MT4-Currency Strength Dashboard

Currency Strength

Currency Strength Dashboard

When it comes to currency strengths there are two standard methods to use the currency strength tool:

• As a trend-following tool.
• As a trend reversal tool.

When using the currency strength meter, we analyze each currency individually rather than as currency pairs.

The basic idea is to identify the strongest currency and the weakest currency so one can be able to choose the right currency pair to trade. Some traders use it as a tool to buy strength and sell weakness.

Once we determine which currency is independently about to increase in value, we can easily determine which currency pairs are about to experience a value change.

Understanding the concept between individualized currencies and currency pairs will be very crucial for anyone utilizing the currency strength Dashboard, or anyone who is doing forex trading in general.

INPUTS

timeFrame            =   PERIOD_D1;

currencyArray        = "USD;EUR;GBP;JPY;AUD;CAD;CHF;NZD";

symbolPrefix         =          "";

symbolSuffix         =          "";

outputForSymbol      =    "EURUSD";

compactModeOn        =        false;

showInPips           =        true;

refreshTime          =           1;    // Refresh Time in sec

offset_X             =         200;

offset_Y             =         250;

strongColor          =    clrGreen;

weakColor            =     clrRed;

neutralColor         =    clrWhite;

borderColor          =    clrGray;

fontSize             =           8;

levelsAlertMode      =      0;    //Select alert Levels

extremeStrongLevel   = 90;    //Extremely strong levels(0-Off)

veryStrongLevel      =    70;    //Very strong levels(0-Off)

strongLevel          =       50;    //Strong levels(0-Off)

currencyAlertOn      = true;    //Currency strength alerts are On/Off

pushNotificationOn  = true;    //Push Notification are On/Off

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