MT4 Currency Strength Meter Indicator
MT4 Currency Strength Meter Indicator measures the relative strength of eight major currencies across all available timeframes using MA, MACD, or RSI as the calculation base. Results are displayed in a structured dashboard showing strength scores per currency, per timeframe, and in aggregate — allowing analysts to compare currency performance across the market at a glance.
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What the Currency Strength Meter Indicator Does
The Currency Strength Meter Indicator evaluates the relative strength of eight major currencies by analyzing 28 currency pairs across all available timeframes. The calculation is based on one of three selectable oscillators — MA, MACD, or RSI — applied consistently across all pairs and timeframes.
For each timeframe, each currency receives a positive or negative value depending on whether it shows strength or weakness relative to the others. The TOTALS column aggregates these values across all timeframes, producing a single composite score per currency.
The higher the TOTALS value, the stronger the currency’s current reading across the analyzed timeframes. A negative TOTALS value indicates relative weakness.
In the example above, CHF shows the highest TOTALS score at +29, indicating the strongest relative reading across timeframes. NZD shows the lowest at -33, indicating the weakest.
The indicator also includes configurable alerts and dashboard-level notifications — triggered when currency strength conditions meet defined thresholds.
How to Interpret and Use the Currency Strength Meter Indicator
The indicator evaluates relative currency strength using the selected oscillator — MA, MACD, or RSI. Each oscillator reflects a different aspect of price behavior, and the choice of oscillator affects how strength is calculated and displayed.
RSI Strength Lines
When RSI is selected, the indicator plots strength lines for each currency. A bullish condition is registered when a stronger currency’s line crosses above a weaker currency’s line — confirmed by the histogram crossing above zero and changing from red to green. A bearish condition is registered when the reverse occurs — the histogram crosses below zero and the stronger line moves below the weaker one.
The registered condition remains active until the opposite crossover occurs — either the histogram returning below zero or the previously stronger line crossing back below the weaker one.
Timeframe context matters when reading the indicator. The strength readings are specific to each timeframe — a condition registered on M5 reflects the strength relationship on that timeframe only. Analysts typically align the observed strength relationship with the timeframe they are monitoring. In the example above, on M5 and M15, GBP shows strength relative to NZD. On M30, NZD shows weakness relative to CHF — reflecting a different strength relationship on a different timeframe.
Reading the Dashboard
The dashboard provides a structured overview of relative currency strength across all monitored timeframes for all eight major currencies simultaneously.
Strength is calculated by scoring each currency against the others on each timeframe: one point is added when a currency shows relative strength on a given timeframe, and one point is deducted when it shows relative weakness. These scores are based on the selected oscillator — MA, MACD, or RSI.
The Results row shows the score for each individual timeframe. The Totals row shows the aggregate score across all monitored timeframes.
If all cells for a currency are green, it is showing relative strength across all timeframes simultaneously. If all cells are red, it is showing relative weakness across all timeframes. Mixed colors indicate strength on some timeframes and weakness on others.
In the example above, CHF shows the highest aggregate score while NZD shows the lowest. This reflects the strength relationship registered by the indicator at that moment. Values update continuously as market conditions change.
Indicator Limitations — Currency strength readings are derived from the selected oscillator’s behavior across historical price data. The scores reflect relative strength relationships between currencies at the time of calculation — they do not predict future price movement and do not guarantee that a currency pair will move in any particular direction. All readings should be evaluated within a broader analytical framework that considers current market structure and conditions.
Indicator Settings & Parameters
The indicator has the following parameters.
| Parameter | Description |
|---|---|
| Strength Calculation | |
| Currencies | Select the currencies to include in the calculation. |
| Strength_smoothing_period | The number of periods used in the strength calculation. |
| Strength_smoothing_method | The smoothing method applied to the calculation. |
| Calculation_type | Selects the oscillator used as the calculation base:
|
| Indicator settings | Individual parameter configuration for the MA, RSI, and MACD oscillators used in the strength calculation. |
| Scope & Alerts | |
| Enable_M1–MN | Includes or excludes individual timeframes from the calculation scope. |
| Max_bars | Limits the number of bars included in calculations. Reducing this value improves calculation speed when full historical depth is not required. |
| Enable alert / Enable email / Enable mobile | Configures alert delivery: platform notifications, email, or mobile — each configurable independently. |
System Requirements & Installation
What you need to run the indicator, how to download and install it in MetaTrader 4, and how the license works.
System Requirements
- Platform
- MetaTrader 4 (Desktop)
- Operating system
- Windows 10 or Windows 11
- Instruments
- Forex pairs, metals, indices, CFDs and other symbols available from your broker in MetaTrader 4
- Data
- Your broker’s price feed in MetaTrader 4
Not available on MetaTrader 4 Web or Mobile. Custom indicators run in the MetaTrader 4 desktop terminal only.
License Terms
- Lifetime License
- This indicator only, 1 live and 1 demo account, one-time payment, free updates included.
- All-Access Subscription
- All indicators and trade copiers, billed monthly, cancel anytime, updates included while the subscription is active.
- Free trial
- 5 days on the subscription plan. If not cancelled, the subscription starts automatically.
- License binding
- Linked to your email and to your MetaTrader 4 trading accounts: one live account and one demo account.
- Computers
- Not restricted. The license is linked to your trading accounts, not to a specific computer.
Installation
- Get access
Start the free trial, subscribe, or buy a lifetime license on this page.
- Download
The indicator is not sent by email. Open (top right of this page) and enter the email you used for your trial, subscription or purchase. The indicator file (.ex4) downloads to your computer.
- Copy to the MetaTrader 4 data folder
In MetaTrader 4, go to
File → Open Data Folder, openMQL4 → Indicatorsand copy the downloaded .ex4 file there. - Add to a chart
Restart MetaTrader 4 or right-click Indicators in the Navigator window and select Refresh. Then drag the indicator from the Navigator onto a chart.
- Activate the license
In the indicator inputs, enter the same email. On first activation, the license is linked to that email and to the trading account the terminal is logged into.
If MetaTrader 4 asks for additional permissions when the indicator is attached, such as DLL imports or WebRequest access, allow them in the indicator’s Common tab or under
Tools → Options → Expert Advisors.
Updating: When a new version is released, download it again through and replace the existing .ex4 file in the same folder.
Installation questions? Contact support, Monday to Friday.
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Disclaimer — Software Use & Risk Disclosure
Nordman Algorithms is a trade name of Nordman Algorithms OÜ (Reg. No. 14435535), registered in Tallinn, Estonia.
Software Use
Software Nature & User Responsibility — Nordman Algorithms provides algorithmic software tools for technical analysis. Nordman Algorithms is not a financial advisor and is not liable for any losses. All trades conducted based on the software’s output are executed at the user’s sole discretion and risk.
Visual Markers & Signal Disclosure — This software may display visual markers (such as arrows, dots, or alerts) when predefined mathematical conditions are met. These markers are provided for educational and analytical purposes only, must not be interpreted as financial guidance, and do not constitute a recommendation to buy, sell, or hold any financial instrument. Users must independently validate all visual cues within their own trading methodology.
No Financial Advice — Nordman Algorithms does not provide discretionary trading signals, investment advice, or managed signal services. Our software represents a mathematical visualization of historical and real-time data. The appearance of a visual marker does not guarantee a profitable trade or predict future market behavior.
Read the full Terms of Service →Risk Disclosure
Trading Risk Warning — Futures, Forex, and options trading involve significant risk. Risk capital is money that can be lost without jeopardizing financial security. Only risk capital should be used for trading. Past performance is not indicative of future results. An investor could potentially lose all or more than the initial amount committed.
ESMA Risk Warning — Financial instruments, especially those involving leverage such as CFDs and Forex, are complex and carry a high risk of rapid financial loss. Our software provides analytical outputs and visual markers based on predefined mathematical conditions and does not mitigate or reduce inherent market risks. You should carefully consider whether you understand how leveraged financial instruments work and whether you can afford the high risk of losing your capital.
CFTC Rule 4.41 — Hypothetical or simulated performance results have inherent limitations. Unlike actual performance records, simulated results do not represent real trading. Because trades have not actually been executed, these results may under- or over-compensate for the impact of market factors such as liquidity. Simulated results are also subject to the benefit of hindsight. No representation is being made that any account will achieve profits or losses similar to those shown.
Read the full Risk Disclosure →Trademark Notice — MetaTrader 4 and MT4 are trademarks of MetaQuotes Ltd. Nordman Algorithms is an independent software developer and is not affiliated with, sponsored by, or endorsed by MetaQuotes Ltd. References to MetaTrader 4 identify software compatibility.
Need a different setup?
We can customize this indicator to your requirements: add new features, change the calculation logic, or combine several tools into a single solution. We also build Expert Advisors on your own logic, with configurable modules such as dynamic risk parameters, multi-stage trailing stops and additional confirmation filters.
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