About the Indicator
The Currency Meter PRO Indicator for MT4 is a powerful tool designed to help traders identify the relative strength of currencies in real-time.
Analyzing multiple currency pairs simultaneously provides a comprehensive view of market dynamics, allowing traders to make informed decisions.
This indicator is particularly useful for those employing strategies that rely on currency strength, such as trend-following or breakout strategies.
Key Points
- For buy signals, focus on the blue colored pairs near the top of the currency meter.
- For sell signals, focus on the red colored pairs near the bottom of the currency meter.
Free Download
Download the “currency-meter-indicator.ex4” indicator for MT4
Key Features
- Real-Time Currency Strength Analysis: Displays the strength of major currencies in real-time, helping traders identify potential trading opportunities.
- Multi-Currency Pair Analysis: Analyzes multiple currency pairs simultaneously, providing a broader perspective on market conditions.
- Customizable Dashboard: Offers a customizable dashboard that can be adjusted to suit individual trading preferences and strategies.
Indicator Example Chart (EUR/USD H4)
The example chart below displays the Currency Meter PRO MT4 indicator in action on the trading chart.
The chart illustrates how the indicator displays the relative strength of currencies, aiding in the identification of strong and weak currencies for potential trading opportunities.
How To Trade Using This Indicator
To effectively utilize the Currency Meter PRO Indicator:
- Identify Strong and Weak Currencies: Look for pairs where one currency is strong and the other is weak. For instance, if the EUR is strong and the USD is weak, consider trading EUR/USD.
- Confirm with Trend Indicators: Use trend-following indicators like moving averages to confirm the direction of the market.
- Set Entry Points: Enter a trade when the currency strength aligns with the trend direction.
- Place Stop Loss and Take Profit: Set stop loss below the recent swing low for buy trades and above the recent swing high for sell trades. Take profit can be set at key support or resistance levels.
Download Now
Download the “currency-meter-indicator.ex4” indicator for MT4
Forex Strategy: Currency Meter Pro + Super Scalper Indicators
What This Strategy Is About
This strategy blends the Currency Meter Pro Indicator with the Super Scalper Indicator.
The Currency Meter Pro helps identify which currencies are strong or weak across multiple timeframes.
The Super Scalper gives fast, precise entries and exits. Together, they help traders find high-probability, short-term trades by aligning momentum with speed.
This setup is ideal for traders who use lower timeframes, such as 5- and 15-minute charts, and want to ride short bursts of price movement while filtering noise with the strength filter.
Buy Rules
- Open the Currency Meter Pro and wait for one currency to show clear strength while its counter-currency is weak, ideally both on the same timeframe. In the chart above, you would choose the GBPNZD pair.
- Switch to your chart (e.g., EUR/USD). Only consider pairs where a strong-weak pattern exists.
- Wait for the Super Scalper to give a bullish entry signal (blue line).
- Enter a buy trade at the close of the signal bar.
- Set stop loss just below the recent swing low or recent support zone.
- Take profit at a fixed pip amount or use a quick reward-to-risk ratio of 1.5:1, or exit when a Super Scalper sell signal appears.
Sell Rules
- Use Currency Meter Pro to confirm that one currency is weak and the opposite is strong.
- On your chart, wait for a Super Scalper bearish signal (yellow line).
- Enter on candle close.
- Stop loss goes just above the last swing high or resistance.
- Target a quick profit, around 1.5:1, or close when a bullish Super Scalper signal appears.
Trader Case Studies
Below are three examples of traders who applied this strategy across fast-moving markets and different pairs, showing how it can perform under varied conditions.
Sean D – UK
Sean D, a day trader from the UK, used this method focusing on EUR/JPY and GBP/USD on 5-minute charts over two weeks. Aligning strength from Currency Meter Pro with fast entries from Super Scalper, he collected a total of +127 pips from quick moves.
Hiroshi T – Asia
Hiroshi T, a part-time trader in Japan, applied it during active London–New York overlap using USD/CHF and AUD/USD on 15-minute charts. Over ten trading days, he secured +215 pips by capturing small bursts backed by strength alignment.
Nia O – Africa
Nia O, a scalper from Nigeria, ran this strategy on GBP/CHF and EUR/GBP for one week, averaging several trades per day. With strict entry alignment and risk control, she gained +142 pips net.
Disclaimer: These case studies are for educational purposes only. Trading results will vary depending on market conditions, risk management, and individual discipline.
Advantages
- Filters trades by combining currency strength with entry signals for higher-probability setups.
- Fast entries and exits suit scalpers and day traders.
- Flexible for multiple pairs and timeframes, though optimized for low-timeframe trading.
- Helps avoid chasing random trades by waiting for strength confirmation.
Drawbacks
- Requires constant screen time—scalping demands attention and discipline.
- Fast signals may generate noise or false entries if the strength reading lags or misaligns.
- Spread costs and execution speed can eat into small profits on lower timeframes.
Conclusion and Tips
Combining the Currency Meter Pro Indicator with the Super Scalper Indicator creates a disciplined scalping system.
You only enter when a strong-weak condition exists, and then act on quick, clear signals.
Make sure to pick the most liquid currency pairs and trade during high-activity sessions.
Always test the setup in a demo environment to fine-tune parameters, especially your stop-loss and take-profit levels.
FAQ
1. How can the Currency Meter PRO help me spot the best currency pairs to trade?
The indicator ranks currencies from strongest to weakest in real-time, allowing you to pair the strongest currency against the weakest. This approach increases the probability of entering trades with higher momentum.
2. Can I use it for intraday trading?
Yes, the Currency Meter PRO is highly effective for intraday trading. By tracking currency strength on shorter timeframes, traders can quickly identify high-probability setups during active trading sessions.
3. How often should I check the currency strength?
For active trading, it’s recommended to check the dashboard at key market session openings (London, New York) or whenever a significant currency moves sharply. Frequent monitoring helps capture short-term trends efficiently.
4. Is it suitable to combine with trend indicators?
Absolutely. For example, confirming that a strong currency is above a moving average or aligned with a trend line can filter out weaker signals and improve trade accuracy.
5. Can I use this indicator for scalping strategies?
Yes, the indicator can be used for scalping by focusing on short-term swings where currency strength is strongly diverging. It helps identify high-probability, quick trades with minimal guesswork.
Final Words
The Currency Meter PRO Indicator is more than just a visual tool—it’s a decision-making companion for forex traders.
By consistently identifying which currencies are strong and which are weak, it enables traders to focus on high-probability pairs rather than random setups.
To maximize results, combine it with trend confirmation tools, support/resistance levels, or candlestick patterns.
For example, a buy trade on EUR/USD becomes stronger if the EUR is the strongest currency, USD is the weakest, and the price is above a 50-period moving average.
Using the indicator in this structured way allows traders to manage risk more effectively while targeting higher-probability trades.
