Description: Measure the trend strength of the major currency pairs across all timeframe's with the trend strength indicator for Metatrader 4. Works on EUR, USD, JPY, GBP, CHF, AUD and CAD. Attach the indicator to any currency chart and timeframe of your choice.
How to use the indicator?
Basically, it shows you the weakest versus the strongest currencies. Red color = bearish trend, Green color = bullish trend and yellow color = weak or flat trend.
For example (see picture below): GBP/USD red colored box signals weakness in this currency pair and timeframe.
File Name: TrendStrength.ex4
Metatrader 4 Screenshot:
GBP/USD 4 Hour Chart
Features: Works on all major currencies, supports all time frame's up to the monthly charts, fully customizable, free licence, Metatrader 4 ready.
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Risk Disclosure: Trading forex on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.