KT Currency Strength Meter
KT Currency Strength Meter Indicator
MT4 | MT5
The KT Currency Strength Meter indicator measures the individual currencies' strength and weakness by applying an aggregated mathematical formula over the major FX pairs.
The strength is calculated using the bullish and bearish candles over a fixed period. After filling up the strength data, an algorithm sorts out the strongest and weakest currencies in a stack and updates their orders using the real-time incoming data.
- Improve your trading strategy instantly by filtering out the signals that suggest buying the weak currency against a strong currency and vice versa.
- It helps to eliminate unintentional hedging and over-trading.
- Avoid the high-risk countertrend trades, i.e., never buy the weakest currency against the strongest and vice versa.
- It helps to filter out the trading positions that cancel out each other.
- The Currency meter is updated in real-time using the most recent data.
- KT Currency Strength Meter indicator is a lightly coded indicator that uses minimum CPU resources without putting any unnecessary load on your PC so that your other strategies and deployed indicators remain unaffected.
- A unique color is dedicated to each currency, which helps differentiate and identify each of them quickly.
- Simple and straightforward input parameters without any complicated settings.
How to Interpret and use the KT Currency Strength Meter indicator
In the above picture, the currency meter shows that on a 1-Hour time-frame, the Euro is the strongest while New Zealand Dollar is the weakest currency.
Using this information, you can plan to enter in a long trade on EURNZD pair.
Consider the Currency Meter as a compass that shows the overall direction of a particular currency and then plan your entry positions based on a solid trading strategy.
- As the data is fetched from the current time-frame, avoid using it on lower time-frames, leading to inconsistent and frequent variations in data.
- Avoid relying on it too much during high-impact news as the fundamental always comes first before the technical analysis.
- It's best to use it as a confirmation instead of using it as the primary signal generation.
- Looking to combine the correlation analysis along with the strength meter? Consider getting our premium currency strength and correlation indicator as it provides a more advanced strength calculation combined with a correlation matrix.
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DO you mean the “period” represents the timeframe? As it can also be adjusted to time not on the Mt4. Just to be sure. for instance does the period 10 mean 10mins?
Also is ther a way you could make available the font settings and box settings so that ppl with small screens can adjust settings. it can take up most part of my lapto sscreen. So wld appreciate it can have an option of where to place it on the screen (Left up, left down, right up, etc) and the indicator can be reduced on chart also. Thanks.
I tried the MT5 version, there is an issue with the currency meter text. If you add some indicator windows (RSI, CCI, MACD, etc), like about 5-6 indicators, some currency meter text (especially the top one) would get cropped out due to the chart window becomes smaller. This issue also happens in KT Forex Sessions indicator.
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