Currency Strength Breakout
The Currency Strength Breakout indicator monitors eight currencies across M1, M5, M15, M30 & H1 time frames all in the same window.
Trade the strongest currency against the weakest with alerts for pullbacks giving you the opertunity to enter the trend.
Please note: I have made the decision to give this Indicator away and many more for free with limited support so that I can concentrate on Custom EA.
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Monitoring Signals - https://www.mql5.com/en/signals/author/robots4forex?orderby=gain
- Easily see which currencies are currently trending and in which direction.
- Trade pullbacks with the highest probability of success.
- Colors are fully adjustable.
How To Trade
- The higher time frame currency strengths are displayed on the left.
- The lower time frame currency strengths are displayed on the right, only the strongest and three weakest.
- On the lower time frame wait for the strongest currency strength to go below the weaker currency, this indicates a pullback. Alerts are generated for this signal if they are enabled.
- Open the chart for this pair, indicated top right of the window. Note the breakout direction you are looking to trade is also displayed top right.
- Look for a good entry point based on your preferred method, either choose a support level and enter at a good price or add a buy/sell stop order to catch the trend when it continues.
- Always remember to add a stop loss in a smart position.
- MAPeriod - The moving average period used by the indicator - Values 1 to 1000
- Alerts - If enabled the indicator will alert on pullbacks for the strongest currency against the weakest three currencies.
- SmoothingLower - If enabled the lower time frame is smoothed.
- SmoothingLowerPeriod - The smoothing period for the lower time frame - Values 1 to 10.
- SmoothingUpper - If enabled the upper time frame is smoothed.
- SmoothingUpperPeriod - The smoothing period for the upper time frame - Values 1 to 10.
- TextColor - The text color for the pairs displayed top right.
- USDColor - The color of the USD currency.
- EURColor - The color of the EUR currency.
- CHFColor - The color of the CHF currency.
- AUDColor - The color of the AUD currency.
- JPYColor - The color of the JPY currency.
- GBPColor - The color of the GBP currency.
- CADColor - The color of the CAD currency.
- NZDColor - The color of the NZD currency.