Which are the most interesting currency pairs to buy or sell at any given time?
The currency meter II will give you the answer.
The indicator measures the strength of the 8 major currencies: USD, EUR, JPY, GBP, AUD, CAD, NZD, and CHF.
Then it will display the currencies from strongest to weakest in one easy-to-read table.
Focus on the strongest currencies versus the weakest currencies.
For example, looking at the chart below, one would focus on the JPY (strongest currency) and the USD (weakest currency).
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Download the “CM_Strength_TF_V1.mq4” MT4 indicator
Indicator Chart (USD/JPY H1)
The USD/JPY H1 chart below displays the Currency Meter II Metatrader 4 forex indicator in action.
Basic Trading Signals
Signals from the Currency Meter II MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Buy the strongest currency while simultaneously selling the weakest currency.
Sell Signal: Sell the weakest currency while simultaneously buying the strongest currency.
For instance, looking at the chart above, selling USD while buying JPY would be an excellent choice.
In this particular case, you would be shorting the USD/JPY currency pair.
Currency Strength and Supertrend MTF Indicator Forex Strategy
This strategy combines the power of the Currency Meter II Indicator for MT4 and the Supertrend MTF Signal Indicator for MT4.
It is designed for traders who want a clear directional bias supported by a strong market structure.
The Currency Meter II measures the real strength of the eight major currencies, while the Supertrend MTF provides precise buy and sell signals using its green and red trend line.
This system works well on M15, M30, and H1 time frames, although experienced traders can also attempt scalping on M5 during high liquidity sessions.
It is suitable for beginners because the rules are simple, and it also offers enough depth for advanced traders who want cleaner entries with strong trend confirmation.
Why This Strategy Works
The Currency Meter II identifies which currencies are gaining strength and which are weakening.
By pairing a strong currency against a weak one, the trader starts with an advantage before even looking at the chart.
The Supertrend MTF then confirms the timing of the entry.
When both the currency strength imbalance and the trend direction align, the probability of catching a clean move increases significantly.
Buy Entry Rules
- Choose a pair where the base currency is strong and the quote currency is weak according to the Currency Meter II.
- Wait for the Supertrend MTF to turn green on the chart.
- Enter a buy trade as soon as the price closes above the green Supertrend line.
- Place the stop loss below the most recent swing low.
- Take profit at a 1:2 risk-to-reward ratio or at the next clear resistance level.
Sell Entry Rules
- Select a pair where the base currency is weak and the quote currency is strong.
- Wait for the Supertrend MTF to turn red.
- Enter a sell trade after a candle closes below the red Supertrend line.
- Set the stop loss above the latest swing high.
- Take profit at a 1:2 risk-to-reward ratio or the next visible support area.
Advantages
- Combines currency strength logic with a technical trend filter.
- Easy to follow for beginners.
- Reduces false entries by requiring both tools to align.
- Works across multiple time frames.
Drawbacks
- Can miss early entries during explosive moves.
- Range-bound markets may produce fewer signals.
- Supertrend may lag slightly after fast reversals.
Example Case Study 1
During a London session, EUR showed strong strength while JPY appeared weak.
The EURJPY chart on M30 displayed the Supertrend turning green after a brief consolidation.
Price closed above the green line, and a buy trade was triggered.
The stop loss was placed under the consolidation low.
Over the next hour, the pair moved steadily upward, reaching a 65 pip gain and the 1:2 risk-reward target.
Example Case Study 2
On H1, GBP weakened significantly while CHF strengthened.
The GBPCHF Supertrend turned red, and the candle closed below the line.
A sell entry was executed with the stop loss above the previous swing.
The trend continued lower through the New York session, delivering a clean 90 pip move before reaching the profit target.
Strategy Tips
- Focus on pairs with the highest currency strength imbalance for the cleanest moves.
- Avoid trading right before major news events.
- The strategy performs best during London and New York sessions when volatility is healthy.
- Always confirm that the Supertrend and strength meter agree before entering.
- Trailing stops can help capture extended trends.
Download Now
Download the “CM_Strength_TF_V1.mq4” Metatrader 4 indicator
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (update in seconds, TF_1, Period), Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly
Type: currency strength
