FFx Universal Strength Meter
PRO version is available here: https://www.mql5.com/en/market/product/12648
FFx Universal Strength Meter is more than a basic strength meter. Instead of limiting the calculation to price, it can be based on any of the 19 integrated strength modes + 9 timeframes. With the FFx USM, you are able to define any period for any timeframe. For example, you can set the dashboard for the last 10 candles for M15… Full flexibility!
Very easy to interpret... It gives a great idea about which currency is weak and which is strong... so you can find the best pairs to be traded in good confidence.
Example: if EUR is strong and USD is weak, then you can look for long entries on your EURUSD chart.
- Strength Mode: here you can select the mode you want to use for the strength calculation ... (Price, Moving Average, MACD, Stochastic, RSI, WPR, Momentum, CCI, ADX, PSAR, DeMarker, AC, AO, Bulls, Bears, Ichimoku, Force Index, OsMA, RVI). Of course, each indicator has its own usual inputs to be set as per your need.
- Strength Period: this number is the number of candles used for the calculation. You can set any number from 1 to whatever you want...
- Strength Timeframe: select the timeframe you want the calculation to be based on. Note that even a lower TF than the current chart can be selected (timeframes M1 to MN1).
- Symbol prefix/suffix: if your broker provides symbols like xxxEURUSDyyy, just add the xxx in prefix and yyy in suffix.
- Horizontal/Vertical Shift: you can set here any number to place the dashboard anywhere on the chart.
- Then all usual parameters for the standard indicators like provided in your MT4 platform.