meter with Signals indicator looks when applied to the MT5 chart.
How To Buy And Sell Using The Advanced Currency Meter With Signals Indicator?
Find a simple trading strategy below:
Buy Signal
- A buy signal is generated when the green arrow is displayed in the separate chart window.
- Open a buy trade and place a stop loss below short-term support.
- Close the buy trade for a profit target that suits your preference, for example, +25 pips on the 5-minute chart.
- Alternatively, await a red sell arrow to close the buy trade.
Sell Signal
- A sell signal is generated when the red arrow is displayed in the separate chart window.
- Open a sell trade and place a stop loss above short-term resistance.
- Close the sell trade for a profit target that suits your preference, for example, +10 pips on the 1-minute chart.
- Alternatively, await a green buy arrow to close the sell trade.
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Advanced Currency Meter MT5.ex5 Indicator (MT5)
High-Precision MT5 Strategy Using Currency Strength + EMA Trend Catcher
Combine the Advanced Currency Meter Indicator and the EMA Trend Catcher Indicator to find strong trend setups and high-probability entries.
This strategy helps you identify trending currency pairs based on real strength/weakness and then execute trades with precise signals.
Strategy Concept
- The Currency Meter helps you choose the best currency pair to trade (strongest vs weakest).
- The EMA Trend Catcher confirms entry signals within the direction of the identified trend.
Timeframe & Pairs
- Timeframes: M15, H1
- Suggested Pairs: All major FX pairs (EUR/USD, GBP/JPY, USD/CAD, etc.)
Buy Trade Setup
- Use the Currency Meter to identify a strong base currency and a weak quote currency (e.g., strong USD vs weak JPY).
- Switch to that pair’s chart and wait for a buy signal from the EMA Trend Catcher (e.g., bullish EMA crossover or arrow).
- Enter the trade on the candle close.
- Set your stop loss below the recent swing low or support area.
- Target 1.5x to 2x your risk, or trail the stop below the EMAs as price moves in your favor.
Sell Trade Setup
- Use the Currency Meter to find a strong quote currency and a weak base currency (e.g., strong CHF vs weak GBP).
- Open that pair’s chart and wait for a sell signal from the EMA Trend Catcher (e.g., bearish EMA cross or red arrow).
- Sell on the signal candle close.
- Place a stop loss above the recent high or resistance zone.
- Take profit at a 2x risk-reward level or let the EMAs guide your exit with a trailing stop.
Pro Tips
- Focus on currency pairs with a wide divergence in strength and weakness.
- Avoid trading during flat or conflicting readings from the Currency Meter.
- Look for alignment between the Currency Meter trend and the EMA Trend Catcher signal for maximum reliability.
🔗 Download EMA Trend Catcher Indicator
Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the Advanced Currency Meter MT5.ex5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
