As of 30-Jun-2020, we have discontinued support of this software. If you are interested, you can still use the versions below. We highly encourage you to visit our free currency meter and use the free services available there instead. Use the link in the main menu to navigate to the currency strengths meter we host on our site.
: Features :
We all know how important it is to understand individual currency strengths in forex market. I have built a simple but effective MT4 EA that will work with your own website (you need to have your own website with PHP and MySQL) to build a very simple but effective currency strength meter. This software will calculate and show strengths for 8 major currencies today which are: USD, EUR, GBP, NZD, AUD, CHF, CAD and JPY.
- Your MT4 platform running on your VPS – here you will find a simple EA in the software package that you need to run on all the currency charts (normally there are 28 currency pairs) for which you need to collect the strength values. This EA will simply take those and send to your web server where you website is running.
- Your website running on your web server – this is any normal website where you have PHP with MySQL available. The EA running on your MT4 (as explained in the point 1 above) will be communicating with the PHP files that you come with the software package that you upload on your website. These PHP files will take the the currency strength values coming from your MT4 and save them in the MySQL database. Other set of the PHP files will then take these values from the database and display them on the currency strength meter web page(s). Your website visitors can then access this currency meter via the web page(s) and benefit from the same.
- Strongest trend – this is the currency pair where there is strongest trend in terms of strongest currency against the weakest currency for the chosen timeframe.
- Trend strength – this is the indicator that tells you how strong the trend is. This is a value always greater than 1. Higher the value, the stronger is the trend.
- Sideways trend – this is the currency pair where there is sideways market trend currently in place for the selected timeframe.
- Market balance – this is the balance indicator telling if the market is in balance or out of it. This is nothing but the number of currencies showing positive strength vs. the number showing negative strength.
- Setup is easy and quick. You setup once and application needs very little maintenance. You update only one config file on your web server and small setup in your MT4.
- This is a very lightweight application needing very few resources on your VPS as well as your web server. Very basic VPS and web server config that is easily available today is enough.
- You can adjust the frequency at which the currency strength values are updated from your MT4 to your web server.
- Communication between your MT4 and your web server is password protected to safeguard against unauthorized access.
- Settings on your website are easily maintained in one config file for easy maintenance and setup.
- Trading decisions: You can use it for reference when making your trading decisions. Since there are many different time frames, you can choose what works best for you and decide how to use it to your advantage.
- Currency trends: This meter automatically finds the best trend for you. Trend is your friend! You can see the identified trend and open trades with higher probability of wins. This indicator not only finds the best trending currencies (in the example above, it is showing that there is strong downward trend on CADJPY pair) but it will also show you the pairs where there is a side-ways market – in the example shown above, you can see that EURAUD is trending side-ways on daily timeframe.
- Sell signals: The beauty of this setup is that the currency strength meter is available on your website. You can sell the trends or just simply use it to add value to your forex-related website or blog. Who does not want to get quality signals delivered to them so easily? The potential is unlimited.
- A MT4 setup and running on a VPS or some form where MT4 is always running.
- A valid forex trading account – you try this with a demo account if you prefer first.
- A running website with MySQL and PHP 5.4 or higher.
- Basic understanding of website setup and understanding of how to setup MT4.
If you need help or support any of the above steps, don’t hesitate to contact me using the contact link on this page.
Please click on the link below to download.
Please click on the link below to download.
Click the download button to download the V2 of the Currency Strength Meter.
Currency strength meter – Free Version – V1