The best relative strenth meter that works on daily, weekly and monthly periods is RPFM-relative power forex meter (by relative strength I mean current pip movement compared with the average movement of last xx days).
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 xx 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 update
-for weekly results it needs about 5 min/per week of very simple update
-for monthly results it needs about 5 min/per month of very simple update
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.
