The strong currency versus weak currency MT4 forex indicator scans 7 currencies for you.
The list of scanned currencies: USD, EUR, NZD, CHF, JPY, GBP and AUD.
It will display the strongest versus the weakest currencies in one easy to read small dashboard window directly visible on the main Metatrader 4 chart.
It can be used for scalping, day trading, swing trading and position trading on all timeframe’s.
The EUR/USD H1 chart below shows this Currencies forex indicator in action.
Basic Trading Signals
In order to make the most out of this forex indicator, you will need to check the indicator for strong versus weak currencies.
Obviously, you go long the strongest currency versus the weakest of short the weakest currency versus the strongest.
For scalping and day trading, load the indicator onto the 1-minute and 5-minute charts.
For swing trading, use the hourly chart.
For position trading, load it onto the 4-hour or daily chart.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart pattern indicator
Customization options: Variable (Currencies to Analyse, Value to compare, Compare Method, Treshold for Strength, Show Detailed Pairs) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: Currency Weak vs Strong
Copy and paste the I_CloseDifference_v-08.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)