SL Currency Strength Meter 28 Pair
This strategy is even used by the Banks to make profits. They take a strong currency and pitch against a weak currency
This indicator allows you to analyze the hidden trends and correlations between the 8 most traded currencies via unique strength meter which creates multiple charts in a single window based on the price action of each currency in relation to all other currencies. The indicator also includes interactive panel where you can see the trends for all 28 pairs as well as the distance to the stronger and the weakness pair for the selected period. With this panel you can switch between currency pairs with one click.
Suggested timeframes to trading :M1 - M5 - M15-M30 -H1 -H4 -D1
You can however just change session strength to check in the settings. Bear in mind that scanning very low timeframes.
How does it work?
The SL Currency Strength Meter 28 Pair 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.
index line going +15 upwards means that the currency is gaining strength.
index line pointing -15 downwards means that the currency is becoming weak.
index 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.
index line above +15 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 top ranking symbol.
How to trade with SL Currency Strength Meter 28 Pair
SL Currency Strength Meter 28 Pair Indicator can be used for short term long and scalping. It is better to confirm entry signals with high low price action.
Diverging lines, that is where a currency is gaining strength and the other is losing strength.(+15and-15 best Diverging symbol possible trending this value valid day trader)
Better when a line above +15-15 and one below.
BUY the STRONG and SELL the WEAK.
Why you should use the SL Currency Strength Meter 28 Pair?
The Currency Strength Lines indicator is a very useful tool to:
spot trend continuation weekly monthy strength
spot possible trend reversal weekly monthy strength
Filter the best rank pairs to trade, showing which currencies are strong and which are weak
Buy Signal Color - buy Diverging arrow color.
Sell Signal Color - sell Diverging arrow color.
Neutral signal color - stop signal color.
Enable Notification - enable/disable notifications.
Send Alert Notification - send alert notifications (popup screen in MetaTrader).
Send Notification to Mobile - send notifications to the mobile app.
Send Notification via Email - send notifications via emails.
Charts symbol changer and synchronizer Mt4
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