Currency Strength Meter
Looking at EURUSD alone tells you whether EUR is strong against USD, but not whether EUR is strong in general or USD is simply weak against everything. A currency strength meter answers that by pooling every pair a currency appears in, not just one. This one uses the full 8-currency, 28-pair matrix (USD, EUR, GBP, JPY, AUD, NZD, CAD, CHF - every one of the 8-choose-2 combinations), which is the standard construction rather than a shortcut using only the majors against USD. Each pair's percentage change over InpLookbackBars contributes positively to its base currency and negatively to its quote currency - a rising EURUSD means EUR gained and USD lost - and each currency's final score is the average of its seven contributions. Using all seven pairs a currency touches, rather than just its USD pair, is what makes this a genuine cross-currency ranking instead of a relabelled USD index. The panel lists all eight currencies ranked strongest to weakest with their score, refreshed continuously from the last closed bar on every pair, so the ranking cannot flicker mid-bar on any single feed. Notes and limitations - Every pair is read from shift 1 (last closed bar) up to shift 1+InpLookbackBars, never shift 0, so the ranking only ever reflects fully closed price action. - If the broker does not offer one of the 28 pairs (uncommon for the eight majors, but possible for some cross pairs), that pair is skipped and the two currencies it would have scored average over one fewer contribution - a message is printed once at start-up naming any missing pair. - This is a relative-strength ranking, not a trade signal generator; it does not recommend a specific pair or direction, only which currencies are currently outperforming and underperforming their peers. - Strength here is purely price-momentum based (percentage change over a fixed lookback); it carries no information about interest rate differentials, economic data or news flow.
Indicator · MT4 · v1.0 · Free
About Currency Strength Meter
Currency Strength Meter is an indicator for MetaTrader 4. It can alert you with a pop-up, sound, email or push message. It has 8 settings, such as Timeframe, Lookback bars and Symbol suffix. MQL source code included.
Files in the download: CurrencyStrength.ex4, CurrencyStrength.mq4, CurrencyStrength.txt.
Settings
| Setting | Default | What it does |
|---|---|---|
| Timeframe | PERIOD_H1 | Timeframe the percentage change is measured on |
| Lookback bars | 24 | Bars back the percentage change is measured over |
| Symbol suffix | Broker suffix appended to every pair (e.g. ".pro"), leave blank if none | |
| Corner | CORNER_LEFT_UPPER | Panel corner |
| X distance | 10 | Panel horizontal offset, pixels |
| Y distance | 20 | Panel vertical offset, pixels |
| Font size | 10 | Panel font size |
| Alerts | true | Alert once when the strongest currency changes on a new closed bar |
How to install
- Download the ZIP from your PolyMaria library and unzip it.
- In MetaTrader 4 open File → Open Data Folder, then go to MQL4 → Indicators.
- Copy the .mq4 file(s) there. Put any .mqh files in MQL4 → Include.
- Open the .mq4 file in MetaEditor and press Compile (F7) if MetaTrader does not show it.
- Drag the indicator from the Navigator onto a chart and adjust the settings.
Tags: Currency Strength · EURUSD · Alerts · MT4 Indicator · MQL4 Source Code