The real-time currency strength indicator for Metatrader 4 analyses and demonstrates currency strength for 8 major currencies.
It displays the relative currency strength for the following major currencies: USD, EUR, GBP, JPY, AUD, CAD, CHF and NZD.
It basically indicates which currency pairs you should trade and which to avoid.
In essence, you should always trade a strong versus weak currency.
- Ranks strong and weak currencies in a sub MT4 window.
- Many traders love this indicator.
- Use together with an existing strategy to confirm the buy or sell trade.
Learn below how to open buy and sell trades with the Real-Time Currency Strength Forex MT4 Indicator.
Indicator Example Chart
Here’s an example (EUR/USD M5 chart) of how the indicator should look like when loaded onto the Metatrader 4 chart.
Attach the indicator to any currency pair and time frame of your preference.
Finding Buy and Sell Signals With The Real-Time Currency Strength Forex Analyzer For MT4.
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Look at the Currency Strength indicator and buy a strong currency versus weak currency. It’s recommended to confirm the buy trade with additional trading tools.
Set stop loss below short-term support, or use your own favorite SL method.
Close the buy trade for a reward/risk ratio of 1.5 or better, or deploy your own favorite take profit method.
Sell Trigger: Look at the Currency Strength indicator and sell a weak currency versus strong currency. It’s recommended to confirm the sell trade with additional trading tools.
Set stop loss above short-term resistance, or use your own favorite SL method.
Close the sell trade for a reward/risk ratio of 1.5 or better, or deploy your own favorite take profit method.
Download This Forex Indicator
Adjustable Parameters & Settings
MA method, price, show panel, panel corner, color, width, style.
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
The indicator can be deployed as a standalone trading system or strategy.
However, it’s advised to use it together with trend indicators for double trade confirmation.
More Info About This Indicator
Tradable Currency pairs: Any
Trading Platform: MT4
Time frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: currency strength
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.