Forex Currency Powers
Info
The Forex Currency Powers is a Expert Advisor for MetaTrader 5 that metatrader 5 introduces the capability to create synthetic instruments, whose prices can be derived from the current values of multiple financial instruments. In the stock market, an example of such instruments is the.
Usage
This tool is typically used for automated trading on major forex pairs and gold.
Platform
This Expert Advisor works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Experts folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Forex 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.
What this tool does
Metatrader 5 introduces the capability to create synthetic instruments, whose prices can be derived from the current values of multiple financial instruments.
Typical Use Case
This Expert Advisor excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Expert Advisor works on MetaTrader 5. Place the file in the MQL5/Experts folder and restart the terminal.
Description & Settings
Related: Advanced Risk Manager: Auto Suffix Detection Multi-Currency Lot Sizer - another powerful expert for MetaTrader 5 traders.
Metatrader 5 introduces the capability to create synthetic instruments, whose prices can be derived from the current values of multiple financial instruments.Also recommended: expert advisor for the puria method forex strategy - similar expert with strong performance on MetaTrader 5.
In the stock market, an example of such instruments is the . For the forex market, these indexes are , .
These symbols are invaluable for identifying the onset and conclusion of global market movements at an early stage.
A currency strength indicator can be devised by averaging the current position of the close price relative to the high/low range over a specified number 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 scenario, currency strengths are plotted within a range from 0 to 100, with the central line positioned at the 50 level. The sum of currency strengths at any given moment is always 50, indicating that currencies move relative to one another. Global movements of USD are reflected in stock, commodity, and forex markets due to their interconnected nature.
To utilize this feature, copy the currencypowerindex.mqh file to <terminal_data_folder>\mql5\include.
Upon launching forex_currency_power.mq5, the following synthetic instruments will be displayed 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. Tick Chart of Synthetic Instrument forex.eur.m5
Fig. 3. Tick Chart of Synthetic Instrument forex.usd.m5
Fig. 4. Tick Chart of Synthetic Instrument forex.gbp.m5
Fig. 5. Tick Chart of Synthetic Instrument forex.jpy.m5
Fig. 6. Tick Chart of Synthetic Instrument forex.chf.m5
Fig. 7. Strength of EUR, USD, GBP, JPY, CHF
You may also like: multicurrency on tick market watch event handler - excellent alternative for expert users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.00"
#define minite_bars_count 5
#include <currencypowerindex.mqh>
#include <graphics\graphic.mqh>
struct indexdata
{
string symbol;
double values[];.......
⚠ 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.