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REGISTER PARTICIPANTS Currency Meter 6.0

Discussion in 'Forex indicators MT4' started by Emma McNeill, Oct 3, 2020.

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  1. Emma McNeill

    Emma McNeill Moderator
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    #CurrencyMeter

    Metatrader Indicator (MT4/MT5)
    Trading strong currencies against weak currencies is always the safest play. The Currency Meter indicator measures relative strength between major currencies and makes instrument selection easier.



      • Find strong and weak currencies at a glance
      • Compare one currency against another easily
      • Is a currency strengthening? Look for a longs
      • Is a currency weakening? Look for shorts
      • It implements a multi-timeframe dashboard
    The basic idea is to attack weak currencies using strong ones as counter currencies and vice-versa. Buy strength against weakness and short weakness against strength.



      • It is a top-quality confirmation for trades
      • The indicator needs no optimization at all
      • Customizable look-back periods
      • The indicator is non-repainting
    Interpreting the indicator is fairly easy. It compares the current and previous price of 27 currency pairs and counts how many times has each currency gained or lost against all others. Since there are only 8 currencies, the maximum score is +7, which means a currency gained against all others, and the minimum score is -7, which means a currency lost against all others. This logic is calculated for each timeframe and displayed in a dashboard that helps you find the stronger and weaker currencies across all timeframes.
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    Anatomy of the indicator
    The Currency Meter indicator evaluates several currency pairs and finds, in absolute terms, which currency has gained or lost the most against all others during a determined period of time.

    The currency pairs analyzed are EURUSD, GBPUSD, USDJPY, AUDUSD, USDCHF, USDCAD, EURCHF, NZDUSD, AUDCAD, AUDCHF, AUDNZD, AUDJPY, CADCHF, CADJPY, CHFJPY, EURAUD, EURCAD, EURGBP, EURJPY, EURNZD, GBPAUD, GBPCAD, GBPCHF, GBPJPY, GBPNZD, NZDCAD, NZDCHF, NZDJPY, which are present in all metatrader brokers.

    The proper usage of the indicator is to buy strength against weakness and vice-versa. But it can also be used confirm a trade on any given pair triggered by technical analysis. The indicator displays the strength of each currency, for each timeframe.

     

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