The Currencies Heat Map Strong Trend MT4 forex indicator lets you spot strong and weak currencies in one easy to read comparison table.
- The strongest UP currencies are colored Limegreen
- The weakest UP currencies are colored Green
- The strongest DOWN currencies are colored Red
- The weakest DOWN currencies are colored Firebrick
How to use this information to your advantage?
Trade the strongest versus the weakest currencies. Both currencies combined form strong trending currency pairs, either up or down.
For instance, trade a Limegreen colored currency versus a Firebrick colored currency (uptrend) or a Red colored currency versus a Green colored currency (downtrend).
The EUR/USD 15-Minute chart below displays the Currencies Heat Map Strong Trend Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the Currencies Heat Map MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Go long the strongest UP currency versus the weakest DOWN currency. Confirm the buy trade with additional technical analysis tools or indicators.
Sell Signal: Go short the weakest UP currency versus the strongest DOWN currency. Confirm the sell trade with additional technical analysis tools or indicators.
Trade Exit: Use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (strong up, weak up, no move, weak down, strong down) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: heat map
Copy and paste the currency-heatmap.ex4 into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)