The Power of CAD - MetaTrader 4 Script | Forex Indicator Download - MT4/MT5 Resources

XXX power indicator description.

This indicator shows the relative real strength of currency XXX.

The indicator calculates the closing value of 7 currency pairs containing currency XXX.

This indicator can be used in strategies based on mean reversion.

Let us assume the XXX YYY currency pair scenario, where XXX is the BASE currency and YYY is the QUOTEcurrency.

First put XXX's Power into the chart, then put YYY's Power into the chart.

You can have 2 relevant situations.

The indicator curves are close to each other. This means that the probability of the price of the XXX YYY currency pair increasing is higher to the upside .

Don't separate the power of the signal from the overall market conditions (SR level/region, etc.).

The indicator curves are very different from each other. This means that the price of the XXX YYY currency pair is more likely to rise to the downside .

Don't separate the power of the signal from the overall market conditions (SR level/region, etc.).

Attachment download

📎 power_of_cad.mq4 (6.2 KB)

Source: MQL5 #28616