MetaTrader 5 Currency Power Meter Indicator Download - Free - [Trade Finder] - MT4/MT5 Resource

The Currency Power Meter indicator , a feature of MetaTrader 5 indicator , visually displays the relative strength of eight major currencies (USD, CAD, EUR, GBP, JPY, CHF, AUD, and NZD) in a panel of the chart.

By comparing daily closing prices of these currencies , the trading tool calculates and presents percentage-based daily strength for each.

For example, if the strength of Swiss Franc (CHF) is 18.0% and the strength of Japanese Yen (JPY) is 6.0% per day, CHF is considered more robust . Therefore, we can expect an upward trend in the CHF/JPY pair in the daily or 4-hour timeframe.

Indicator Table

Overview

This indicator provides a comparison of the strength and weakness of various currencies , allowing traders to make informed decisions about which currency pairs to trade.

This indicator eliminates the need for manual calculations by taking into account multiple factors such as inflation rates and unemployment rates (data readily available on Forex Factory) . Traders can easily compare the strength and weakness of currencies on different time frames.

Uptrend Signals

In the image below we see the 4 hourly chart of the GBP/CAD currency pair . The Uptrend Signal indicator calculates the strength of the British Pound (GBP) and the Canadian Dollar (CAD) .

Indicators show that GBP Strength is -21.0% while CAD Strength is -8.0%. Since GBP is stronger than the CAD , we can expect the GBP/CAD pair to have an uptrend (bullish) within the given time frame.

Downtrend Signals

In the image below we can see the 4 hourly chart of the GBP/CHF currency pair . The Downtrend Signal indicator calculates the relative strength of British Pound (GBP) and the Swiss Franc (CHF) .

Indicators show that GBP intensity is -21.0% while CHF intensity is 23.1%. Given that GBP is weaker than the CHF , we can expect a downtrend (bearish) for the GBP/CHF pairing on the 4-hour timeframe.

Currency Power Meter Indicator Settings

• Market Watch should show all : Click on MetaTrader's "Market Watch" window and select "Show All" to activate all trading symbols;
• Time Frame : Set the time range for calculation. For example, select "1 day";
• Number of candles used for calculation : This determines how many past candlesticks are used in the calculation. You can set it to 1 for better results.
• Clr1 : You can select the desired number display color.

Explanation: To calculate currency strength on different time frames, you can select the "Current" option to generate appropriate output for all time frames.

Conclusion

This indicator, available on the MetaTrader 5 platform, can benefit Forex currency pair trading . It aids both day traders and swing traders in determining the overall trend direction on higher time frames.

However, it may not yield the best results for scalpers operating in lower timeframes . By utilizing the Metatrader 5 Currency Strength Indicator , traders can utilize the strengths and weaknesses of various currencies within their trading strategy to determine the trend direction of different signs.