The Universal Currency Strength Forex dashboard indicator for MT4 is a great trading tool that displays currency strength in real-time for the 8 major currencies.
The 8 major currencies are: USD, GBP, EUR, JPY, AUD, NZD, CAD and CHF.
How to select a currency pair to trade with the Universal Currency strength indicator?
You’ll need to select a strong currency versus a weak currency (buy trade) or weak currency versus strong currency (sell trade).
When looking at the chart below, it would be a smart decision to short the NZD/USD pair because the USD currency is strong while NZD is weak.
Currency Strength Logic
The universal currency strength dashboard calculates strength on a strong mix of multiple technical indicators including, MACD, CCI, RSI and moving averages.
Feel free to edit the dashboard’s settings and parameters to suit your needs and personal preferences.
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Universal Currency Strength Forex Dashboard Indicator Chart
Here’s an example of how the indicator should look like when loaded onto the Metatrader 4 chart.
You can apply the indicator to any currency pair and time frame of your preference.
Finding Buy and Sell Triggers With Universal Currency Strength Technical Analysis Chart Indicator
Below is an example of how to buy and sell currency pairs with this Forex indicator:
Buy Trigger: Look at the MT4 dashboard and buy a strong currency versus a weak currency.
Place stop loss 1-3 pips below previous swing low support, or use your own stop loss placement method.
Close the buy trade for a reward to risk 2.0:1 ratio or better, or use your own favorite take profit method.
Alternatively, close the buy trade for a fixed take profit target, for example, 15 pips on the 1-minute scalper chart.
Sell Trigger: Look at the MT4 dashboard and sell a weak currency versus a strong currency.
Place stop loss 1-3 pips above previous swing high resistance, or use your own stop loss placement method.
Close the sell trade for a reward to risk 2.0:1 ratio or better, or use your own favorite take profit method.
Alternatively, close the sell trade for a fixed take profit target, for example, 35 pips on the 15-minute day trading chart.
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Strength mode, strength period, strength time frame, moving average period, RSI period, MACD, CCI period, colors, width, style.
The indicator can be used as a stand-alone signals indicator.
It can also be combined with:
- Trading oscillators (MACD, Stochastic, RSI,…)
- Trend indicators (Moving Average, Bollinger Bands, ADMI,…)
- Price action methods and techniques
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.