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MQLTA Currency Strength Matrix

4.38

Currency Strength Matrix (CSM) is an indicator that will show you the current strength of the major currencies in several timeframes, allowing you to sort the currencies for strength and spot possible trading setups. This indicator is ideal for scalping and in all those events of sudden big moves.


How does it work?

The CSM compares the value of the current moving average with the same moving average in the previous candle for all the 28 pairs and all 9 timeframes, producing a Matrix of Strength of the individual currencies. The currencies are then ordered by strength in your desired timeframe.

For example, if you sort the currencies for timeframe H1 you will see the currencies ordered for strength in the 1 hour timeframe, on top there will be the currencies with the greatest net gain and on the bottom the currencies with the deepest net loss in their moving average value (always considering all the pairs where a currency is involved).

To work correctly the indicator needs all the 28 pairs involving the 8 major currencies EUR, USD, GBP, JPY, AUD, NZD, CAD, CHF.


How To Trade with the CSM?

These are only suggested entry rules, you can adapt your trading to this indicator:

  • A currency with all positive differences (green) is strong and a B (for BUY) will appear in the last column, meaning the currency can be bought
  • A currency with all negative differences (red) is weak and a S (for SELL) will appear in the last column, meaning the currency can be sold
  • Try to trade the strongest against the weakest

BUY STRONG - SELL WEAK. CSM will show you the ideal combination of strongest and weakest and notifications are available.


When to use CSM?

The Currency Strength Matrix is a very fast and reactive indicator, ideal for the following, but not only:

  • Scalping
  • Trend Continuation
  • Break out
  • News
  • Market Open
  • Closing gaps
  • Sudden big moves


Notifications

Other than showing you the ideal pair to trade, CSM can notify you via alert, email and app.


How to Backtest

CSM runs calculations on 28 pairs and 9 timeframes hence backtesting will not work properly unless you download the historical data for all the pairs and all the timeframes and actually open all the charts scrolling to their left. To work around this limitation you can test the DEMO with limited features https://www.mql5.com/en/market/product/24251 or rent the indicator for only one month at a low price.


Indicator Parameters

  • Indicator's Name - Used to draw objects
  • MA Period - Period of the moving average to calculate
  • MA Method - Type of the moving average to calculate
  • Show Values or just Colors - to see the net value of difference in the cell or just the color
  • Sort strength by - Which period to sort the strength for
  • Enable Notification - to totally enable or disable notification
  • Send Alert Notification - true to send Alert notification (popup screen in MetaTrader).
  • Alert Sound - the file name of the sound to play during the alert.
  • Send Notification to Mobile - true to send notification to the mobile app.
  • Send Notification via Email - true to send the notification via email.
  • Wait time between notifications - minutes of wait before sending another notification
  • Currencies to Consider - self explanatory, select false to ignore a currency and not showing it
  • Timeframes to consider - self explanatory, select false to ignore a timeframe and not showing it
  • Pairs Prefix - the prefix of the pair, if any
  • Pairs Suffix - the suffix of the pair, if any
  • Horizontal offset - starting position of the panel on x axes
  • Vertical offset - starting position of the panel on y axes

If you like this tool please take a minute to leave a review.

If you have suggestions to improve it please send me a message and we can discuss it further.

Feel free to visit my profile and "Add to friends" https://www.mql5.com/en/users/mql4autotrading.

Reviews 11
Abraham Correa
2589
Abraham Correa 2024.06.23 05:07 
 

An advanced code it seems to me, the rating is self explanatory. I trusted his work from the beginning and especially gained a trust when I used a recommended broker from this Author's website. Currency Strength reading is vital after-all, defining motives.

emaile2008
49
emaile2008 2024.01.07 16:03 
 

very good can you please add XAU?

ROYPERTH1
2000
ROYPERTH1 2018.12.12 12:38 
 

Excellent product. Leader of its class.

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Filter:
Isabel Adelsa De Oliveira
133
Isabel Adelsa De Oliveira 2024.08.02 17:32 
 

please, how to add an alarm on your cell phone

MQL4 Trading Automation
58007
Reply from developer Luca Spinello 2024.08.03 17:48
You need to set the 'Enable Notifications feature' and 'Send Notification to Mobile' input parameters to true. Of course, you also need to make sure that you have mobile notifications configured correctly in your MetaTrader (see Tools->Options->Notifications).
Abraham Correa
2589
Abraham Correa 2024.06.23 05:07 
 

An advanced code it seems to me, the rating is self explanatory. I trusted his work from the beginning and especially gained a trust when I used a recommended broker from this Author's website. Currency Strength reading is vital after-all, defining motives.

emaile2008
49
emaile2008 2024.01.07 16:03 
 

very good can you please add XAU?

danmar
1576
danmar 2023.04.17 13:05 
 

HI Lucas, your indicator is very good and really accurate in compute strong / weak even for scalping like me. Thanks for that is there a possibility to have a parameter like a scale factor to put bigger (it will be a lot better for my old eyes !) ? Thank you warmly

hi Lucas thanks a lot for this update , i appreciate a lot. i can not see the version 1.04 mql5 still show version 1.03 . i will wait the availability.

Bif Thanks

Hi Lucas

i can not see the version 1.04 in MQL5

could you check why ?

still 1.03 in last version

thank you

warmly

======= 2023 august 9 ====

hi Luca

i still do not see version 1.04 ?

is it possible to have option to have curr sorted alphabetically ?

( AUD CAD CHF EUR GBP JPY NZD USD ? )

thanks a lot for your reply

warmly

MQL4 Trading Automation
58007
Reply from developer Luca Spinello 2023.05.01 14:35
Now it can be scaled. Added in version 1.04.
Craig Allen
20
Craig Allen 2022.09.02 20:02 
 

useless

Richard Hyatt
25
Richard Hyatt 2022.01.31 18:22 
 

I am battling to get this to work on MP4- matrix loads but does not seem to pull data - would be grateful for any advice

MQL4 Trading Automation
58007
Reply from developer Luca Spinello 2022.02.09 15:37
Please make sure that if your broker uses some prefixes or suffixes in currency pairs, you enter them properly via the indicator's input parameters.
jologs7047
110
jologs7047 2021.04.07 04:17 
 

nice indicator, it will show you what currency is strongest & weakest, it good for scalping

baskalapana
87
baskalapana 2021.02.27 11:24 
 

What a great dashboard, thank you!

ROYPERTH1
2000
ROYPERTH1 2018.12.12 12:38 
 

Excellent product. Leader of its class.

Hassan
482
Hassan 2018.10.08 13:46 
 

This indicator is bad. I entered many deals and the loser grossed. A very dangerous indicator on the account I do not advise anyone to trust him. The owner of the index depends on hypocrisy and fraud. He claimed that he will return the money paid for this failed index. For the curse of all who lie and claim honor .. update : fak very bad .

maleke1
786
maleke1 2018.08.27 23:39 
 

As it seems the indicator works as advertised, it' s very reactive to price action which is a plus. It also gives strength's of each currency on one dashboard so that's great as well.

Reply to review
Version 1.3 2021.02.16
Minor code cleanup and optimizations.
Version 1.2 2018.11.02
- Fixed Parameter Description
Version 1.1 2017.09.08
- Added Autofocus to change the chart to the current opportunity
- Added Colored Acceleration to give an idea of the acceleration of the signal
- Added Notify options to notify only in case the ideal deal matches the current pair and/or if the ideal deal involves the strongest and weakest currency