Currency Strength Alerts Metatrader 4 Forex Indicator

The Currency Strength Alerts MT4 forex indicator displays the trend strength for the 8 major currencies: NZD, EUR, GBP, USD, JPY, AUD, CAD and CHF.

It ranks the 8 currencies from very strong to very weak in a table directly visible on the MT4 activity chart.

How to trade with the Currency Strength indicator?

As a general rule, always trade the strongest currency versus the weakest currency.

For example, as shown in the NZD/USD chart below, the NZD currency is the strongest while the USD currency is the weakest, so it makes sense to buy the NZD/USD pair.

Imagine the USD currency is the strongest while the NZD currency is the weakest, in this case we would sell the NZD/USD currency pair.

Free Download

Download the currency-strength-alerts.mq4” MT4 indicator

Example Chart

The NZD/USD 5-Minute chart below displays the Currency Strength Alerts Metatrader 4 Forex indicator in action.

Basic Trading Signals

Signals from the Currency Strength Alerts MT4 forex indicator are easy to interpret and goes as follows:

Buy Signal: Buy the strongest currency versus the weakest currency. Confirm the buy trade with price action or additional technical indicators.

Sell Signal: Sell the weakest currency versus the strongest currency. Confirm the sell trade with price action or additional technical indicators. See the NZD/USD example above for better understandings.

Trade Exit: Use your own method of trade exit.

Download

Download the currency-strength-alerts.mq4” Metatrader 4 indicator

MT4 Indicator Characteristics

Currency pairs: Any

Platform: Metatrader 4

Type: Chart pattern indicator

Customization options: Variable (currency pairs, alerts, send email) Colors, width & Style.

Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month

Type: currency strength

Installation

Copy and paste the currency-strength-alerts.mq4 into the MQL4 indicators folder of the Metatrader 4 trading platform.

You can access this folder from the top menu as follows:

File > Open Data Folder > MQL4 > Indicators (paste here)

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