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MQLTA Currency Strength Lines

4.88

The Currency Strength Lines (CSL) indicator is a very useful tool for both beginners and experienced traders. It is able to calculate the strength of single currencies and show them on a chart, so that you can see the trend and spot trading opportunities.


How does it work?

The CSL Indicator will run calculations on all the 28 pairs, resulting in the overall strength across the market of individual currencies at any given moment. You can use this data to spot currencies that are strong, getting stronger, weak, getting weaker.

  • A line going upwards means that the currency is gaining strength.
  • A line pointing downwards means that the currency is becoming weak.
  • A line above another one means that one currency is stronger than the other.
  • Flat lines, or almost flat, represent currencies that are maintaining the current strength.
  • A line above zero is likely to have a bullish trend against currencies below zero and vice versa.

If the option is enabled, the indicator will draw arrows for possible BUY or SELL signals on the current symbol. You can also select to be notified.


How to trade with CSL indicator

CSL Indicator can be used for long term or scalping. It is better to confirm entry signals with another indicator or price action.

  • Diverging lines, that is where a currency is gaining strength and the other is losing strength.
  • Better when a line above zero and one below.
  • BUY the STRONG and SELL the WEAK.


Why you should use the CSL Indicator?

The Currency Strength Lines indicator is a very useful tool to:

  • spot trend continuation.
  • spot possible trend reversal.
  • filter the pairs to trade, showing which currencies are strong and which are weak.


How to test and backtest

MetaTrader 4 has known limitations when it comes to backtest indicators and Expert Advisors involving multiple currencies, so if you are trying to try the demo or backtest the indicator follow these steps:

  1. Open all the 28 pairs containing the 8 major currencies and the timeframe that you want to test, allow some time to download the historical data.
  2. Load the indicator in the strategy tester and choose your preferred parameters.
  3. Select a period to test that is quite recent to make sure that the historical data for all 28 pairs are available.

To work around this process, I created a DEMO for you to to see the indicator in action with only four currencies. Check https://www.mql5.com/en/market/product/23029.
You can also rent the indicator for a month for a very low price.


Parameters

  • Indicator's Name - name of the indicator. This must be different if you intend to add more than one instance.
  • Calculation Mode - calculation method. Choose the more suitable one for your trading style.
  • RSI Period - period of the RSI in case you select a method using the RSI (recommended between 10 and 50).
  • RSI Smoothing - period of the moving average to smooth the lines when RSI MA is selected (recommended between 2 and 10).
  • Show Arrow Signal - display arrows.
  • Draw when a currency is above the other - display an arrow every time the lines are crossed.
  • Draw if lines are opposite to the zero - less but more reliable signals.
  • Buy Signal Color - buy arrow color.
  • Sell Signal Color - sell arrow color.
  • Neutral signal color - stop signal color.
  • Enable Notification - enable/disable notifications.
  • Send Alert Notification - send alert notifications (popup screen in MetaTrader).
  • Alert Sound - file name of the sound to play during the alert.
  • Send Notification to Mobile - send notifications to the mobile app.
  • Send Notification via Email - send notifications via emails.
  • Wait time between notifications - minutes of wait before sending another notification.
  • Number of bars to calculate - number of bars to consider, above 1000 will cause slow loading time.
  • Pairs Prefix - prefix of the pair.
  • Pairs Suffix - suffix of the pair.
  • Currencies to Analyze - consider/ignore the currency, recommended true
    • EUR.
    • USD.
    • GBP.
    • JPY.
    • AUD.
    • NZD.
    • CAD.
    • CHF.
  • Currencies Colors and Width
    • Corner to show the labels - Top or Bottom, Left or Right.
    • Horizontal offset (pixels) - horizontal spacing.
    • Vertical offset (pixels) - vertical spacing.
    • Label Color - color of label.
    • EUR - lines colors.
    • USD.
    • GBP.
    • JPY.
    • AUD.
    • NZD.
    • CAD.
    • CHF.
    • Width for Currencies not on chart - recommended 1 to 5.
    • Width for Currencies on chart - recommended 1 to 5.

If you like this tool please take a minute to leave a review.

If you have suggestions to improve it please send me a message and we can discuss it further.

Feel free to visit my profile and "Add to friends" https://www.mql5.com/en/users/mql4autotrading.

Reviews 10
Masoud Seydeshaghi
602
Masoud Seydeshaghi 2023.10.18 14:21 
 

top Hello buddy I like the indicator might you add silver oil gold to it also please

Tradercc
34
Tradercc 2023.06.20 06:29 
 

很强大的强弱指标

dedy22
14
dedy22 2021.12.01 02:35 
 

it`s a great indicator

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Alexey Minkov
4.74 (54)
GET 10% OFF NOW! An exclusive indicator that utilizes an innovative algorithm to swiftly and accurately determine the market trend. The indicator automatically calculates opening, closing, and profit levels, providing detailed trading statistics. With these features, you can choose the most appropriate trading instrument for the current market conditions. Additionally, you can easily integrate your own arrow indicators into Scalper Inside Pro to quickly evaluate their statistics and profitabilit
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Currency Strength Wizard is a very powerful indicator that provides you with all-in-one solution for successful trading. The indicator calculates the power of this or that forex pair using the data of all currencies on multiple time frames. This data is represented in a form of easy to use currency index and currency power lines which you can use to see the power of this or that currency. All you need is attach the indicator to the chart you want to trade and the indicator will show you real str
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Automatically draw support and resistance levels PLUS propulsion candle gaps on your chart, so you can see where price is likely to head next and/or potentially reverse. This indicator is designed to be used as part of the position trading methodology taught on my website (The Market Structure Trader) and displays key information for targeting and potential entries. MT version available here:  https://www.mql5.com/en/market/product/97973 There are 2 CORE features in the indicator and 4 additiona
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Italo Levels Indicator
Italo Santana Gomes
5 (7)
BUY INDICATOR AND GET EA FOR FREE AS A BONUS + SOME OTHER GIFTS! ITALO LEVELS INDICATOR  is the best levels indicator ever created, and why is that? Using high volume zones on the market and Fibonacci the Indicator works on all time-frames and assets, indicator built after 7 years of experience on forex and many other markets. You know many levels indicators around the internet are not complete, does not help, and it's difficult to trade, but the   Italo Levels Indicator is different , the Ital
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FX Power MT4 NG
Daniel Stein
5 (7)
Trading GOLD, and currencies, with the dog walk strategy  - super smart Trading GOLD, and currencies, with the breakout strategy  - super easy Visit our all-new   Stein Investments Welcome Page   to get the latest information, updates and trading strategies. FX Power MT4 NG  is the next generation of our long-time very popular currency strength meter, FX Power.  And what does this next-generation strength meter offer? Everything you have loved about the original FX Power  PLUS GOLD/XAU stre
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THISE INDICATOR NOT WORK ON FREE DEMO. there is a protocol to work it. target finder indicator is a forecast the find probably targets.up and down. to use thise indicator, there is a protocol,i explain below. first load indicator  you will see blue and red lines. on the left side look to the higher value of line ,and draw horizantal line on top it. and on the right side see the LEVEL NUMBER. Finding UP TARGET h=put that level number  m=1 b=1 pres ok. you will see on the screen ,on top right ,r
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Filter:
Masoud Seydeshaghi
602
Masoud Seydeshaghi 2023.10.18 14:21 
 

top Hello buddy I like the indicator might you add silver oil gold to it also please

Tradercc
34
Tradercc 2023.06.20 06:29 
 

很强大的强弱指标

Wah Lai So
138
Wah Lai So 2022.05.12 17:56 
 

Hoping that you can add a function to your great indicator which is...... just 2 clicks on currency button to change the currency pair chart!

dedy22
14
dedy22 2021.12.01 02:35 
 

it`s a great indicator

HomayounT
339
HomayounT 2021.08.19 08:31 
 

Excellent indicator and reliable. Thanks to Author!

baskalapana
87
baskalapana 2021.02.17 17:06 
 

Great Indicator!!!, I cant thank you enough for this.. cheers

김상훈
30
김상훈 2019.11.12 02:48 
 

I purchased an indicator. However, GBPAUD 2019 is going to BACKTEST, but 8 and 28 currency pair data is not automatically down. What should I do?

shuanger0602
134
shuanger0602 2019.04.23 13:59 
 

很棒的指标,在作者的帮助下我已经做成了EA,感谢作者的分享

Dan B
53
Dan B 2019.03.18 22:18 
 

This is one of the best indicators i use.

maleke1
786
maleke1 2018.06.23 01:12 
 

This indicator was developed well and does the job. Doubled my account in a short period. Kudoz!!

Reply to review
Version 1.17 2021.02.16
Minor code cleanup and optimizations.
Version 1.11 2017.09.27
- Performance Optimization
- Clean up of the interface
Version 1.1 2017.07.03
- Improved graphical interface, more readable
- Added button to enable live update and pause
- Decreased default Bars loaded to improve performance
- Added arrows for possible BUY and SELL setups
- Added notification system
- Removed unused calculation methods