Currency Strength Meter Indicator for MT5 shows the strength of individual currencies by tracking their performance against all other currencies. As a result, the indicator displays the strength of each currency in the form of colored bars, as well as a numerical value in percentage.
This way, forex traders can quickly identify BULL and BEAR currencies and form the best currency pair to trade. By combining the strongest currency with the weakest and constantly monitoring its strength, technical traders can manage the trend using a trend-following strategy.
The indicator works well for both beginners and experienced forex traders. New traders can visually identify BULLISH and BEARISH currency trends and their strengths.
In addition, the indicator is free to download and easy to install.
Currency Strength Meter indicator for MT5 trading setup
The below GBPNZD H1 chart shows the currency strength meter indicator for MT5 in action. The indicator displays a counter in the lower left corner of the chart. Moreover, a green or red arrow is displayed when the currency strength changes, depending on the direction.
Forex traders can use this forex indicator to determine the strength of one currency against another and determine the strength of an individual currency. This way, you can pair the strongest currency with the weakest one and BUY or SELL accordingly. Since a higher currency value indicates a major BULLISH market trend, a lower value indicates a major BEAR price trend.
On the other hand, a decrease in the strength value indicates that the currency is losing its strength. Thus, forex traders can exit the transaction or partially take profits. But if the currency’s strength continues to hold, traders can hold the position and move with the trend until the currency shows weakness.
The indicator works on the principle that if one currency gains BULLISH dynamics, then some other currency gains BEAR. Thus, forex traders can BUY or SELL currency pairs after determining a strong and weak currency and pitting them against each other.
The indicator works well on all intraday timeframes and daily, weekly, and monthly charts. Thus, forex traders can use this indicator to identify the trend in a higher time frame to choose the best entry and exit point in a lower time frame. So, the indicator is used for trading using a multi-time frame (MTF).
Currency Strength Meter for MT5 provides trading signals using colors. However, trading signals give the best results if the price bounces off support, resistance, or channels. Moreover, forex technical traders can trade trading signals with other trend indicators. In addition, forex traders can download the indicator for free and install it easily.
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