Forex Meter Oscillator

5

Forex Meter Oscillator is an indicator that can give a whole view of forex market from a single chart, measuring currency strenghts among 28 forex pairs (majors and minors).

The "oscillator" word is very meaningful: it normalizes currency strenghts in order to provide values in a predefined range (from -1 to 1).


What are normalization's advantages?

It's so simple, values will always be in a pre-defined range that reflect exactly the current value compared to the last N values. In this way you will not have spikes and values "out of range" that can make more difficult the understanding of the indicator. In this way it will be possible to shape more precise and robusts rules about a trading strategy! 

For example:

Value +1 : Currency strenght is at maximum of last N candles. Wait for the currency to decrease from 1 to catch good weakness moment of that currency.

Valule -1: Currency strenght is at minimum of last N candles. Wait for the currency to increase from -1 to catch good strenght moment of that currency.


Indicator has an Alert section in order to trigger alert messages when some conditions are met.

  • Currency are rising or falling. (Crosses of specific value, input parameters)
  • Currencies crosses


Indicator also has some analyzer panels:

  • Yesterday panel: differences from yesterday to current candle.
  • Today panel: differences from midnight of current day to current candle.
  • Last candle: differences from the last candle and the previous one. 

Input variables:

  • Symbol prefix: in case of your broker use a symbol prefix (ex. mEURUSD)
  • Symbol suffix: in case of your broker use a symbol suffix (ex. EURUSD.)
  • First bar: the first bar to be calculated (enter 1 to calculate the last closed candle, 0 in order to calculate also the current candle)
  • Bars plotted: Numbers of bars that are plotted to graph
  • Normalize period: Normalization period (compare current values to Min/Max values of last X candles)
  • Enable alerts
  • Enable Rise/Fall alert
  • Enalbe Crosses
  • Rise threshold: Value at which will be sended a "rising" alert (when a currency crosses above this value)
  • Fall threshold: Value at which will be sended a "falling" alert (when a currency crosses below this value)
  • Cross minimum strenght: Minimum strenght that currency need to have in order to generate a cross alert (this will be the difference from the previous candle, the same that it can be seen from "Last candle" panel. This value is to avoid "weak" and unclear crosses)
  • Colors of currencies: decide colors of currencies lines
  • Background color: color for background of analyzer panels
  • Enable Yesterday panel
  • Enable Today panel
  • Enable Last candle panel


Button next to the indicator name are used to switch to the related symbol, click 2 currencies in order to open the related chart.

NOTE: Due to large amount of data required by indicator it can be needed, sometimes, to change timeframe of chart in order to force its refresh.


If you have some doubts about how to use my indicator, please don't esitate to contact me and I'll be happy to help you!

Reviews 5
Massimiliano Brancato
418
Massimiliano Brancato 2020.11.18 09:00 
 

One of the best CS indicator, perfect for my strategy. Thanks Fabio, also for your help.

Aravind Kolanupaka
10229
Aravind Kolanupaka 2020.09.13 18:27 
 

Good Indicator

4xplosion
1006
4xplosion 2019.12.06 21:35 
 

Haven't tested it live yet, but looking at past setups: Looks Very Promising...and for the price you just cannot beat it!! I ran into some broker issues and Fabio was very delligent in giving me technical support....Issue was resolved. Highly recommend indicator and his support!

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TREND LINES PRO    helps understand where the market is truly changing direction. The indicator shows real trend reversals and points where major players re-enter. You see   BOS lines   Trend changes and key levels on higher timeframes — without complex settings or unnecessary noise. Signals don't repaint and remain on the chart after the bar closes. VERSION MT 5     -     Reveals its maximum potential when paired with the   RFI LEVELS PRO  indicator What the indicator shows: Real shifts   tren
The Propfolio Master Suite is the ultimate all-in-one analytical workstation for professional traders. Combining the power of the Beat The Market Maker (BTMM) methodology, Smart Money Concepts (SND/Liquidity), and Advanced Volume Profile, this suite replaces multiple different indicators with one optimized engine. Monitor up to 14 pairs simultaneously from a single chart, instantly identify market cycles, and seamlessly map institutional footprints with the click of a button. The Command Center
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Relax EA MT5
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Live monitoring   signal NOTE: This is for monitoring only, do not subscribe to signal! This EA trade in a very delicate way during very delicate time, be smart and don’t use copy signals service. Discrepancies in quotations, spreads, trading hours and delay in copying trades will make almost impossible to have same results. Relax EA open trades at the end of Friday trading session looking for specific patterns, volatility and momentum on several timeframes: main idea is to catch quickly and pr
Thermo MAP MT5
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Thermo MAP is a multicurrency and multitimeframe indicator that display a smart heat map based on proprietary calculations. Watch how Forex market moved and is currently moving with a single dashboard and have a consistent and good idea of what is happening! It can be suitable for both scalping or medium/long term, just select options that better fit your trading style Symbols list are automatically sorted based on the preferred column. There is the possibility to click on: First row, timeframe
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Quick Trade MT5
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Quick Trade is a simple but needful utility for MT5 that allows to set SL, TP and entry price for a trade in a couple of seconds, allowing also shaping right position size based on risk wanted. It provide shortcuts to save more time and of course, you can also put values typing with keyboard or drag lines at your desired value! Shortcut Action CTRL + Click Set SL Shift + Click Set TP z + Click Set Price A simple utility that you will start to love if you do manual trading. Stop calculating risk
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Spread Monitor MT5
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This is a usefull utility for monitoring spread and also for recording informations to a file. (Files will be placed into "Common\Files\Spread Monitor"). There is the possibility to let the indicator calculate high/low into the past thanks to downloading ticks. (It's a slow and approsimate thing! The best way to use it is to attach to a chart and let it recording spread in real time). There is also a buffer with the average of spread in latest X periods. Easy and effective.
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OnBoard stats MT5
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OnBoard stats is a panel that show in a single view a lot of usefull information about working orders and trading account. It has 4 different sub-panels (from left to right): Symbols order statistics : it can be found symbols for which there are orders (market or pendings). Symbol with pendings are colored with "Pendings color". Clicking on a specific symbol row, chart will be changed to that symbol. Current symbol statistics : informations about the "current" symbol, the one which is opened in
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OnBoard stats
Fabio Cavalloni
5 (7)
OnBoard stats is a panel that show in a single view a lot of usefull information about working orders and trading account. It has 4 different sub-panels (from left to right): Symbols order statistics : it can be found symbols for which there are orders (market or pendings). Symbol with pendings are colored with "Pendings color". Clicking on a specific symbol row, chart will be changed to that symbol. Current symbol statistics : informations about the "current" symbol, the one which is opened in
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The Forex Exchanger MT5
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5 (6)
All explainations about the strategy:  https://www.mql5.com/en/blogs/post/747470 Live signals:  Main account:  https://www.mql5.com/en/signals/1416185 Second account:  https://www.mql5.com/en/signals/2111323 Here I will explain only the EA inputs part. This EA will be consistently updated with new and unpredictable things that can bring its performance to a better level every day! Buying this EA you will not only got a powerful automatic trading system, but also all knowledge and experience I'v
Golden Goal GG
Fabio Cavalloni
5 (1)
Please refer to this   blog post  for additional informations about the strategy, approaches behind it and some backtest examples. Golden Goal (GG) Expert advisor is a complete autotrading system that works on 28 majors-minors forex pairs. Its nature can be described as mean-reversion approach, with custom complex entry, exit and scaling decisions, that can make the EA act like an auto-optimizing expert advisor. Oppositely to my other EA The Forex Exchanger , inputs do not allow to customize in
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Massimiliano Brancato
418
Massimiliano Brancato 2020.11.18 09:00 
 

One of the best CS indicator, perfect for my strategy. Thanks Fabio, also for your help.

Aravind Kolanupaka
10229
Aravind Kolanupaka 2020.09.13 18:27 
 

Good Indicator

Dmitry Karagusov
798
Dmitry Karagusov 2020.01.13 18:47 
 

User didn't leave any comment to the rating

4xplosion
1006
4xplosion 2019.12.06 21:35 
 

Haven't tested it live yet, but looking at past setups: Looks Very Promising...and for the price you just cannot beat it!! I ran into some broker issues and Fabio was very delligent in giving me technical support....Issue was resolved. Highly recommend indicator and his support!

Johan Soekwanto
405
Johan Soekwanto 2019.11.22 17:49 
 

Seriously this indicator is exactly what my system is missing.

This meter tells you which pairs to focus on and not waste time on those that are uncertain.

Give it a test, it will definitely help any system you are using.

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