Best Currency Strength Meter and why? | Forex Factory

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Best Currency Strength Meter and why?

  • #1
  • First Post: Aug 5, 2012 6:36am Aug 5, 2012 6:36am
There are quite many currency strength meters out there - some free or open sourced - some sold for money and close sourced. Some graphic - some numbers only.

Which is your favorite one and why?
  • #2
  • Sep 7, 2012 2:31pm Sep 7, 2012 2:31pm
Come on guys! Nobody uses a currency strength meter here? Strange. But why?
  • #3
  • Edited 3:40pm Sep 7, 2012 3:29pm | Edited 3:40pm
Quoting bankroll
Come on guys! Nobody uses a currency strength meter here? Strange. But why?
Bankroll,

Currency strength meter is perhaps the most important item in my toolbox. For the record, I use the one that I wrote for myself (here).

However, as with any technical tool, the important question is not which variant you use; but what it is measuring, why you are using it, and how it fits in as a part of your total trading methodology (as the saying goes, the whole is greater than the sum of its parts). I explain my personal hows and whys in this post. It is the robustness of the underlying concept that ultimately determines success or failure, not the tool itself.

There's an excellent thread on money flows here, that both reinforces, and expands on, my reasons behind the use of a strength meter.

David
  • #4
  • Sep 7, 2012 4:14pm Sep 7, 2012 4:14pm
Thank David,

I'll look into your methods!
  • #5
  • Sep 9, 2012 2:39pm Sep 9, 2012 2:39pm
Hanover,

I just see you are a commercial member. Maybe do you have an offering which supports Windows 7 as well?

Also, how does your offering compares to Tom Yeomans'?

Anybody else interested in currency strength trading? It's not a popular topic.
  • #6
  • Sep 10, 2012 12:45am Sep 10, 2012 12:45am
Quoting bankroll
Hanover,

I just see you are a commercial member. Maybe do you have an offering which supports Windows 7 as well?

Also, how does your offering compares to Tom Yeomans'?

Anybody else interested in currency strength trading? It's not a popular topic.
My computer runs WinXP. All of the indys that I've shared should theoretically run happily on all Windows versions, but I can't troubleshoot any problems caused by vagaries in non-XP versions, hence the disclaimer. I get many PMs saying "your indy doesn't work" and the best response I can give is "well it works perfectly OK on my computer".

I've not purchased Tom Yeomans' software, hence I'm not familiar with how it operates. Sorry I can't be more helpful.
  • #7
  • Oct 1, 2012 6:32pm Oct 1, 2012 6:32pm
OK.

Anyone trades with any of the currency strength meters out there besides "hanover" David? If not, why not? If it's as cool as David puts it.

It would be cool if we could have a thorough discussion about the topic with many participants.
  • #8
  • May 10, 2014 7:13am May 10, 2014 7:13am
Hi,

Theres also more info on other strength meters which are available like the FXMCSM on this thread: http://www.forexfactory.com/showthre...00#post7455600

Hope this info helps.
  • #9
  • May 12, 2014 10:20am May 12, 2014 10:20am
Quoting bankroll
OK. Anyone trades with any of the currency strength meters out there besides "hanover" David? If not, why not? If it's as cool as David puts it. It would be cool if we could have a thorough discussion about the topic with many participants.
Dear bankroll
Please try this one

Regards
Dan
Attached File(s)
File Type: mq4 Cash Spitting Sensor.mq4   40 KB | 11,360 downloads
  • #10
  • Jun 27, 2015 7:21pm Jun 27, 2015 7:21pm
Quoting hanover
{quote} Bankroll, Currency strength meter is perhaps the most important item in my toolbox.David
Good to read that Hanover, can never have too many CSM if you ask me
Attached Image (click to enlarge)
Click to Enlarge Name: 28-06-2015 10-17-40 AM.png Size: 474 KB
Attached File(s)
File Type: ex4 Currency Meter .ex4   55 KB | 45,206 downloads
It takes a lot for me to IGNORE you, but you can try.
  • #11
  • Aug 1, 2015 8:24am Aug 1, 2015 8:24am
Quoting bankroll
There are quite many currency strength meters out there - some free or open sourced - some sold for money and close sourced. Some graphic - some numbers only. Which is your favorite one and why?

Maybe OP will find his favorite tool here:http://www.forexfactory.com/showthread.php?t=537107 and here http://www.forexfactory.com/showthread.php?t=545718
  • #12
  • Nov 20, 2015 8:06pm Nov 20, 2015 8:06pm
for some reason every meter I try seems to freeze my mt4, or just gets in the way of my chart. I just keep this page loaded up usually, as a guide.

http://www.livecharts.co.uk/currency-strength.php
  • #13
  • Dec 15, 2015 11:58pm Dec 15, 2015 11:58pm
Quoting leeshindig
for some reason every meter I try seems to freeze my mt4, or just gets in the way of my chart. I just keep this page loaded up usually, as a guide. http://www.livecharts.co.uk/currency-strength.php
You can use this CC made by mladen. Refer to this post.
  • #14
  • Feb 14, 2017 2:57am Feb 14, 2017 2:57am
Quoting Erebus
{quote} Good to read that Hanover, can never have too many CSM if you ask me {image} {file}
thank you, that exactly what i need
  • #15
  • Feb 14, 2017 6:03pm Feb 14, 2017 6:03pm
Maybe my approach is very different than most expect... but for me its very profitable.
I use open bank positions to determine which currencies are strong or weak.

See attached image to examine how i operate.
Attached Image (click to enlarge)
Click to Enlarge Name: cp.png Size: 53 KB

From the open positions, i see the following;

Strong:
USD
AUD
GBP

Weak:
EUR
JPY

Sell:
EUR/USD
EUR/AUD
EUR/GBP

Buy:
USD/JPY
GBP/JPY
AUD/JPY

I open my positions on s&r lines (pullbacks).

Hope this helps.
  • #16
  • Feb 14, 2017 10:50pm Feb 14, 2017 10:50pm
Quoting JayRai
Maybe my approach is very different than most expect... but for me its very profitable. I use open bank positions to determine which currencies are strong or weak. See attached image to examine how i operate. cp.png;2187109 From the open positions, i see the following; Strong: USD AUD GBP Weak: EUR JPY Sell: EUR/USD EUR/AUD EUR/GBP Buy: USD/JPY GBP/JPY AUD/JPY I open my positions on s&r lines (pullbacks). Hope this helps. {image}
Please tell how do you get such useful information? Thanks.
Know News/time; WAIT for Edge Entries, MPLC Normalization, Exits & TP's..
  • #17
  • Edited 11:27pm Feb 14, 2017 11:16pm | Edited 11:27pm
Quoting bankroll
Hanover, I just see you are a commercial member. Maybe do you have an offering which supports Windows 7 as well? Also, how does your offering compares to Tom Yeomans'?
Perhaps you should do more research before deciding to insult people, particularly Mr. Hanover. He is not a commercial member.

While I do not use a currency strength meter, if I chose to use one, it would without a doubt be the Recent Strength indicator written by Hanover here. He is by far one of the most valuable members on this site, and in terms of programming, the most valuable (FerruFX ranks a close second).

The best CSM is the one written by Hanover, specifically because it was written by Hanover.
Quoting hanover
Bankroll, Currency strength meter is perhaps the most important item in my toolbox. For the record, I use the one that I wrote for myself (here).
Please check out my blog at https://from-zero-to-hero . net
  • #18
  • Edited 12:52am Feb 15, 2017 12:39am | Edited 12:52am
Quoting smash1820
Perhaps you should do more research before deciding to insult people, particularly Mr. Hanover. He is not a commercial member.....
Smash, many thanks for your kind words, but I'm not too concerned about what other folk post, especially someone who stopped visiting FF more than 4 years ago.
If people want to think that I'm a charlatan vendor, good luck to them. There are so many trolls, naysayers, egotists and freeloaders around nowadays, that I struggle to take this forum too seriously any more. All I care about is improving my market knowledge and trading performance.

In keeping with this, I like JayRai's approach in post #15. Getting a consensus on bank/institutional FA-based opinion has got to be more valuable than any MT4 indicator that merely calculates strength from (lagging) historical price data. IMHO it's not the indicator, or the programmer that's important; an edge comes from how robustly predictive the underlying data is.

Hope your trading is going well, my friend.

David
  • #19
  • Feb 15, 2017 2:12am Feb 15, 2017 2:12am
Quoting JayRai
Maybe my approach is very different than most expect... but for me its very profitable. I use open bank positions to determine which currencies are strong or weak. See attached image to examine how i operate. cp.png;2187109 From the open positions, i see the following; Strong: USD AUD GBP Weak: EUR JPY Sell: EUR/USD EUR/AUD EUR/GBP Buy: USD/JPY GBP/JPY AUD/JPY I open my positions on s&r lines (pullbacks). Hope this helps. {image}
Hi JayRai

Thank you for the useful information. Please can you share where you get the open bank position.

Cheers
D labour of a fool wearieth him cos he doesn't know how to enta d city
  • #20
  • Feb 15, 2017 2:55am Feb 15, 2017 2:55am
Quoting thangnd.1211
{quote} thank you, that exactly what i need
Glad you and 3,920 others can find it useful, but not one clicked Like Post ???

Attached Image (click to enlarge)
Click to Enlarge Name: 2017-02-15_18-50-52.png Size: 188 KB
It takes a lot for me to IGNORE you, but you can try.
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