Currency Strength Meter Open Formula
- Indicators
-
Kazuma Uezono
MQL5 / MQL4 / Pine Script v6 developer and active trader.
Seller on the MQL5 Market (indicators for MT4/MT5).
Services:
- TradingView Pine Script to MT5/MT4 conversion (bar-by-bar matching, with tester report)
- MT4 to MT5 migration - Version: 1.2
- Activations: 5
Currency Strength Meter for MetaTrader 4 combines the 28 pairs of the 8 major currencies (USD, EUR, JPY, GBP, AUD, NZD, CAD, CHF) into one strength line per currency, with a ranking table for the chart timeframe, M15, H1, H4 and D1. The full formula is published below.
It is meant for MT4 traders who compare currencies before choosing which pair to look at, and who want to know exactly how the numbers are made. It is an analysis aid: it does not tell you when to buy or sell and does not show future price movement. The formula, inputs and defaults are the same as in the MetaTrader 5 version, which is a separate product.
Features
- 8 strength lines in a subwindow, with the currency name and value at the right end.
- Multi-timeframe ranking table: the chart timeframe plus four timeframes (M15, H1, H4, D1 by default, each changeable), currencies sorted from strongest to weakest.
- 28-pair difference list (off by default): strength of the base currency minus strength of the quote currency, largest difference first.
- Extra symbols (empty by default): up to 3 symbols such as gold or a stock index, in a separate table with the same % change. They are not used for the 8 currencies.
- Symbol prefix and suffix detected automatically from the chart symbol, or set by hand. Missing pairs are listed and excluded.
- Alerts (off by default): the 1st or the 8th currency changed, or the difference between the 1st and the 8th rose above a threshold. Pop-up, sound, push notification and e-mail.
- Chart text, table and alerts in English or Japanese (Auto follows the terminal language).
Main Inputs
- Calculation: period N in closed bars (1-500, default 20), symbol prefix and suffix (blank = auto).
- Ranking table: on or off, chart timeframe as the first row, timeframes 1 to 4, position (main chart or subwindow, Auto or a corner), text size.
- Pair difference list: on or off, its timeframe (default H1), number of pairs shown (1-28, default 8).
- Extra symbols 1 to 3 (exact symbol names).
- Lines: names and values at the right end, text size, line width, one color per currency, language.
- Alerts: alert timeframe (default H1), rank change, difference threshold (default 1.0%), the four delivery methods.
- Bars drawn in the subwindow (default 5000).
The MT4 input dialog has no group headers; the inputs are in the same order as in the MT5 version.
How It Is Calculated
- Pair change = (close of the last closed bar / close of the closed bar N bars earlier - 1) x 100 (%).
- Currency strength = the mean of the changes of the available pairs that contain the currency. The sign is kept for the base currency (EUR in EURUSD) and flipped for the quote currency (USD in EURUSD).
- Time alignment: the time T of the chart symbol's closed bar is the reference on each timeframe. Each pair uses the close of its last bar at or before T, and the same rule for the bar N bars earlier.
- Missing pairs are excluded. When a currency has fewer than 7 pairs, the table shows the number used, for example "(6)". The subwindow name shows N and the number of pairs used on the latest closed bar.
- Only closed bars are used. The forming bar has no value and no line.
- Values can be read with iCustom (buffers 0-7 = USD, EUR, JPY, GBP, AUD, NZD, CAD, CHF; 39 inputs in order). There are no values in the Data Window.
Notes and Limits
- Currency strength is a relative comparison of past price changes by a fixed formula. It does not show trade timing, profit or future price movement. Past charts do not guarantee future results.
- Strength depends strongly on N and the timeframe; the ranking can be reversed on another timeframe at the same moment. In quiet markets the ranking changes often.
- Values of closed bars do not change later, except when a late pair or older history arrives, a pair is excluded after repeated loading failures, or the terminal reloads history. Then the whole timeframe is recalculated and past values change at that moment.
- Values appear about 10 to 60 seconds after a bar closes. The last bar on Friday is shown after the first tick on Monday.
- While the history of the other pairs is loaded, "Waiting for data (n/28)" is shown for up to 30 seconds, then "Calculating...".
- First load in MT4 can take longer: in our check usually 10 to 20 seconds, and more than a minute when no history of the other pairs had been downloaded yet.
- If the ranking table is hidden behind the candles, turn off "Chart on foreground" in the chart properties (F8).
- MT4 limits object texts to 63 bytes. Tables and the missing-pair list are wrapped so nothing is lost; a long message in the middle of the subwindow can end with "..." in the Japanese display.
- When called with iCustom from a script, the journal may show "cannot set timer". This does not affect the values.
- On a chart whose symbol contains no pair name (for example gold), set the prefix and suffix by hand.
- Alerts are not buy or sell signals. No alerts in the Strategy Tester.
- Objects whose names start with "CSM_<number>_" belong to this indicator and are cleaned up by it.
Compatibility and Support
- MetaTrader 4 only (it does not run on MT5). Designed for accounts that offer the 28 pairs; it can be attached to any symbol and timeframe.
- Two copies can run on one chart (the second is labelled "#2"); turn the second table off or move it to the subwindow.
- Works with templates and after a terminal restart. No DLLs, no external files, no internet access.
- A PDF user guide (English or Japanese) is sent on request through MQL5 messages after purchase.
- Support through MQL5 messages, reply within 3 business days, for installation, settings and bug reports. Questions about market views, trade decisions or how to read a result cannot be answered.
