The Currency Strength Meter MT4 indicator is a very useful indicator if you want to find out what currency pair(s) is best to trade at any given moment.
You can compare the strength of 4 currency pairs in one easy to read Metatrader 4 sub window.
You can also change the current currency pairs to whatever pairs you want to monitor, directly from the indicator’s input menu.
The NZD/JPY H1 chart below shows the Currency Strength Meter forex indicator in action.
Basic Trading Signals
This indicator is simple, you will look for the strongest currency pairs versus the weakest pair.
Take a look at the NZDJPY chart above, you will notice that the USD/JPY pair is the strongest pair and the NZDJPY is the weakest pair.
So, the pair you want to short (sell) is the NZDJPY pair.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Variable (Instrument 1, Instrument 2, Instrument 3, Instrument 4, Indicator Period, Indicator Applied Price) 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 Strength Meter.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)