Currency Strength Indicator for MT4/5 Installation & User Guide

Currency Strength Indicator for MT4/5 Installation & User Guide

26 November 2021, 16:02
Juvenille Emperor Limited
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✔️ Currency Strength Indicator for MT4©: https://www.mql5.com/en/market/product/74444

✔️ Currency Strength Indicator for MT5©: https://www.mql5.com/en/market/product/74454


✔️ Currency Strength Trade Panel EA MT4©: https://www.mql5.com/en/market/product/74366

✔️ Currency Strength Trade Panel  EA MT5©: https://www.mql5.com/en/market/product/74367



Please read this installation & user guide, before you use your Currency Strength Indicator for MT4/5. Most of your questions and issues will be answered in this guide, but if you still need support I am always happy to help you.  

Profile page: https://www.mql5.com/en/users/eleanna74  

Email: info@juvenille-emperor.com






Currency Strength Indicator for MT4/5 Product Description


Currency Strength Indicator for MT4 is an innovative solution for any beginner or expert trader! It takes the currency strength concept to a whole new level, since it combines it with price action and can be applied on any symbol/pair, apart from the usual 28 combinations of the 8 major currencies. That means that you can trade the strength or weakness of any pair, including all currencies, major, minor and exotics, commodities and cryptos (not indexes). It is a real breakthrough product that gives you a clear insight of 32 symbols with one glimpse, by using colored bars that inform you visually about the strength/weakness balance of the 2 parts of any pair, without the need to decipher complicated strength lines or histograms, as in other traditional currency strength solutions.

Currency Strength Indicator for MT4 gives you the option to configure the 32 symbol buttons to your personal preference, by adding the pairs you want to keep any eye on and trade the most. This way you will never miss an opportunity, because you can have a whole view of the current market on your chart with just one look. In addition you can have terminal, push or email notifications sent to you, when your desired strength level is reached on any one of the 32 symbols you monitor, on the current timeframe.


Features

  • Extremely easy and straightforward interface without complicated extra windows or screens
  • Unique currency strength algorithm combined with price action, that can be used on any timeframe
  • Strength/weakness insight for any symbol/pair, including all currencies, commodities and cryptos (not indexes)
  • Real breakthrough product that gives a balance view of any symbol with colored strength/weakness bars
  • 32 customizable symbols on panel, that allow you to monitor your favorite instruments on the same chart
  • Terminal, push and email notifications available when your desired strength level is reached
  • Works smoothly on any symbol/instrument, account type or broker
  • 10000 Activations to use and enjoy your product forever




    Currency Strength Indicator for MT4/5 Installation & User Guide


    In order to buy Currency Strength Indicator for MT4/5 from MQL5.com Market you need to have a MQL5 community account. If you don’t have one, you can register here: https://www.mql5.com/en/auth_register


    1. First make sure that you have the necessary funds required for your purchase in your MQL5 account, it's always easier to pay with your MQL5 balance, than using a credit card during the buying procedure. 


    2. Find Currency Strength Indicator for MT4/5 in the MQL5.com website and open its product page. 


    3. Click the Buy or Rent button to continue with your purchase.








    4. Choose the payment method and click the green Next button to continue with your payment.










    5. After your payment is completed, you will need to open your MT4/5 terminal in order to download and install your Currency Strength Indicator for MT4/5. 


    6. When you open your MT4/5 terminal, you must make sure that you are logged into your MQL5 account with your MQL5 account login and NOT with your email, Facebook or any other. For example my login is the last part of my profile url, in my case: eleanna74, the last part of: https://www.mql5.com/en/users/eleanna74


    7. So, open the MT4/5 >> Tools >> Options >> Community tab and make sure you are logged in with your MQL5 account login.







    8. Then go down in the MT4 Terminal window and click the Market tab. On the left side of the Market tab, click the Purchased option and then click the blue Install button on the right side of the product you've just purchased. Or for MT5 go in the Navigator window and click the Market folder and then Purchases. Then your Purchases window opens on the right with all your purchases and you can click the Install button on the right for the product you've just purchased.








    9. After your Currency Strength Indicator for MT4/5 is installed you may want to setup the email and push notifications of your MT4/5 terminal, in order to receive email and/or push notifications about the strength/weakness information of your selected symbols.



    10. So you open MT4/5 >> Tools >> Options >> Email tab and you fill in the necessary details for your email and server, in order to receive your email notifications. Below is an example of the details that are required and a list of the most popular email providers and their SMTP settings.

    • In the SMTP server field you need to put your email provider’s SMTP address, you can see most of the popular providers below.

    • In the SMTP password field, you need to put your email’s password.

    • In the From and To fields, you need to put your full name a comma and then your email again, for example: John Smith, johnsmith@gmail.com


    List of SMTP Mail Servers: https://domar.com/pages/smtp_pop3_server


    Gmail: smtp.gmail.com:465

    Outlook-Hotmail: smtp-mail.outlook.com:587

    Yahoo: smtp.mail.yahoo.com:465

    iCloud: smtp.mail.me.com:587

    Mail.com: smtp.mail.com:465

    Mail.ru: smtp.mail.ru:25

    Zoho: smtp.zoho.com:465

    Gmx.com: smtp.gmx.com:465







    11. In order to set up your push notifications, open the MT4/5 >> Tools >> Options >> Notifications tab and fill in your mobile device’s or tablet’s MQL5 ID number, in order to receive your push notifications to those devices. You can find these MQL5 ID codes in your MT4/5 mobile app, if you click in Settings >> Messages. 


    You can also find your MQL5 IDs in your MQL5 account’s profile >> settings >> security.














    12. In order to receive Terminal alerts, you need to tick the appropriate option in MT4/5 >> Tools >> Options >> Events tab.








    13. After you've finished setting up your notification details, you may want to put your Currency Strength Indicator for MT4/5 to work. So, open a chart of the symbol you want and then from the left side of your MT4/5 terminal, in the Navigator window, find your purchased Currency Strength Indicator for MT4/5 from within the Indicators >> Market folder and drag it onto the chart (or double click it).




    14. The Indicator’s inputs/settings window will open. You adjust all the parameters you want and you also check the notification settings. A detailed guide for all inputs/settings of the Currency Strength Indicator for MT4/5 follows below.






    15. After you’ve completed your Currency Strength Indicator for MT4/5 setup you click OK. The Currency Strength Indicator for MT4/5 will be now visible on your MT4/5 terminal chart, use your mouse to move it around and you are ready to use and work with it!

    Also have in mind that in order for the strength/weakness readings/levels to be accurate, all available symbols that include the currencies involved must be enabled in MT4/5 >> View >> Symbols, especially the Major and Minor symbols.






    Tip: If your see candlesticks on top of your Currency Strength Indicator for MT4/5, you need to right click on your chart, go to Properties at the bottom, then Common tab and untick the Chart on foreground option.





    16. The Strength/Weakness colors you see on each pair/symbol on the Currency Strength Indicator for MT4/5 panel, reflect a certain percentage of strength or weakness of the one currency/part of the symbol over the other. These strength/weakness levels are explained in the diagram below.





    Currency Strength Indicator for MT4/5 Inputs/Settings Guide




    • Strength Candles: The number of candles that the Currency Strength Indicator for MT4/5 will take into calculation for determining the currency strength level of the 2 parts of each pair/symbol. The Currency Strength Indicator for MT4/5 uses a unique algorithm that calculates the currency strength taking price action of the specific timeframe into account and the result is an accurate and meaningful reading that can help you in your trading decisions. The smaller the Strength Candles number is the more close to price action but unstable currency strength/weakness readings you will see on the panel, the larger the Strength Candles number is, the more stable and trustworthy the strength/weakness color readings on the panel will be. After extensive testing, the number 24 seems to work best in all pairs/symbols and timeframes.
    • Terminal Alerts: True/false of the option to receive alerts in your MT4/5 terminal for every new Currency Strength reading over your desired Strength % Notification Level in the setting below. The alert will come in the form of: 72% EURUSD 28% and that means that EUR currently has a strength of 72% over the USD which has a strength of 28%. These alerts and the strength/weakness levels on them are different for each timeframe, since they reflect the strength/weakness calculation with the price action of each timeframe taken into account.

    • Push Notification Alerts: True/false of the option to receive push notification alerts in your mobile device for every new Currency Strength reading over your desired Strength % Notification Level in the setting below. The alert will come in the form of: 72% EURUSD 28% and that means that EUR currently has a strength of 72% over the USD which has a strength of 28%. These alerts and the strength/weakness levels on them are different for each timeframe, since they reflect the strength/weakness calculation with the price action of each timeframe taken into account.

    • Email Alerts: True/false of the option to receive email alerts for every new Currency Strength reading over your desired Strength % Notification Level in the setting below. The alert will come in the form of: 72% EURUSD 28% and that means that EUR currently has a strength of 72% over the USD which has a strength of 28%. These alerts and the strength/weakness levels on them are different for each timeframe, since they reflect the strength/weakness calculation with the price action of each timeframe taken into account.

    • Strength % Notification Level: The percentage % level of strength for each currency/part of any pair/symbol on the panel, over which you will receive the appropriate terminal, push or email alert/notification, according to your settings above.

    • Symbol Prefix: The prefix that the trading account's symbols have in front of them should be filled in this setting. For example if your broker has a mEURUSD symbol instead of the usual EURUSD, you should put m in this setting.

    • Symbol Suffix: The suffix that the trading account's symbols have at the end of them should be filled in this setting. For example if your broker has a EURUSD.r symbol instead of the usual EURUSD, you should put .r in this setting. *

    • Panel Symbol(s) 1-32: The pairs/symbols that will be available on the Currency Strength Indicator's for MT4/5 panel. These pairs/symbols must be enabled in your MT4/5 >> View >> Symbols in order to be able to see their strength/weakness levels, click on them and change to their chart. These 32 symbols are customizable and you can put the ones you want to monitor and trade with. You must be careful to fill in your desired pairs/symbols, exactly as they are written in your Marketwatch window. That means that if they have a prefix or suffix before or after the main part of the symbol, that should be included, for example if your broker has a EURUSD.r symbol you should write EURUSD.r in the Panel Symbol setting and NOT EURUSD.* Also have in mind that in order for the strength/weakness readings/levels to be accurate, all available symbols that include the currencies involved must be enabled in MT4/5 >> View >> Symbols, especially the Major and Minor symbols.

    * below is an example of a setup for a broker that uses a .r suffix in its symbols:





    For any questions or issues with the installation and/or the use of the Currency Strength Indicator for MT4/5, please don't hesitate to contact me: https://www.mql5.com/en/users/eleanna74




    ✔️ Currency Strength Indicator for MT4©: https://www.mql5.com/en/market/product/74444

    ✔️ Currency Strength Indicator for MT5©: https://www.mql5.com/en/market/product/74454


    ✔️ Currency Strength Trade Panel EA MT4©: https://www.mql5.com/en/market/product/74366

    ✔️ Currency Strength Trade Panel  EA MT5©: https://www.mql5.com/en/market/product/74367



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