The Currency Strength Meter indicator for Metatrader 5 displays currency strength for the 8 major currencies + trading signals.
The 8 major currencies are: EUR, GBP, JPY, NZD, AUD, NZD, CHF and USD.
Moreover, on the trading chart, it displays the most likely buy and sell trend direction for that particular currency pair.
The indicator recommends to buy or sell the currency pair, based on currency strength found between the two currencies.
The following indicator inputs can be modified: refresh rate, show currencies, show chart pair, show comment, font name, font size, colors.
Make yourself familiar with this technical indicator and test it first on a demo account.
It supports all time frames and Forex pairs.
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The following chart shows how the Currency Strength Meter indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Currency Strength Meter Indicator?
Find a simple trading example below:
- A strong bullish signal occurs when the currency meter displays 4.0 BUY or better.
- Go long and place a stop loss below the previous swing low price.
- Close the buy trade at key resistance levels, or use your own preferred trade exit method.
- A strong bearish signal occurs when the currency meter displays 4.0 SELL or better.
- Go short and place a stop loss above the previous swing high price.
- Close the sell trade at key support levels, or use your own preferred trade exit method.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the Currency Strength Meter.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration