The Currency Strength Meter by TraderNick
The Currency Strength Meter is an expert advisor tool that will scan the currency market and determine the strongest and weakest currency pairs, as well as determine pairs that are trending well or trading sideways. The currency strength meter uses the relative strength index to compare currencies against one another, and sorts the 8 major currency pairs from strongest to weakest.
Additionally, the currency strength meter will show you the relative strength on all time frames at once, so that the user can see how a pair is behaving on all time frames simultaneously. On the right, the meter will show you the ADX, RSI, and Stochastic values for many currency pairs on the configured period.
The meter can be configured and adjusted to the user's preference, and is a useful tool for scanning and analyzing the nature of the currency market. This tool can be an excellent way to find profitable trend trading opportunities as well as sideways markets for range trading.