The Currency strength indicator is an indicator that is used to notice the strength of all currency pairs in the Forex market. It gives a full guide that which currency pair is strong and which currency pair is weak. It is a custom indicator. This indicator is specially designed for Meta trader 4 platforms.
Explain of Currency strength indicator:
Currency strength indicator is also created for the Forex trading system. This indicator is developed based on two individual currency pairs. It can also determine the directions of the currency pairs. This indicator helps to earn decent profits when the currency pairs are strong or weak, it helps in both cases. It trades in real-time over the period. It can also estimate the strength of currency pairs.
Currency strength indicator can be used to indicate the high possibilities of trading at high prices. It also helps you when the one currency is trending strong and the other one is weak this indicator helps you to replace the weak currency pair with the strong currency pair.
The currency strength indicator is a successful trading weapon. Mostly, this indicator is in the use of professional traders but the beginners can also take advantages from this indicator. These are the advanced featured indicator that can help in many ways. As this indicator is used for currency pairs so following are the currency pairs used in this indicator:
- GBPNZD – GBP to NZD – Great British Pound to New Zealand Dollar
- USDCAD – USD to CAD – United States Dollar to Canadian Dollar
- USDJPY – USD to JPY – United States Dollar to Japanese Yen
- GBPAUD – GBP to AUD – Great British Pound to Australian Dollar
- GBPCHF – GBP to CHF – Great British Pound to Swiss Franc
- EURUSD – EUR to USD – Euro to United States Dollar
- EURCHF – EUR to CHF – Euro to Swiss Franc
- EURGBP – EUR to GBP – Euro to Great British Pound
- GBPUSD – GBP to USD – Great British Pound to United States Dollar
- GBPJPY – GBP to JPY – Great British Pound to Japanese Yen
- EURCAD – EUR to CAD – Euro to Canadian Dollar
Currency strength indicator also uses different colour strategies. Colour strategies used in this indicator are green, orange, blue, and red. This indicator also uses different strategies for different colours that are given below:
- Positive green
- Negative green
- Positive red (up to +100 pips)
- Negative red ( up to -100 pips)
- Positive blue ( up to +30)
- Negative blue ( up to -30)
- Positive blue (up to +49)
- Negative blue ( up to -49)
- Positive orange ( up to +75)
- Negative orange (up to -75).
USES of Currency strength indicator:
The currency strength indicator is an indicator that has too many uses. One of the most important uses of this indicator is that it gives information about the strength of currency pairs. It is used for indicating whether the currency pair is strong or weak. It can also be used to replace the weak currency with a strong currency pair.
It uses different colour schemes. It uses different strategies for colour schemes. These strategies help in easy understanding of the trade. It is one of the best indicators used for currency pairs.
• Currency strength indicator is used to indicate strength trend in the trade.
• Its calculations are based on moving average price.
• It is used to differentiate between trending and non-trending conditions.
• It helps to identify profitable trade.
• From the rise and fall of lines in the Currency strength indicator graph, the traders sense the price climax.
HOW TO INSTALL Currency strength indicator:
• First step: – Download the Currency strength indicator for Meta Trader 4 plateform.
• Second step: -Copy Currency strength indicator for Meta Trader 4. mql4 to your Meta trader Directory/experts/indicators/
• Start or restart your Meta trader 4 Client.
• Select Chart and Timeframe where you want to test your MT4 indicators.
• Search “Custom Indicators” in your Navigator mostly left in your Meta trader 4 Client.
• Right-click on Currency strength indicator for Meta Trader 4.mq4.
• Attach to a Chart
• Modify settings or press ok
• In the end, the Currency strength indicator for Meta Trader 4.mq4 is available on your Chart.
How to remove Currency strength indicator:
• First step: Select the Chart where is the Indicator running in your Meta Trader 4.
• Second Step: Right-click into the chart.
• Third step: Indicators list.
• At the last: Select the indicator and delete it.
These are simple and easy steps that you need to follow before starting trade because it gives you buy and sell zone indicator with almost 90% precision.
Ahead you are going to begin in real account trading you need to trade at the minimum for one month as a demo in any MT4 or MT5 brokers. It awards you more potential for getting quality payback in long or short term trading across also moving average.