Currency Strength Meter for MT4 & MT5

Our Currency Strength Meter for MT4 and MT5 is a professional forex currency strength indicator designed to help traders identify strong and weak currencies using a clear, visual currency strength heatmap.

This forex currency strength meter analyses relative currency strength across the entire market, allowing traders to focus on high-probability currency pairs instead of analysing individual charts one by one.

What Is a Currency Strength Meter?

A currency strength meter (also known as a forex strength meter or currency strength index) measures how strong or weak each major currency is relative to the others.

Rather than focusing on a single pair like EURUSD or GBPJPY, a currency strength indicator answers a more important question:

Which currencies are strong, and which are weak right now?

This allows traders to:

• Trade strong currencies against weak currencies
• Avoid ranging or low-probability pairs
• Align trades with broader market flows instead of isolated price patterns

How This Currency Strength Indicator Works

This currency strength meter MT4 / MT5 uses a relative strength calculation across all major forex pairs.

Key principles:

• Each currency’s strength is calculated from multiple currency pairs
• Price movement is normalised, so no single pair dominates the result
• Strength values are relative, not absolute
• The indicator does not depend on the chart timeframe

Structural vs Tactical Strength

The indicator separates currency strength into two layers:

• Structural strength
  Derived from higher timeframes (Monthly, Weekly, Daily, H4) to show the underlying market bias.
• Tactical strength
  Calculated on a lower execution timeframe (such as M15) to show short-term momentum and pullbacks.

This combination allows traders to:

• Identify which currencies to focus on
• Then decide when to trade them

Currency Strength Heatmap (Live Dashboard)

The indicator displays currency strength using a colour-coded heatmap, making it easy to scan the entire market in seconds.

Heatmap features:

• Rows: Major currencies (USD, EUR, GBP, JPY, CHF, CAD, AUD, NZD)
• Columns:
  • Higher-timeframe strength (Monthly, Weekly, Daily, H4)
  • Total structural strength
  • Live tactical strength
• Green = strong currency
• Red = weak currency
• Neutral colours = balanced / ranging

This visual format acts as a currency strength chart, allowing traders to spot opportunities without analysing dozens of charts.

How Traders Use a Forex Currency Strength Meter

Most traders use a forex currency strength meter in three simple steps:

1. Identify strong and weak currencies
   Example: USD strong, JPY weak
2. Select the best currency pairs
   Example: USDJPY, EURJPY, GBPJPY
3. Time entries using tactical strength or price action
   Trade pullbacks or momentum in the direction of the dominant strength

This approach works across:

• Day trading
• Swing trading
• Trend-following strategies

Platform Compatibility

This indicator is available for both major MetaTrader platforms:

Currency Strength Meter MT4

• Compatible with MetaTrader 4
• Lightweight and optimised
• Works on any chart and any timeframe

Currency Strength Meter MT5

• Compatible with MetaTrader 5
• Same logic and visual layout as MT4
• Designed for traders transitioning to MT5

The calculation logic is identical across platforms, ensuring consistent results.

Why Use This Currency Strength Indicator?

Compared to basic forex indicators, this best currency strength meter offers:

• Market-wide perspective instead of single-pair analysis
• Clear visual decision support
• Objective, data-driven strength readings
• No repainting based on chart timeframe
• Suitable for discretionary and systematic traders

It functions as a forex currency meter, fx currency strength meter, and relative currency strength indicator in one tool.

Download the Currency Strength Meter

▶ Download for MT4

• File format: .mq4
• Installation: Copy to /MQL4/Indicators/
• Restart MetaTrader 4

▶ Download for MT5

• File format: .mq5
• Installation: Copy to /MQL5/Indicators/
• Restart MetaTrader 5

Frequently Asked Questions

What is a currency strength meter in forex trading?

A currency strength meter is a forex indicator that measures the relative strength of each currency (USD, EUR, GBP, JPY, etc.) compared to others. It helps traders identify which currencies are strong and which are weak.

Does this currency strength meter work on MT4 and MT5?

Yes. This currency strength indicator is available for both MetaTrader 4 (MT4) and MetaTrader 5 (MT5). The calculation logic is the same on both platforms.

Is this a live currency strength meter?

The indicator provides live currency strength readings inside MetaTrader, updating dynamically as market conditions change. It does not depend on the chart timeframe.

Does changing the chart timeframe affect the strength values?

No. The indicator calculates relative currency strength independently of the chart timeframe, so switching between M5, M15, or H1 will not change the results.

What timeframes does the currency strength meter use?

The indicator combines higher-timeframe structural strength (Monthly, Weekly, Daily, H4) with a lower-timeframe tactical strength for short-term momentum analysis.

Is this the best currency strength meter for forex trading?

There is no single “best” tool for every trader, but this forex currency strength meter is designed to be lightweight, objective, and easy to interpret, making it suitable for both discretionary and systematic trading approaches.

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