Currency Strength Meters are very popular in the trading community. There are many versions and they can be used in different situations. MT5 Currency Strength Meter Lines Indicator uses an algorithm based on the RSI to establish the absolute strength of a currency.
What Is The MT5 Currency Strength Lines Indicator
This Currency Strength Indicator tries to show you the absolute strength of the 8 major currencies.
The indicator uses an algorithm based on the RSI indicator to calculate the strength of a currency.
The Currency Strength is established scanning the RSI in all the currency pairs, finding then a value that is independent.
We go through some of this indicator in this article.
Why Is The MT5 Currency Strength Lines Useful
When talking about the “strength” of a currency usually this is related to another currency.
It is useful in many cases to know the “absolute” strength of the currencies and compare them to see the strongest.
To know the “absolute” strength I use an algorithm that keeps into consideration the value of the RSI of a currency in all the pairs involving it.
For example to understand the strength of the EUR the indicator scans the RSI for all the EUR pairs (EURUSD, EURGBP, EURJPY and so on).
This method allows to get a trend of the strength of all the currencies.
You can use this strength trend to compare them between different currencies and contribute in your trading decisions.
The indicator also includes alert features.
How To Download And Use The Currency Strength Meter Lines Indicator
You can Download the Indicator with the link at the bottom of this page and install it following the below instructions.
The installation is very easy to perform, same is the use.
Once you run the Indicator you can set the necessary parameters.
This Demo version only works on AUDNZD.
MT5 Currency Strength Meter Lines Installation
To install the indicator please follow the instructions below:
- Download the indicator file
- Open the Metatrader Data Folder (In File > Open Data Folder)
- Open the MQL5 Folder
- Copy the file in the Indicators
- Restart Metatrader
For more detailed instruction on how to perform the installation please visit this article.
Please feel free to leave a feedback regarding the indicator or Contact Us for anything else.