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Pro Currency Strength Meter
Currency Strength Meters are a great way to identify strong and weak currencies.
With this CSM indicator attached to your chart, you will get a clear overlook over the 8 major currencies: USD, EUR, JPY, CAD, CHF, GBP, AUD, and NZD.
Suggested timeframes to scan is:
M15 - H1 - H4 - Daily
You can however just change timeframe to check in the settings. Bear in mind that scanning very low timeframes such as M1 will require a lot of resources and might make your mt4 terminal slow.
The strength scale goes from 0 - 100 and by default we consider:
Strong: Currencies with a strength number higher than 60 (Colored green)
Neutral: Currencies between 40 and 60 (Colored yellow)
Weak: Currencies with a strength number lower than 40 (Colored pink)
Note: You can change the color criteria if you want to define strong and weak currencies differently than the default settings.
Attention! If you own my CSM indicator you can ask me to get my Trade scanner for free! It will scan the markets and only show currency pairs that meet Adam Khoos criteria for trading Trend Rider and Bounce. Just send me a message on telegram to get the free scanner. (@traderknudsen)
If you want CSM numbers to be close to Adam Khoos numbers make sure you set "Triangular weightning" TRUE in the settings