The MA Currency Strength Forex indicator for Metatrader 4 measures currency strength across the 8 major currencies with the help of a moving average.
It displays currency strength in a dashboard underneath the main MT4 chart.
The following currencies are supported: USD, EUR, GBP, CHF, AUD, CAD, JPY and NZD.
After loading the indicator onto the chart, you will notice colored bull & bear bars.
A blue colored bar suggests that the currency is strong while a red colored bar suggests that the currency is weak.
When the bar is colored both blue and red, currency strength is considered mixed.
- A blue colored bar represents a strong currency.
- A red colored bar represents a weak currency.
- Mix the indicator with other analysis tools to find the best entry and exit point.
- Easy to find the most interesting currency pair(s) to trade.
- Works for any trade style (scalping, day trading, swing trading).
Indicator Example Chart
The EUR/USD Daily chart below displays the MA Currency Strength Forex Metatrader 4 forex indicator in action.
Basic Trading Signals
Signals from the MA Currency Strength Forex MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Open a buy trade when you find a currency that is strong (blue bar) versus a currency that is weak (red bar).
In this case, the trend is considered to go upwards.
Place a stop loss below the previous swing low point (support) or apply your own stop loss method.
Exit the buy trade for a reward/risk ratio of 2.0 or better, or apply your own favorite take profit method.
Sell Signal: Open a sell trade when you find a currency that is weak (red bar) versus a currency that is strong (blue bar).
In this case, the trend is considered to go downwards.
Place a stop loss above the previous swing high point (resistance) or apply your own stop loss method.
Exit the sell trade for a reward/risk ratio of 2.0 or better, or apply your own favorite take profit method.
Download This Forex Indicator
Adjustable Parameters & Settings
Price type of MA, method of MA, period of MA, maximum bars to compute, colors, width, style.
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
More Info About This Indicator
Recommended Currency pairs: Any
Trading Platform: MT4
Time Frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: Currency strength
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.