Currency Strength Meter
Info
The Currency Strength Meter is a Indicator for MetaTrader 4 that this indicator calculates the rsi (relative strength index) for four selected instruments and presents the values in the indicator window. Features:- Customizable colors and styles for each instrument.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 4 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL4/Indicators folder via File ? Open Data Folder in MetaTrader 4.
How to Install and Use Currency Strength Meter
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
This indicator calculates the RSI (Relative Strength Index) for four selected instruments and presents the values in the indicator window.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 4.
Compatible Platform & Setup
This Indicator works on MetaTrader 4. Place the file in the MQL4/Indicators folder and restart the terminal.
Description & Settings
Related: ATR Candle Strength MT4 - another powerful indicator for MetaTrader 4 traders.
This indicator calculates the RSI (Relative Strength Index) for four selected instruments and presents the values in the indicator window.Also recommended: absolute strength indicator suite - similar indicator with strong performance on MetaTrader 4.
Features:
- Customizable colors and styles for each instrument.
- Colored labels for easy instrument identification.
- Adjustable period and applied price settings.
- Supports various markets, including Forex, commodities, indices, and cryptocurrencies.
Inputs:
- InstrOne: Instrument 1.
- InstrTwo: Instrument 2.
- InstrThree: Instrument 3.
- InstrFour: Instrument 4.
- ColorOne: Instrument 1 color.
- ColorTwo: Instrument 2 color.
- ColorThree: Instrument 3 color.
- ColorFour: Instrument 4 color.
- IndicatorPeriod: Indicator period.
- AppliedPrice: Indicator applied price.
This indicator provides a comprehensive view of multiple instruments' RSI values, aiding in informed trading decisions.
You may also like: currency indicator: a comprehensive trading tool - excellent alternative for indicator users on MetaTrader 4.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#property strict
#property indicator_separate_window
#property indicator_minimum 0
#property indicator_maximum 100
#property indicator_buffers 4
#property indicator_plots 4
#property indicator_type1 draw_line.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.