The Currency Meter V5.0 MT4 forex indicator lets you spot strong trending currency pairs.
This currency analysis tool is based on moving averages, Laguerre, RSI and the Williams %R indicator.
All technical indicators analyze each currency pair and the Currency Meter V5.0 displays the outcome of all technical analysis combined in one easy to read table.
- A green arrow next to the currency pair indicates the pair is trending up
- A red arrow next to the currency pair indicates the pair is trending down
Which currency pairs to trade?
Trade the strongest trending currency pairs (+100.00 green symbol and -100.00 red symbol).
Free Download
Download the “currency-meter.mq4” MT4 indicator
Indicator Chart (EUR/USD H1)
The EUR/USD 1-Hour chart below displays the Currency Meter V5.0 Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the Currency Meter V5.0 MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Buy the strongest currency pair(s). The pair(s) must have at least a positive value of +90. Confirm the buy trade with additional technical analysis tools or indicators.
Sell Signal: Sell the strongest currency pair(s). The pair(s) must have at least a negative value of -90. Confirm the sell trade with additional technical analysis tools or indicators.
Trade Exit: Use your own method of trade exit.
Currency Meter V5.0 + FX Sniper MT4 Scalping Strategy
This MT4 scalping strategy combines the Currency Meter V5.0 Metatrader 4 Forex Indicator and the FX Sniper Metatrader 4 Forex Indicator.
The Currency Meter V5.0 analyzes each currency pair using moving averages, Laguerre, RSI, and Williams %R. It displays the combined result in an easy-to-read table.
A green arrow next to a pair indicates an upward trend, and a red arrow indicates a downward trend.
Trade the strongest trending pairs with a +100 green symbol for buys or -100 red symbol for sells.
The FX Sniper indicator provides precise scalping entries on short-term charts.
A green line is a buy signal, and a red line is a sell signal.
Combining Currency Meter V5.0 and FX Sniper ensures that you are trading strong trends with precise timing for M1 and M5 charts, making it ideal for fast-paced scalping sessions during high volatility periods.
Buy Entry Rules
- Open the Currency Meter V5.0 and find a currency pair showing +100.00 with a green arrow, indicating a strong uptrend.
- Switch to the chart of that pair on M1 or M5.
- Wait for the FX Sniper green line to appear as a buy signal.
- Enter a buy trade when both conditions align: a strong uptrend and an FX Sniper buy signal.
- Set stop loss below the most recent swing low or below a minor support level for short-term protection.
- Take profit at 8–15 pips on M1 or 12–20 pips on M5, or trail the stop loss to follow momentum.
Sell Entry Rules
- Use the Currency Meter V5.0 to identify a pair with -100.00 and a red arrow, signaling a strong downtrend.
- Switch to the chart of that pair on M1 or M5.
- Wait for the FX Sniper red line to appear as a sell signal.
- Enter a sell trade when both conditions are met: a strong downtrend and the FX Sniper sell signal.
- Place a stop loss above the recent swing high or minor resistance level.
- Take profit at 8–15 pips on M1 or 12–20 pips on M5, or trail the stop to follow the momentum.
Advantages
- Combines trend strength analysis and precise scalping entries for higher probability trades.
- Works well on M1 and M5 charts for fast intraday trades.
- Helps avoid trading weak or sideways pairs, reducing risk.
- Clear entry and exit signals simplify decision-making.
- Adaptable to different pairs and sessions for multiple scalping opportunities per day.
Drawbacks
- Requires constant monitoring due to very short time frames.
- Small profit per trade; multiple trades are needed to accumulate gains.
- Less effective in extremely choppy markets without clear trends.
Case Study 1
On the EUR/USD 1-minute chart, the Currency Meter V5.0 shows a +100 green arrow, signaling a strong uptrend.
The FX Sniper green line appears at 1.1125.
A buy trade is entered at 1.1125.
Stop loss is set at 1.1118, and take profit at 1.1135.
The trade quickly reaches the target, yielding 10 pips, demonstrating how strong trends combined with FX Sniper timing can capture small, fast gains.
Case Study 2
On the GBP/JPY 5-minute chart, Currency Meter V5.0 shows -100 red arrow, indicating a strong downtrend.
FX Sniper red line gives a sell signal at 151.50.
A sell trade is placed with a stop loss at 151.65 and a take profit at 151.30.
The market moves down and hits the target for 20 pips.
Strategy Tips
- Always trade pairs with clear +100 or -100 signals on Currency Meter V5.0 to avoid weak trends.
- Prefer M1 and M5 charts during London and New York sessions for higher volatility and scalping opportunities.
- Use tight stop losses and take profit levels due to the fast-moving nature of scalping.
- Consider only trading pairs with both indicators in agreement to reduce false entries.
- Practice patience and discipline, avoiding overtrading even if multiple opportunities appear quickly.
Download Now
Download the “currency-meter.mq4” Metatrader 4 indicator
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (MA1 method, MA2 method, RSI period, William %R period, Laguerre gamma) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: trend
