The Currency Slope Strength forex indicator for Metatrader 4 calculates and displays the slope for the following currencies: USD, EUR, GBP, JPY, AUD, NZD, CAD and CHF.
How to use this powerful information?
Look for currencies with a steep slope (above 0.80 and below -0.80). They represent strong trending currencies.
Next is to trade currency pairs which are made up of a strong trending currency versus a weak currency.
The GBP/USD 1-Hour chart below displays the Currency Slope Strength Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the Currency Slope Strength MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Buy a currency pair that is made up of a strong UP trending currency (steep slope) versus a weak DOWN trending currency. Confirm the buy trade with additional analysis tools.
Sell Signal: Sell a currency pair that is made up of a strong DOWN trending currency (steep slope) versus a weak UP trending currency. Confirm the sell trade with additional analysis tools.
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 (time frame, show cross alerts, currencies) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the currency-slope-strength.mq4 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)