Currency Strength Slick Trade Indicator – MetaTrader 4

About

This indicator brings in the currency strength of separate currencies.  It is a solid indicator that gives the trader higher confidence with trade entries.  This indicator is best to use with an established system, EA, template or set of rules.  It can be used an any timeframe of your choosing.

How To Use

The method behind currency strength trading is really quite simple. 

Let’s say that you are using the Foltron setup.

Your base settings are for the EMA cross with SMA 200 enabled.  You have the GBPUSD loaded up and ready to go!

Price is below the 200SMA and the EMA cross occurs … you recieve the short signal, BUT you want to have double confirmation with currency strength.

You have already checked the Trading Sessions knowledge and the GBPUSD passes your test of a good time to trade.

You check your MT4 Slick Trade Currency Strength Indicator and the GBP strength is 2.0, the USD strength is 6.7.  You have the go ahead to take the short position.

Let’s Break It Down

The first currency of a pair must have a lower strength than the second currency pair to confirm a trade.

Let’s say you are looking to go long on the AUDUSD…. the USD shows a 5.8 strength and the AUD shows a 2.1 strength.  According to currency strength rules… you would avoid this trade.

Let’s say the strength is flipped with the example above – USD 2.1 and AUD 5.8… the currency pair is AUDUSD… you are looking to go long…the AUD has a higher strength than the USD… you have now confirmed the long entry.

Settings

• Main Settings

• CurrencyPairs – these are the currency pairs calculated
• StrongCurrency – This is used for the alert section which is undeveloped at the moment.  We recommend not changing this input
• Strength Limit – This is the highest calculation of strength
• WeakCurrency – This is used for the alert section which is undeveloped at the moment.  We recommend not changing this input
  
• WeaknessLimit – This is the lowest calculation of strength
• SendEmail – This is used for the alert section which is undeveloped at the moment.  We recommend not enabling this input yet
• SendNotifications – This is used for the alert section which is undeveloped at the moment.  We recommend not enabling this input yet
• Alerts – This is used for the alert section which is undeveloped at the moment.  We recommend not enabling this input yet
• ScreenShots – This is used for the alert section which is undeveloped at the moment.  We recommend not enabling this input yet
• AlertsIntervalMinutes – This is used for the alert section which is undeveloped at the moment.  We recommend not enabling this input yet
• PanelCorner | FontSize | FontType | HorizPos | VertPos | VertSpacing – These are all used for the placement and visualization of the currency strength indicator – set to whatever settings you prefer
• Color1-4 and Level 1-4 – These are used for the visualization of the currency strength indicator.  0.0 is the lowest currency strength up to 7.0 being highest.  You may change the levels and colors to your liking from the Inputs Tab