Currency tools strength meter

Trading Discussion Currencies
1

Hi All

Anyone found a decent currency strength meter for a desktop , ideally one that is a barchart

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Be careful with them. I tried out a currency strength meter years ago and found it very unreliable. They’re normally too late and price reverses by then. Test it out, hopefully you can find a way to make it work.

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More for a filter rather than a trigger

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@tradeforex077, don’t look now… but you’re describing a strategy…

There is at least 3 ways to trade a Currency Strength Meter - Indicator…

  1. Strength Weakness Analysis… a very successful strategy and definitely the most popular method… Well worth the read of this very comprehensive linked thread.
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  2. Strong Weak Reversal Analysis where the strongest and weakest currency exhaustion and subsequent reversal is monitored to determine possible entries into positions… (As above)
    It was referred to in the 16 candles in the '58 edsel' thread quite a few times… although it can be a difficult decipher for newbie traders…
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  3. Strengthening / Weakening Crossover as I posted back in March 2019… This strategy is very powerful when used correctly (as demonstrated in Dennis’s thread) and can provide more trading opportunities than the standard SWA System.
1 Like
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I am on the same quest, but I would like to see an accurate strength indicator and have it available as an indicator that you can put in your data folder on MT4 and mostly have it set up that it shows the history of the strength of any pair historically and on multiple time frames. That way, you could see how strength played out and be able to correlate that with price movement. Different pairs might and probably would show varying degrees of activity and fluctuation/activity.

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Hey @Trendswithbenefits, thanks for putting this post together and the added explanations. Posts like this is why I come here! Thanks! Bookmarked!

1 Like
9

I dont use as a trigger more of a filter

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Mt4 Forex Force Gauge

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I am renting a version for $49/3months. So far so good.

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Hi @DrMikeG, Also have a look at a few other CSI’s Below…

(Free Web based CSM) Forex Power Indicator | Trading Strategy Guides

And a full desktop version (Link Below) with configurable Alarms and multiple viewing formats.

FREE Trial with pricing similar to the MT4 version you are currently using.