Users should type in the exact Symbol name used by the broker for it to work properly. These currency pairs can be encoded on the “Instrument 1”, “Instrument 2”, “Instrument 3”, and “Instrument 4” fields. The Currency Strength Meter Indicator allows users to select four currency pairs that it would plot its strength indications for. How to use the Currency Strength Meter Indicator for MT4 This makes the currency pair movements more comparative and useful for forex traders. It then normalizes the price movements by plotting their movements based on pip or point movements instead of plotting it based on absolute price. The price data retrieved is preset as the Close Price and is plotted as a fourteen period price movement. The Currency Strength Meter Indicator simply retrieves the price movement data of the selected currency pairs. How the Currency Strength Meter Indicator Works? This means that this setup allows traders to compare the four currencies based on their movements relative to the US Dollar. The currency pairs that are preset in this indicator template are all paired with the US Dollar (USD). The Currency Strength Meter Indicator is a custom technical indicator which shows traders the strength of a certain currency pair. What is the Currency Strength Meter Indicator? Seasoned forex traders often pair the strongest and weakest currencies in order to gain a trading edge, and the Currency Strength Meter Indicator is a tool that can help new traders simplify this process. Each currency individually has their own momentum and trend. One of the unique trading conditions of the forex market is that traders are trading a currency for another currency. Introduction to the Currency Strength Meter Indicator
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