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 Matrix Indicator uses a unique algorithm to establish the absolute strength of a currency. This indicator is especially useful to spot rapid movement of price.
What Is The MT5 Currency Strength Meter Indicator
This Currency Strength Indicator tries to show you the absolute strength of the 8 major currencies.
The indicator uses a unique algorithm to detect rapid price changes.
The Currency Strength is established scanning the recent price in all the currency pairs, finding where the price has changed the most.
We go through some of this indicator in this article.
Why Is The MT5 Currency Strength Meter 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 recent price a currency in all the pairs involving it.
For example to understand the strength of the EUR the indicator scans the price 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.
Currency Strength Matrix is especially useful to:
- Spot spikes in price
- Spot falls in price
- Detect rapid changes due to news or unexpected events
The indicator also includes alert features.
How To Download And Use The Currency Strength Meter Matrix 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.
There is a Demo available that has reduced functionality to test it.
MT5 Currency Strength Matrix 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.