Currency Strength Indicators

Hi guys.

I have recently come across several traders using Currency Strength Indicators to give them another edge in the market. Do any of you guys use them and if you do, how intrinsic to your trading are they?

Finally, I would appreciate it if anyone is able to recommend a good free or reasonably priced Currency Strength Indicator.



Here’s my rule of thumb. The shorter the time frame you are trading the more important and accurate you have to be with the: trend, strength, cycle (up or down leg), support and resistance of the pair you’re trading. Go to a daily chart and draw 2 vertical lines on each side of any daily candle, then drop down to a 4 hour and see what’s happening with that same candle, then to 1 hr and see what price has done. There are so many different strength indicators especially if your trading platform is MT4. Everyone has a favorite. Some break down strength into strength and momentum. Here’s the 1st indicator site I used. I like it because it also give you a description of the indicator and how to use it. Under momentum you will find a number of indicators that will help you. The best of MT4 indicators | Forex Indicators Guide
Good Luck

Thank you for imparting your invaluable knowledge.