This is an indicator for metatrader that displays the relative strength of major currency pairs. It is actually a modified probability meter, but it only displays currency strength.
The trading system with this indicator is reassuring, with up and down arrows for buy / sell signals. It’s best to buy when the leading currency is green in color (very strong) while the other currency in the pair is red (very weak), and sell when the leading currency is red while the other currency is green in color. This usually indicates an uptrend/downtrend.
Suitable for intraday traders because it requires monitoring, for when the currency strength starts changing the other way, it is time to take profit.
Since this is an intraday system, I recommend the shorter time frames, like 1M, 5M, and 15M. The red and yellow lines are from another indicator I use in combination with this system called ‘the-best-t3-snake’. The purple line is an overlay of another currency pair on the same chart for correlation trading. Not really related to this system, just an extra.
For the most accurate prediction, a buy should be placed at 7 - 3 , green - orange, or better 7> -3< green - red
For a sell same but in reverse 3-7 or red -green.
Can you please tell me how you are able to show the indie itself inside it’s own indicator screen like the pictures you uploaded? Right now when I add to my chart, a blank indie space pops up under a current indicator I have on my chart and the currency strength meter actually shows up inside my first indicator window.
Also, should we ever need to change any of the settings inside the properties menu?
It is supposed to show on the separate window, but you should drag it to the main window for that to occur. Maybe some other indicators are preventing that from happening.
I don’t think you should change the properties settings since the original indicator was not coded by me. I just modified it.
Thanks for the reply. I actually want it in it’s own indicator window. Right now a new indicator window pops up under a current indicator I have on my chart but the actual indie itself(where it shows the pair and strength) shows up inside the indicator window on top of where it’s suppose to be. Hope you understand what I mean. As far as changing the properties, I was referring to the input settings inside the properties tab of the indie. Right now it shows MACD 5,13,1 and Stoch at 20,2,2. Is this even a functionality?
Is this indie you attached your modified version? Can you mention what you modified? What settings do you have inside your input properties menu? Is it even relevant? Also can you explain how it measures the strength of each currency? Thank you.
I don’t know how it measures the currency strength. I simply omitted all other parameters to include only the currency strength display. This indicator should best be used to confirm an uptrend or a downtrend, or a range. The original indicator is called ‘Probability meter’, it can be found on the internet.
Ok great. So the input for MACD and stochastics is not functional since you omitted it, correct?
Have you had a chance to test this modified version for accuracy? If you have, how have the results been? Thank you for your time and for sharing the indie.
Any other trend forecasting indicators you can share that you use alongside this strength indicator to help determine or confirm intraday direction? Once again, thank you for sharing.
The best relative strenth meter that works on daily, weekly and monthly periods is RPFM-relative power forex meter.
It is working in Excel in real time and is connected with mt4. The end result are 9 most powerful/weakest pairs (of all 27 pairs) on daily, weekly and monthly bases.
RFPM calculates relative strength/weakness of each currency - eur, usd, gbp, jpy, aud, nzd, cad, chf. You will get number in % for each currency. From that you can easily get relative strength for every currency pair…also in % (where 100% is average for last 14 days).
It is almost fully automated, it just needs a little adjusting as follows:
-for daily results needs about 5 min/per day of very simple adjusting
-for weekly results it needs about 5 min/per week of very simple adjusting
-for monthly results it needs about 5 min/per month of very simple adjusting
I am using RFPM in combination with other technical analysis.
If you want to be successful forex trader you have to know which pairs to trade. Use this free tool in combination with technical analysis. Relative forex power meter - RFPM - YouTube
