Which are the most interesting currency pairs to buy or sell at any given time?
The currency meter II will give you the answer.
The indicator measures the strength of the 8 major currencies: USD, EUR, JPY, GBP, AUD, CAD, NZD and CHF.
Then it will display the currencies from strong to weak in one easy to read table.
Focus on the most strongest currencies versus the most weakest currencies.
For example, looking at the chart below, one would focus on the JPY (strongest currency) and USD (weakest currency).
The USD/JPY H1 chart below displays the Currency Meter II Metatrader 4 forex indicator in action.
Basic Trading Signals
Signals from the Currency Meter II MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Buy the strongest currency while simultaneously selling the weakest currency.
Sell Signal: Sell the weakest currency while simultaneously buying the strongest currency.
For instance, looking at the chart above, selling USD while buying JPY would be an excellent choice.
In this particular case, you would be shorting the USD/JPY currency pair.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (update in seconds, TF_1, Period) Width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, Daily, Weekly, Monthly
Type: currency strength
Copy and paste the CM_Strength_TF_V1.mq4 indicator 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)