Forex Strength Indicator
Forex Strength Indicator:
This indicator displays, in histogram form, the difference between either:
- a fast and slow moving average (MA_Power=true)
- main and signal lines of a MACD indicator (MACD_Power=true)
- main and signal lines of a stochastic indicator (Stochastic_Power=true)
Only one option can be choosen (default is moving average) at any one time, although another indicator can be opened for another option.
This indicator also displays average (strength) levels of difference values above and below the zero line. This feature can be disabled (Set_Levels=false).
This indicator is meant to gauge the power/strength behind a price move.
What does Forex Indicator mean?
A forex indicator is a statistical tool that currency traders use to make judgements about the direction of a currency pair’s price action. Forex indicators come in many types, including leading indicators, lagging indicators, confirming indicators and so on. Popular forex indicators include moving averages, relative strength index (RSI) and average true range (ATR). A forex trader must choose the indicators that fit his or her trading strategy.
How to install Forex Strength Indicator?
- Download Forex Strength Indicator.zip
- Copy mq4 and ex4 files to your Metatrader Directory / experts / indicators /
- Copy tpl file (Template) to your Metatrader Directory / templates /
- Start or restart your Metatrader Client
- Select Chart and Timeframe where you want to test your forex indicator
- Load indicator on your chart
How to uninstall Forex Strength Indicator?
To shut down an indicator, one has to remove it from the chart. At that, its drawing and recalculation of its values will stop. To remove an indicator from the chart, one has to execute its context menu commands of “Delete Indicator” or “Delete Indicator Window”, or the chart context menu command of “Indicators List – Delete”.
