Currency Power Meter MT5
- Indicateurs
- Vu Trung Kien
- Version: 1.87
- Mise à jour: 10 juin 2020
- Activations: 5
Currency Power Meter shows the power of major currencies against each other. The indicator shows the relative strength of currency/pair at the current moment in a period of time (H4, daily, weekly, monthly). It is useful for day traders, swing traders and position traders with suitable period options.
Currency power is the true reason of market trend: The strongest currency against the weakest currency will combine into a most trending pair. As we know, trend makes money and all traders love trend.
Have you ever asked yourself that why some trades seem have a good signal but still fail? The reason is you only look at individual signal on your favorite pair, but not have an overview on the currency power against all the others, which is better to make decision. So, this indicator shows you which currency is strongest and which is weakest, thus the most trending pair. It also let you know which currency (thus pairs) is neutral and you should avoid to trade it.
Highlight Features:
- Real-time and visually present the power of major currencies against the others.
- Switchable between Full mode (show correlated currencies against major currencies) and Compact mode (only show major currencies' power index).
- Switchable between analyzed periods: Daily, Weekly, Monthly.
- Alert message when a currency or pair change its power.
- If alert is on, notification will also be sent to mobile and email automatically when a currency or pair change its power.
- Selectable font size to fit your screen resolution.
- Allows to move the position of indicator freely on the chart.
User guide:
- Indicator draws a table of major currencies in a center horizontal gray row and other currencies against each of them in the blue-red columns.
- Each currency power index is analyzed and summarized from its relative strength against the others. Its value corresponds with it status as follows:
- Lower than -5.0: Extreme weak.
- From -5.0 to -2.5: Very weak.
- From -2.5 to -1.0: Weak.
- From -1.0 to +1.0: Neutral.
- From +1.0 to +2.5: Strong.
- From +2.5 to +5.0: Very strong.
- Higher than +5.0: Extreme strong.
- If a currency is red: It is stronger than the base currency in selected period.
- If a currency is blue: It is weaker than the base currency in selected period.
- The higher its position (darker red), the stronger it is.
- The lower its position (darker blue), the weaker it is.
Strategy:
- Strategy with this indicator is very simple: Look for a strong-side currency and a weak-side currency, so that the difference of power between them is larger than 5. Then trade the pair between them. Example: AUD is -3.8 and USD is +2.5 => 2.5 + 3.8 = 6.3 > 5 (Sell AUDUSD).
- Best time to trade (for day trader): London session (Trends are usually start and develop from this session).
- Time avoid to trade (for day trader): New York 2nd half-part session (Trends are usually exhaust and may reverse in this half-part session, although there may be still a big difference between the strongest and the weakest, just wait until the next day).
- Note: This indicator real-time analyzes the current price of currencies in selected period, so you will see that the power of currencies is usually neutral at the beginning of period (day, week, month). Then, it will diverge over the time; this is the point for you to know when a currency start to volatile in the market.
Very good indicator... should not be used alone!