DislikedHi Predot,
It's a currency strength meter (CSM) which measures the strength of the two currencies constituting the pair, against each other based on some complex computation. There are two currencies in the EURUSD, and these are EUR & USD, so the meter is measuring the strength of EUR against USD.
And to your question regarding the purpose of the indicator - a trader will be at an advantage when trading a weak currency against a strong one, because for a pair to move and gain momentum, one of the currencies need to be strong while the one is weak....Ignored
have a bless day George.
predot
Its in the chart😎