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Currency Power Meter

Forex trading made simple. Identify the strongest and weakest currencies with Currency Power Meter indicator. Buy the strongest and sell the weakest. Calculate daily currency power against any chart time frame. Download now to improve your forex trading performance.

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Description

The Currency Power Meter indicator is an excellent forex trading tool to calculate the strength of individual currencies. It measures the power of currencies rather than currency pairs. By using this indicator technical traders can apply the basic concept of trading: buy the strongest and sell the weakest.

Features of Currency Power Meter MT4 Indicator

The currency power meter for MetaTrader shows the currency power with values and histogram bars. It shows two values and histogram bars, the wide bar indicate the daily currency power.  The narrow bar shows the currency power of the chart time frame as in the input settings of the indicator.

In effect, the histogram bars reflect the power of the daily vs. any desired time frame at a glance. The indicator calculates the currency power by using the price fluctuations of the currency pairs. So, the histogram is very sensitive to price changes and reflects them continuously.

Benefits of Using the Indicator

The major benefit of this indicator is the ability to understand the power of a currency. Eventually leading to identify and buy the strongest against the weakest.

Generally, forex traders should buy the currency pair with a strong quote currency and weak base currency.  Similarly, traders can look for selling opportunities in the currency pair with weak quote currency and strong base currency.

This indicator does not provide forex trading signals, but helps to identify the best currency pair and to understand the bullish or bearish nature of them.

Indicator Settings Description

LowValue:, HighValue: Low or high value to trigger an alert.

PairAlert:, AlertDelay: Input desired currency pair name for receiving alerts. Alert delay in seconds.

Hours: Chart time frame to display the currency strength as the narrow histogram bar.

sOutput: Signal output in the following currencies.

sPairs: Currency pairs for indicator calculation.

cCurrency:, cScoreHigh:, cScoreHour: Color settings of display text.

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

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