Currency Charts
- Indicators
- Version: 1.0
- Activations: 10
Currency Chart is a MT5 overlay indicator for 8 major currencies including AUD, CAD, CHF, EUR, GBP, JPY, NZD and USD. The chart represents one currency average prices relative to the others. The currency chart makes us easy in evaluate direction, trend, strength, support and resistant levels or even a reversal level of the currency. Good for medium-term and long-term trading styles.
- Chart type: Candlestick chart, bar chart or line chart.
- Chart timeframe: Same as MT5 timeframe.
- Built-in indicators: 3-Moving average lines.
Parameters
- Chart parameters
- Select Currency: select a currency name from drop-down menu.
- Chart Type: select chart type from drop-down menu.
- Bars to calculate: specify number of bars to display on MT5 terminal, 0=auto fit sreen width.
- Adjust vertical position in points: specify number of points in positive or negative value to move the chart up or down from vertical center level. 0=center.
- Moving Average parameters(3 Sets for 3 Moving Averages)
- Add MA Line to chart: true=add, false=don't add.
- MA Period: specify moving average period.
- MA Averaging Method: select averaging method.
- MA Applied Price: select moving average applied price.
Reading and interpretation, we can read and interpret a currency chart the same way as a chart for currency pairs.
How to use the currency chart effectively?
- Only start from reading the chart of one currency at a time.
- Spot swing highs and swing lows to draw dynamic support and resistant lines.
- Ascertain a direction of the currency from the chart.
- Find other currencies that move in opposite direction.
- Pairs both currencies together to achieve the target pair.
- Open the chart of the target pair to evaluate trade possibility according to your trading criteria.
How to evaluate currency strength from the chart?
- A candlestick or series of candlesticks of wide body and short wicks denotes the strength of the currency.
- A candlestick or series of candlesticks of narrow body and long wicks denotes the weakness of the currency.
How to run the 'Currency Chart' on weekend or when the server closed?
- To get 'Currency Chart' work properly on weekend is to switch MT5 timeframe button back and forth until all processes done.
Note: if you have any questions or require further information please feel free to contact me via personal message.
