What is the Currency Strength Indicator?
A currency strength indicator or meter shows the trader visually which currencies are currently strong compared to other currencies as well as which ones are the weakest. Currency strength is determined by how its exchange rate moves in comparison to other currencies and averages them based on the number of its pairs that’s used on the strength model.
A major benefit of using the Forex Strength indicators is that they are simple to understand which is very appealing for new traders. You can just look at a simple graphical representation and see which currencies are faring well or performing poorly.
The value that is given by the strength model to a currency can be used for finding the strongest and weakest currencies and you will be able to trade former against the later.
- Supports eight most traded currencies: USD, EUR, GBP, JPY, AUD, NZD, CAD, and NZD.
- Multi-timeframe.
- Uses 28 FX pairs to calculate each currency strength.
- Option to select which currencies to display.
Limitations
This indicator will only support the major Forex currency pairs using the following timeframes:
5-min, 15-min, 20-min, 30-min, 1-hour, 4-hours, 8-hours, 12-hours, Daily, Weekly & Monthly.
Currency Strength Indicator Overlay
You will find another indicator included in the download file which will show the currency strength on the main chart instead of the indicator window, this is very useful to detach the chart and place it onto a separate monitor.
Currency Correlation Indicator
The Currency Pair Correlation Indicator for cTrader is an indicator that is used to make a statistical analysis as to how a currency pair either moves with or against another currency pair. This tool will help the trader to immediately spot when moves have been triggered either on the currency pairs under analysis, either in the same directions or in the opposite direction to each other.
Forex Currency Heat Map
We also offer a Free Forex Heat Map Tool that provides a graphical presentation on the relative strengths of major currencies relative to others, this tool is powered by TradingView.
Watch a Video Tutorial
The video has been uploaded to 1080p High Quality, so do not forget to set your U-Tube video quality to 1080p HD.
Duration: 5 minutes - Watch full screen on YouTube
How To Install
First, make sure you have the cTrader trading platform installed and then simply unzip the file and double-click on it to automatically install onto the platform.
Join Telegram Community
You can join a Telegram community and chat with other traders to discuss, share and ask for help.
