Currency Power Indicator for MetaTrader4
Get the Whole Picture of Each Currency
An amazing indicator that determines how strong each base currency is and assigns to it a score from 0 to 10 by comparing it against 9 of its counter-currencies. In this way you can get the whole picture of how well each specific currency is performing against the overall market.
What Does The Currency Power Indicator Do?
Identifies strong and weak currencies
Instantly compares each currency against 9 of its currencies
Helps identify currency pair combinations that are strong up or down trending
Simplifies the analysis by providing a value of 0-10
Utilisation of 10 trend indicators
How to Use the Currency Power Indicator Work
Find Strong and Weak Currencies
This indicator shows a value of 0 to 10 for each of 10 base currencies showing how strong the specific base currency is.
-A value closer to 10 implies a strong base currency whose value is increasing.
-A value closer to 0 implies a weak base currency whose value is decreasing.
This value is calculated by comparing a currency against several of its counter currencies to provide a general overview of how strong this base currency is in the markets and not just against a single currency.
Find Strong Trending Pairs to Trade
Look for a base currency with a high score (eg above 6.5) and for a base currency with a low score (eg bellow 4.5). Buy the currency with the high score while selling the currency with the low score.
Example 1: CAD has a high score of 8.0 while EUR has a low score of 3.4. So sell EUR and buy CAD. Hence SELL EURCAD. It can be seen at the chart below how EURCAD is falling.
Example 2: AUD has a high score of 7.1 while NZD has a low score of 2.6. So buy AUD and sell NZD. Hence BUY AUDNZD. It can be seen at the chart below how AUDNZD is rising.