Forex Currency Strength Meter Plus Signals

Description

Traders, this is one of very few powerful and consistent Currency Strength Meters/Gauges on the market today.

This Currency Strength Meter EA uses proven statistical quantitative formulas across all 28 major and minor currencies to arrive at strength score and then show it to the user on their MT4 chart. The system is super smart and consistent, and its efficacy/or accuracy is not affected by any sort of market condition. The system allows for the user to measure currency strength in short-term, mid-term and long-term through its inputs.

This Currency Strength Meter will also show valuable trading signals Information (derived from the strength scores) that the user can use to their advantage. There are 2 types of signal information shown.

Type 1: Labeled on chart - Recommend Trade

This signal is simply taken from the currently strongest currency and the currently weakest currency. For example, it will show Sell CAD, Buy GBP. This means, the trader is supposed to look for BUY trading opportunities in the GBPCAD currency pair so long as this signal information is still shown. With Type 1 signals, the trader is not supposed to execute trades immediately, but rather wait till price action shows that e.g. a pullback has completed on GBPCAD and the trader can open a buy position, so in essence, Type 1 signals act more like a solid confluence.

Type 2: Labeled on chart - High Possibility Market Moves

This signal is taken from looking at what currency is likely to strengthen against the other (high possibility market scenarios). An example of Type 2 signal is USD likely to strengthen against CHF and if you have used the default inputs (to measure short term currency strength), you can use Type 2 signal information to even scalp as this information will show what is like to happen on the intra day basis. There are five Type 2 signals shown at any time, and is my personal favourite to use.

Usage

Simply add or drag the EA onto any chart, and on the recommended 5 minute timeframe (the timeframe you use for the EA is how frequent the EA will be updating the Information, e.g 5 min, EA will be updating the strength scores and other information after every 5 mins).

The EA has METERSTYLE and APPEARANCE settings. 

Under METERSTYLE you can choose if you want to use the EA to measure SHORT TERM (Intra Day),  MID TERM (days to weeks), LONG TERM (weeks to months) currency strength. Default settings are to measure intra day currency strengths.

If you broker currency pairs symbol names end with letter "m", e.g. "EURUSDm" please select input "Currency Pairs SybolName end with m" = true. And if currency pairs symbol names DO NOT end with "m" please select input "Currency Pairs SybolName end with m" = false.

Thanks.