Currency Strength Momentum Panel
A currency strength meter answers "who is strong right now". It does not answer whether that strength is still building or already running out - a currency can sit at the top of the strength ranking while its underlying momentum has already turned down, which is exactly the moment a strength-only display misleads a trader into chasing a move that is ending. This indicator reuses the same relative-strength calculation as the standalone CurrencyStrength indicator in this catalogue - each of the 8 majors is scored by the average signed percentage change across the 7 pairs it appears in over InpStrengthLookback bars - then takes the DIFFERENCE between that score now and the same score InpMomentumBars back. The result is eight momentum lines around a zero level: a line crossing above zero means that currency's strength is accelerating, a cross below means it is decelerating, independent of whether the currency is currently ranked strong or weak. Recomputing the full 28-pair strength calculation at two points in time for every plotted bar is not free, so history depth on first load is capped and refreshed incrementally afterward - the same non-repainting pattern used throughout this catalogue for pair-basket calculations. Notes and limitations Requires all 28 major-currency pairs to be available from the broker (with the configured suffix) for a fully populated reading; any pair the broker does not carry is skipped and that currency's score is averaged over fewer contributors, logged once to the Experts tab at load. History depth for the plotted lines is capped on first calculation (500 bars) purely to bound the cost of recomputing 28 pairs at two shifts per bar - scrolling further back will not retroactively fill older bars in the same session. This is a derived-momentum display, not a trade signal generator on its own.
Indicator · MT5 · v1.0 · Free
About Currency Strength Momentum Panel
Currency Strength Momentum Panel is an indicator for MetaTrader 5. It can alert you with a pop-up, sound, email or push message. It has 5 settings, such as Timeframe, Strength lookback and Momentum bars. MQL source code included.
Files in the download: StrengthMomentumPanel.ex5, StrengthMomentumPanel.mq5, StrengthMomentumPanel.txt.
Settings
| Setting | Default | What it does |
|---|---|---|
| Timeframe | PERIOD_H1 | Timeframe the underlying strength score is measured on |
| Strength lookback | 24 | Bars back used to build each currency's strength score |
| Momentum bars | 12 | Bars back over which momentum (change in strength) is measured |
| Symbol suffix | Broker suffix appended to every pair (e.g. ".pro"), leave blank if none | |
| Alert on cross | true | Alert once when any currency's momentum crosses zero on a new closed bar |
How to install
- Download the ZIP from your PolyMaria library and unzip it.
- In MetaTrader 5 open File → Open Data Folder, then go to MQL5 → Indicators.
- Copy the .mq5 file(s) there. Put any .mqh files in MQL5 → Include.
- Open the .mq5 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: Momentum · Currency Strength · Alerts · MT5 Indicator · MQL5 Source Code