Forex Clever Spread Strength Meter MT4 Indicator:
About the Forex Clever Spread Strength Meter MT4 Indicator
The indicator measures a currency’s relative strength, on different timeframes, through certain percentile spread analysis. This allows you to compare which are the strongest currency pairs, against the weakest pairs.
These spreads are based on comparison against USD.
How is “CEF Spread Currencies Strength” useful to you?
This indicator determines a currency’s strength for different timeframes, based on its spread historical record.
- This indicator identifies possible overbought or oversold patterns, by looking at excessive spread strength.
- This will allow you to have higher trading operation success, while you trade currencies with high spread analysis strength Vs low ones.
- This will allow you to have higher trading operation success, by avoiding continuation trades with currencies with neutral or close to zero spread analysis strength.
How can you use “CEF Spread Currencies Strength” indicator?
The low scores indicates large negative than usual spread of this currencies against others and the high scores indicates large positive than usual spread of this currencies against others.
- It indicates a strong bearish trend if the score is less than -3.
- It may indicate oversold signal if is less than -6.
- It indicates a strong bullish trend if the score is greater than 3.
- It may indicate overbought signal if is greater than 6.
- Table with descending values for relative spread strength.
- A currency’s row is highlighted in green color if its strength is higher than 3. On the other hand, if the strength’s value is lower than -3 then the row is highlighted with red color.
Support and questions:
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Carlos Forero, Member of Clever Trading Club, private organization with the purpose of design clever solutions to generate constant profits with adapted risk.
Copy and paste the file 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)