This "Precision Strength Meter" indicator gives you an at-a-glance view of which currencies are currently strong, and which currencies are weak. So you can INSTANTLY know which currency pairs have a strong potential of breaking out.
The indicator measures the movement of over 50 pairs to determine the overall strength of each individual currency.
Let's take a look at the "Precision Strength Meter" indicator in action:
The Precision Strength Meter indicator assigns a numeric value (from 0 to 10) to each individual currency. The higher this number is, the stronger the currency.
On this GBP/CHF chart, we can see that - according to the Precision Strength Meter indicator - GBP is weak (Total Strength is 1.8) and CHF is moderately strong (Total Strength is 6.3).
Therefore we can deduce that the pair GBP/CHF (which is a combination of these currencies) would likely to move down. And it turns out that our analysis is right and verified by recent market movement.
As this example shows...
The Precision Strength Meter indicator is a very useful tool in technical analysis...
Here's exactly how it can help your trading:
The indicator gives you a bird eye's view of what each individual currency is doing right now. So you can decide which pairs to trade and which pairs to stay away from.
Let's analyze the EUR/GBP chart below to illustrate this point:
In this case, based on the Total Strength values, we can see that GBP is very strong (with a reading of 7.0) and EUR is weak. As such, EUR/GBP is a good pair to trade at this point because it has a strong tendency to fall. Trading in direction of GBP would be a wise decision.
Let's take a look at another example (EUR/CHF):
In this example, since the Total Strength values of EUR and CHF are close, the pair has no clear direction. It's bouncing back and forth. And it's a good idea to stay away from this particular pair.
Here's another example -- EUR/CAD 15-min time frame:
In this case, EUR is very strong (with a Total Strength value of 7.3) and CAD is weak. And therefore the pair EUR/CAD is most likely to go up (in the direction of the strongest currency at the moment -- EUR). And the market movement on this time frame strongly supports this theory.
Last but not least, let us look at NZD/USD:
As you can see, according to the Precision Strength Meter, NZD is the strongest currency at the moment. Combine NZD with the weakest currency (which is USD) and we've got a pair (NZD/USD) which has the highest probability to rise. And the recent price action certainly confirms our prediction.
By now, you may be wondering: How do I get access to this amazing indicator? Here's how:
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- This indicator works on Metatrader 4
- Current version: 1.0
- You can use the indicator on ANY instrument your Metatrader 4 offers: FX pairs, Gold, Silver, Indices, Futures, Stocks...
- Please remember: There are no refunds and all sales are final.