About the Currency Meter II Indicator
The Currency Meter II Indicator is a strength-based market analysis tool designed for MetaTrader 4 traders who want to trade with directional confidence.
Instead of analyzing individual currency pairs in isolation, this indicator measures and compares the relative strength of the major currencies.
It covers USD, EUR, JPY, GBP, AUD, CAD, NZD, and CHF in one unified view.
The indicator processes market data and ranks all tracked currencies from strongest to weakest.
The results are displayed in a clear table that updates as market conditions change.
This makes it easy to immediately spot which currencies are attracting buying pressure and which are underperforming.
By focusing on the strongest currencies versus the weakest ones, traders can naturally align with dominant market flows.
This approach reduces guesswork and helps avoid trading pairs that lack momentum.
Free Download
Download the “CM_Strength_TF_V1.mq4” MT4 indicator
Key Features
- Measures the strength of eight major global currencies.
- Ranks currencies from strongest to weakest in real time.
- Displays results in a clean and easy-to-read table.
- Helps identify high-probability currency pair combinations.
- Supports strength-based and momentum-driven strategies.
- Works across all market sessions and trading styles.
Indicator Chart
The Currency Meter II Indicator chart presents a table ranking currencies by relative strength.
Currencies at the top of the list show strong buying interest, while those at the bottom show weakness.
By pairing the strongest currency with the weakest one, traders can quickly identify potential trading opportunities.
Guide to Trade with Currency Meter II
Buy Rules
- Identify the strongest currency displayed at the top of the table.
- Identify the weakest currency displayed at the bottom of the table.
- Select a currency pair that combines strength versus weakness.
- Open a buy trade on the pair where the base currency is strongest.
Sell Rules
- Locate the weakest currency in the ranking table.
- Confirm the strongest opposing currency.
- Select the corresponding currency pair.
- Open a sell trade where the base currency is weakest.
Stop Loss
- Set the stop based on a fixed percentage of average daily range.
- Widen the stop slightly during high-impact news sessions.
- Exit the trade if currency strength rankings reverse.
Take Profit
- Target key higher timeframe support or resistance zones.
- Use partial exits as the strength gap begins to narrow.
- Trail profits while the strongest and weakest currencies remain unchanged.
- Close the trade when momentum between currencies equalizes.
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
FAQ
How does the Currency Meter II calculate currency strength?
The indicator analyzes price movement across multiple currency pairs.
It aggregates this data to determine which currencies are gaining or losing strength relative to others.
Can this indicator be used alone?
Yes, many traders use it as a standalone trade selection tool.
However, combining it with price action or trend confirmation can improve timing and precision.
What happens when currencies are closely ranked?
When strength values cluster together, momentum is often weak.
In these conditions, it is usually better to wait for clearer separation before trading.
Summary
The Currency Meter II Indicator helps traders focus on what truly moves the market by highlighting relative currency strength.
This strength-versus-weakness approach supports disciplined decision-making and reduces exposure to low-momentum trades.
When combined with solid trade execution and risk control, the Currency Meter II Indicator becomes a powerful addition to a professional forex trading workflow.
