Introducing the currency strength Meter.
It has been several months since we started developing the currency strength meter and we are more than happy to bring it forward to you today.
To become a successful trader it is important to understand the relative strength of each currency. This indicator will help you see which trading pairs are the strongest and which are the weakest on different time scales and with this information traders will have a great advantage on their operations. The Currency Strength Meter is fully configurable up to 4 timeframes and covers 8 major pairs, It is designed to optimize your trading success to the maximum.
How Does The Currency Strength Meter Work?
The meter takes readings from every major forex pair over the last 24 hours, and applies calculations, it then measures the strength of every individual currency and convert them into negative and positive numbers.
Positive number indicates strength while the negative number indicates weakness. The higher the negative number weaker the currency is and vice versa is true. The tool keeps crunching the numbers every two minutes and giving you the most accurate and current information.
- Strongest trend – this is the currency pair where there is strongest trend in terms of strongest currency against the weakest currency for the chosen timeframe.
- Trend strength – this is the indicator that tells you how strong the trend is. This is a value always greater than 1. Higher the value, the stronger is the trend.
- Sideways trend – this is the currency pair where there is sideways market trend currently in place for the selected timeframe.
- Market balance – this is the balance indicator telling if the market is in balance or out of it. This is nothing but the number of currencies showing positive strength vs. the number showing negative strength.
How can this tool be useful to you?
There are many ways you can use this to your advantage.
- Trading decisions: You can use it for reference when making your trading decisions. Since there are many different time frames, you can choose what works best for you and decide how to use it to your advantage.
- Currency trends: This meter automatically finds the best trend for you. Trend is your friend! You can see the identified trend and open trades with higher probability of wins. This indicator not only finds the best trending currencies (in the example above, it is showing that there is strong trend on GBPUSD pair) but it will also show you the pairs where there is a side-ways market – in the example shown above, you can see that NZDJPY is trending side-ways.
- Check the Strength of a trend: Sometimes trader may jump into weak trends and end up trapped in consolidations how ever this is not the case anymore because this tool will tell you what is the strongest trend to focus on by reading the Trend strength.
Information is king and there is nothing bad than trading without information. Our tool will provide you with the great and important information. Are you ready? let’s go