Forex Pro Currency Strength Meter MT4 Indicator

Forex Pro Currency Strength Meter MT4 Indicator:

About the Forex Pro Currency Strength Meter MT4 Indicator

Currency Strength Meters are a great way to identify strong and weak currencies.

With this CSM indicator attached to your chart, you will get a clear overlook over the 8 major currencies: USD, EUR, JPY, CAD, CHF, GBP, AUD, and NZD.

Suggested timeframes to scan is:

M15 – H1 – H4 – Daily

You can however just change timeframe to check in the settings. Bear in mind that scanning very low timeframes such as M1 will require a lot of resources and might make your mt4 terminal slow.

The strength scale goes from 0 – 100 and by default we consider:

Strong: Currencies with a strength number higher than 60 (Colored green)

Neutral: Currencies between 40 and 60 (Colored yellow)

Weak: Currencies with a strength number lower than 40 (Colored pink)

Note: You can change the color criteria if you want to define strong and weak currencies differently than the default settings

Test results:

Forex Pro Currency Strength Meter MT4 Indicator

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)

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