Currency Strength Meter Indicator Mt4
The currency strength meter is a technical indicator that measures the relative strength of major currencies compared to each other over a specified time period. It is an invaluable tool for forex traders to gauge real-time movements between currencies and identify high-probability trading opportunities.
This guide covers everything you need to know about using the currency strength meter effectively in your analysis and trading.
What is the Currency Strength Meter?
The currency strength meter is a visual indicator that plots the relative strength of major currencies for a chosen timeframe into an easy-to-read column chart.
It ranks the performance of currencies from strongest to weakest – the stronger the currency, the longer its column on the indicator window. As price action causes rankings to change, the columns dynamically adjust their length accordingly.
This allows traders to instantly visualize the recent strength or weakness of currencies rather than analyzing individual charts. The currency strength meter simplifies the process of determining which currencies to buy or sell.
How Does the Currency Strength Meter Work?
The currency strength meter calculates a strength score for each currency over the analyzed time period based on its price performance.
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