About the Currency Strength Alerts Indicator
The Currency Strength Alerts indicator for MT4 is designed to measure and compare the relative strength of the eight major currencies.
It analyzes NZD, EUR, GBP, USD, JPY, AUD, CAD, and CHF, then ranks them from very strong to very weak in a table displayed directly on the chart.
Instead of focusing on a single pair in isolation, the indicator provides a broader market perspective.
By comparing strength values across all major currencies, traders can spot high-probability pairings where momentum favors one side.
This makes it especially useful for trend-following and directional strategies.
The Currency Strength Alerts indicator works best when traders pair the strongest currency with the weakest one.
This alignment increases the likelihood of sustained price movement and reduces exposure to choppy conditions.
Optional alerts notify traders when strength conditions change, helping them react without constant chart monitoring.
Free Download
Download the “currency-strength-alerts.mq4” MT4 indicator
Key Features
- Ranks all eight major currencies by relative strength.
- Displays a clear strength table directly on the chart.
- Supports trend-based and directional trading strategies.
- Helps identify strong versus weak currency pair combinations.
- Includes alert functionality for strength changes.
Indicator Chart
The image below shows the Currency Strength Alerts indicator applied to a live price chart.
The strength table highlights the strongest and weakest currencies in real time.
The chart demonstrates how pairing these currencies aligns trades with broader market momentum.
Guide to Trade with the Currency Strength Alerts Indicator
Buy Rules
- Identify the strongest currency in the strength table.
- Identify the weakest currency in the strength table.
- Select a currency pair that combines strong versus weak.
- Enter a buy trade once price confirms bullish direction.
Sell Rules
- Identify the weakest currency in the strength table.
- Identify the strongest currency in the strength table.
- Select a currency pair that reflects weak versus strong.
- Enter a sell trade once price confirms bearish direction.
Stop Loss
- For buy trades, place the stop loss below the most recent consolidation zone.
- For sell trades, place the stop loss above the most recent consolidation zone.
- Keep risk consistent relative to the timeframe traded.
- Exit early if currency strength rankings flatten or reverse.
Take Profit
- Close the trade when the strength gap between currencies narrows.
- Exit if the strongest currency drops significantly in ranking.
- Secure profits when price momentum slows against the position.
- Use nearby intraday levels as alternative exit points.
Currency Strength + Jevel Trend Bar MT4 Day Trading Strategy
This MT4 strategy uses the Currency Strength Alerts Metatrader 4 Forex Indicator to identify the strongest and weakest currencies at any given moment.
It then applies the Jevel Trend Bar Metatrader 4 Forex Indicator to time entries once you pick a strong versus weak pair.
The Currency Strength indicator shows a live ranking of the major currencies by strength or weakness.
The Jevel Trend Bar adds a trend and momentum signal. Green bars signal bullish momentum. Orange bars signal bearish momentum.
Combining both helps you trade with the strongest directional bias while filtering for timely entries.
This method works best on 15-minute and 30-minute charts making it practical for intraday trading.
It suits traders who follow major currency pairs and want to catch trend-driven moves during active sessions.
Use it during high liquidity periods such as London or New York sessions to maximize the probability of follow-through.
Buy Entry Rules
- Open the Currency Strength indicator and identify the currency that is currently strongest and the currency that is currently weakest.
- Form a pair where the base currency is the strongest and the quote currency is the weakest.
- For example, if EUR is strongest and USD is weakest, then EUR/USD is a buy candidate.
- Switch to the chart of that pair on M15 or M30 and wait until the Jevel Trend Bar histogram turns green.
- Enter a buy trade when both conditions are satisfied: strength-weakness pairing and a green trend bar.
- Set stop loss a few pips below the most recent swing low or below a recent support level.
- Set a take profit target with a risk-reward ratio of at least 1:1.5 or use a trailing stop if the momentum continues.
Sell Entry Rules
- Use Currency Strength to find the currently weakest base currency versus the strongest quote currency.
- For example, if USD is the strongest and GBP is the weakest, then GBP/USD is a sell candidate.
- Go to that pair’s chart on M15 or M30 and wait for the Jevel Trend Bar histogram to turn orange.
- Enter a sell trade when both conditions are met: weak versus strong currency pairing and an orange trend bar.
- Place a stop loss a few pips above the recent swing high or above a recent resistance level.
- Take profit with a similar risk-reward ratio or use a trailing stop if price action remains favorable.
Advantages
- Combines broad market strength context with pair-specific momentum timing which reduces counter-trend trades.
- Helps select only the most promising pairs reducing noise and wasted trades.
- Suitable for intraday trading allowing multiple setups per day without overnight risk.
- Clear entry and exit rules make it easy to follow for beginners and experienced traders.
- Adaptable. You can adjust the timeframe, stop loss, take profit or trailing stop depending on volatility and risk tolerance.
Drawbacks
- If the currency-strength indicator updates slowly, strength rankings may be outdated by the time you act.
- During very volatile sessions, momentum bars might flicker increasing the risk of false entries.
- Profit potential per trade may be limited if the price does not follow through after signals.
- Waiting for both strength and trend confirmation may result in fewer trades.
Case Study 1
On the EUR/JPY 15-minute chart, Currency Strength Alerts shows EUR as the strongest and JPY as the weakest.
You select EUR/JPY.
The Jevel Trend Bar turns green.
You enter a buy trade at 151.20. Stop loss is placed at 150.95 and take profit at 151.60.
The market moves up steadily and hits the target for a gain of 40 pips.
Case Study 2
On the GBP/CAD 30-minute chart, Currency Strength Alerts indicate CAD is strongest and GBP is weakest.
GBP/CAD becomes a sell candidate.
The Jevel Trend Bar turns orange.
You enter a sell trade at 1.6920. Stop loss is 1.6950 and take profit is 1.6860.
The market drops steadily and hits your take profit for 50 pips.
Using the currency strength filter plus trend confirmation captured a clear bearish move.
Strategy Tips
- Use the strength indicator first to filter pairs. Only trade when there is a clear strong versus weak currency pairing.
- If strengths are close, skip the trade as the market may be range-bound.
- Trade during high liquidity sessions such as London and New York to improve momentum follow-through.
- Start with smaller lot sizes while testing this strategy until you understand how the indicators behave on different pairs and timeframes.
- Consider combining with a volatility or trend-strength filter to avoid weak momentum or choppy price action.
Download Now
Download the “currency-strength-alerts.mq4” Metatrader 4 indicator
FAQ
Which trading styles work best with this indicator?
The indicator works well for trend-following and directional trading.
It is often used by swing traders and intraday traders who focus on momentum.
Scalpers may also use it as a directional filter.
Does the indicator generate direct buy or sell arrows?
No, it does not plot arrows on the chart.
Instead, it provides strength rankings that guide pair selection.
Trade execution is confirmed using price action or additional indicators.
How often do the currency rankings update?
The strength values update in real time based on incoming price data.
This allows traders to monitor shifts in market leadership.
Sudden changes can signal emerging opportunities or weakening trends.
Summary
The Currency Strength Alerts indicator provides a powerful way to analyze the forex market from a macro perspective.
Ranking currencies based on strength helps traders focus on pairs with the highest directional potential.
This reduces random pair selection and improves trade alignment.
Its table-based display is easy to read and practical during active market sessions.
When combined with sound entry confirmation and risk management, the indicator becomes a valuable decision-making tool.
Future enhancements could include more customizable alert thresholds or visual ranking options.
