Forex Profit Supreme Meter is a free, popular Metatrader 4 indicator that ranks currency pairs in a handy dashboard.
At a glance, it tells you which currency pairs are trending, either bullish or bearish, and which currency pairs are trading sideways.
The indicator pops up in the main MT4 chart window as a dashboard.
It also reveals currency strength.
The look of the dashboard can be modified by editing the indicator’s inputs.
Free Download
Download the “ForexProfitSupreme Meter.mq4” indicator for MT4
Indicator Chart (EUR/USD M15)
The example chart below displays the Forex Profit Supreme Meter mt4 indicator in action on the trading chart.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Trade Style: Works for scalping, day trading and swing trading
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Currency meter
Does the indicator repaint? No.
Day Trading Strategy: Forex Profit Supreme Meter + ZeroLag RVI (MT4)
This strategy combines the Forex Profit Supreme Meter and the ZeroLag RVI Indicator to identify trending currency pairs and confirm entry signals for day trading.
The Forex Profit Supreme Meter highlights trending pairs, showing both bullish and bearish momentum.
The ZeroLag RVI displays a green cloud for buy signals and a red cloud for sell signals on a separate chart.
This strategy works best on 15-minute to 1-hour charts during high-liquidity trading sessions.
Buy Entry Rules
- Check the Forex Profit Supreme Meter for pairs showing strong bullish trends.
- Confirm the buy signal with a green cloud on the ZeroLag RVI indicator.
- Enter a buy trade at the close of the confirming candle on the chart of the selected pair.
- Set the stop loss below the most recent swing low or a nearby support level.
- Set take profit at a 1:2 reward-to-risk ratio, or exit if the ZeroLag RVI cloud turns red or the trend on the Supreme Meter weakens.
Sell Entry Rules
- Check the Forex Profit Supreme Meter for pairs showing strong bearish trends.
- Confirm the sell signal with a red cloud on the ZeroLag RVI indicator.
- Enter a sell trade at the close of the confirming candle on the chart of the selected pair.
- Set the stop loss above the most recent swing high or a nearby resistance level.
- Set take profit at a 1:2 reward-to-risk ratio, or exit if the ZeroLag RVI cloud turns green or the trend on the Supreme Meter weakens.
Advantages
- Identifies the strongest trending pairs, reducing the chance of trading in weak markets.
- Combining trend meter with RVI confirmation increases the probability of successful trades.
- Non-repainting indicators provide reliable signals for intraday trading.
- Clear entry and exit rules help traders maintain discipline.
- Works across multiple currency pairs and intraday timeframes.
Drawbacks
- Some signals may conflict if the trend meter shows moderate momentum, requiring additional confirmation.
- Not ideal for scalping on very low timeframes due to indicator lag and noise.
Case Study 1
On the GBP/USD 30-minute chart, the Forex Profit Supreme Meter indicated a strong bullish trend.
The ZeroLag RVI displayed a green cloud.
A buy trade was entered at 1.3450, with a stop loss at 1.3435 and a take profit at 1.3485.
The trade reached take profit within 2 hours, yielding a 35-pip gain.
Case Study 2
On the EUR/JPY 1-hour chart, the Forex Profit Supreme Meter indicated a bearish trend.
The ZeroLag RVI displayed a red cloud.
A sell trade was entered at 147.50, with a stop loss at 147.80 and a take profit at 147.00.
The trade reached take profit in 3 hours, capturing a 50-pip gain.
Strategy Tips
- Use currency pairs with tight spreads such as EUR/USD, GBP/USD, USD/JPY, and AUD/USD.
- Use trailing stops to lock in profits during strong trending moves.
- Limit trades per day to maintain focus and prevent overtrading.
- Check multiple timeframes to ensure trades align with higher timeframe trends.
- Be patient and wait for both indicators to fully confirm a trade before entering.
- Focus on pairs showing strong trending behavior rather than choppy sideways markets.
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Download the “ForexProfitSupreme Meter.mq4” indicator for Metatrader 4
