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Currency Strength Indicator

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Hi all,

 

I'm trying to find a good currency strength indicator for MT4. I downloaded the free momentum meter from forexsignals but it only seems to work with BlueBerry Markets. Can anyone suggest a good one to compare the strength of the 8 major currencies against each other?

 

Many thanks,

 

Ed

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14 hours ago, EdFuk said:

Hi all,

 

I'm trying to find a good currency strength indicator for MT4. I downloaded the free momentum meter from forexsignals but it only seems to work with BlueBerry Markets. Can anyone suggest a good one to compare the strength of the 8 major currencies against each other?

 

Many thanks,

 

Ed

HI, did you check out the IG add-on Correlation matrix and Correlation Trader from the Apps package?

https://www.ig.com/uk/trading-platforms/metatrader-4/mt4-indicators

image.png.05594d4715e8d0f7c149ffb833c4eafa.png

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No I haven’t looked at that but I will. Does that show the relative strength of a currency though?

Does anyone know how they calculate the relative strength of currencies?

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7 minutes ago, EdFuk said:

No I haven’t looked at that but I will. Does that show the relative strength of a currency though?

Does anyone know how they calculate the relative strength of currencies?

There are any amount of styles to choose from, here are 3;

image.thumb.png.460ddd3f34dfdc75cde9f75a2be49343.png

https://www1.oanda.com/forex-trading/analysis/currency-heatmap

image.png.9302a761b6a0c9e733050bc30679ad94.png

https://www.tradingview.com/chart/GBPUSD/CjY0z8cG-Trading-the-STRONG-against-the-weak-currency-strength-calc/

image.thumb.png.43bb276db01f90db451656767bbecd54.png

 

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That looks very good, I will check it out. Thanks once again. 

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No problem, if you are still on mt4 there are some downloadable ones from mql5 web site, I have loads but can't load them onto this new forum platform like on you could on the old one however you don't really need a constantly updating one, a periodic check on a web site is usually fine. My preference is probably the one where each currency has it's own line so then a simple case of matching a high one to a low one.

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All of this MT4/5 and MQL stuff looks fascinating.  Intersection with computer programming.  Looks like you would need a PhD to know about it :)

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Matching the strong to the weak currencies is about as good a oneway trade as you're going to get in FX.

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23 hours ago, Caseynotes said:

No problem, if you are still on mt4 there are some downloadable ones from mql5 web site, I have loads but can't load them onto this new forum platform like on you could on the old one however you don't really need a constantly updating one, a periodic check on a web site is usually fine. My preference is probably the one where each currency has it's own line so then a simple case of matching a high one to a low one.

Yes I'm most certainly on MT4 and did download a Currency strength Indicator but it doesn't seem to work, I just get flat lines for all the major currencies. Any ideas?

 

Also, I have the IG apps in MT4 but can't seem to find the correlation matrix. Any ideas where that is?

 

Many thanks,

 

Ed

 

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9 hours ago, EdFuk said:

Also, I have the IG apps in MT4 but can't seem to find the correlation matrix. Any ideas where that is?

Hi @EdFuk,  it's in the EA section of Navigator, see pic.

image.png.4a58f70629937a14606e3e8aede6b7a4.png

Re indicator not working try the fix in this thread;

 

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