This MT4 indicator is recommended for those who want to check the strength of various currency pairs at just a glance. You can easily see the strongest and weakest currency pairs by only throwing a look at this indicator. It can also be used for arbitrage trading. Here we introduce such a valuable and easy-to-use indicator.
In the above example, this indicator is used on the hourly chart. As you can see from the image, the strength of each specified currency pair can be easily observed visually on the chart of the indicator that is plotted below the candle price chart.
For example, in this particular case, we can see that USDJPY is being sold compared to the other pairs. You can also see the correlation between pairs such as AUDUSD and NZDUSD.
How to use:
This indicator is very convenient. There are many ways to use it and it can be a very useful tool to often refer back to while trading the markets.
1. Buy the weakest currency pair and sell the strongest currency pair
2. Arbitrage trading
3. Finding easy-to-correlate currency pairs
Download the "Currency Strength Meter" indicator for free from the button below
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