FO R E X Currency Powers
This software component for MetaTrader 5 is built to enhance the capabilities of your trading environment. This Expert Advisor serves as automated trading software. It is utilized to monitor financial markets and execute trades based on predefined algorithmic rules, enabling precise position management without the need for constant manual oversight.
How to Setup and Use FO R E X Currency Powers
1. Installation: Open the "File" menu, select "Open Data Folder," navigate to MQL/Experts, paste your file, and restart the terminal.
2. Activation: Drag the EA from the Navigator onto a chart, ensure "Allow live trading" is checked in the Common tab, and verify the AutoTrading button is green.
3. Optimization: Right-click your chart, choose "Expert List," click "Properties" to adjust inputs, and save your preferred setup as a set file for future use.
4. Maintenance: Regularly check the "Experts" tab in the terminal window to monitor trade logs and potential execution errors.
Frequently Asked Questions
Q: Why is my EA not opening trades? A: Check the "AutoTrading" button, ensure "Allow live trading" is enabled, and verify your broker allows automated trading on your account type.
Q: Can I run multiple EAs on one chart? A: No, each chart can only host one active EA; however, you can open multiple charts for different currency pairs to run several EAs.
Q: What does the "smiley face" icon mean? A: A smiley face in the top-right corner of the chart indicates the EA is successfully running; a frowny face means it is disabled.
Description & Settings
MetaTrader 5 allows creating synthetic instruments. The price of such instruments can depend on the current values of a number of financial instruments.
An example of such instruments in the stock market is the . Indexes for the FOREX market are , .
In trading, such symbols allow spotting the beginning and end of global market movements at an early stage.
We can create a currency strength indicator by averaging the current position of the Close price relative to the High/Low range over a certain amount of one-minute bars (in this case 5) of corresponding currency pairs.
The strength of Forex currencies in this example is calculated using the following formulas:
In this example, the strengths of currencies are plotted in the interval from 0 to 100, the central line passes through the level 50. The sum of the strengths of currencies at any moment of time is equal to 50, i.ะต. the currencies move at the expense of other currencies. Global movements of USD are reflected on stock and commodity markets, as well as the Forex market (because all markets are interrelated).
Copy the CurrencyPowerIndex.mqh file to <terminal_data_folder>\MQL5\Include.
After you launch FOREX_Currency_Power.mq5, the following synthetic instruments will appear in the Market Watch window: FOREX.EUR.M5, FOREX.USD.M5, FOREX.GBP.M5, FOREX.JPY.M5, FOREX.CHF.M5:
Fig.1. Synthetic instruments FOREX.EUR.M5, FOREX.USD.M5, FOREX.GBP.M5, FOREX.JPY.M5, FOREX.CHF.M5 in Market Watch
Fig. 2. A tick chart of the synthetic instrument FOREX.EUR.M5
Fig. 3. A tick chart of the synthetic instrument FOREX.USD.M5
Fig. 4. A tick chart of the synthetic instrument FOREX.GBP.M5
Fig. 5. A tick chart of the synthetic instrument FOREX.JPY.M5
Fig. 6. A tick chart of the synthetic instrument FOREX.CHF.M5
Fig. 7. Strength of EUR, USD, GBP, JPY, CHF
