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Currency Strength Meter

  • Post #1
  • Quote
  • First Post: Nov 2, 2008 2:33am Nov 2, 2008 2:33am
Has anyone bought the currency strength meter that Tom Yeoman sells and do you use it with success if you did buy it?

I do believe it to be a good tool but I just don't see many people writing about it.
"Even if you fall down face first, you still went forward."
I am personally using it & also the affiliate. software comes with manual where tom gives some information & two Ma strategy that you can use with forex strength meter softwate. Dont have to watch 30 or 40 charts you know all the currency's strength through this software. its shows numbers from 0 to 9. 0 weaker 9 stronger.
Thanks for replying.

I have had it for a while myself and although I have been learning to trade different ways I always feel more confident in my shorter term trades when I use the meter. Infact it is not too often I have losing trades when using it.

I never really liked Tom's system he gives with the meter though. I know it does work but I just personally didn't like it much because of a few different reasons. I used it on the 15min chart with possibly better success than the 5min chart.

What I guess I wanted to do is find out if many others use the meter successfully because I don't see anyone writing about it. If eough people do use it, then we could maybe bounce some ideas back and forth and see how many workable systems we could come up with using the meter.
I personally have two different systems that seem to work very well if you use the meter along side them.

If there is enough interest I'll type them out with pics, if not I'll just show those that ask I guess..... or something like that.

(I'm far too lazy to set up affiliate links etc but maybe I should and throw in my two other systems for the same price) just kidding
"Even if you fall down face first, you still went forward."
you have the software than you talk directly to tom. he gives you good idea as per your time frame. i am using from 5 second to 3 hours & i only trade eur/usd. i enter the trade with very low leverage after ma cross & retracement. i dont know where are you from but ma system gives good signal between 11 am est to 2 am est & that works. you only need to check the strength & weakness of particular currency. & i am using Migfx datafeed.
  • Post #5
  • Quote
  • Edited 9:58am Nov 2, 2008 8:50am | Edited 9:58am
Quoting juicyt
Thanks for replying.

I have had it for a while myself and although I have been learning to trade different ways I always feel more confident in my shorter term trades when I use the meter. Infact it is not too often I have losing trades when using it.

I never really liked Tom's system he gives with the meter though. I know it does work but I just personally didn't like it much because of a few different reasons. I used it on the 15min chart with possibly better success than the 5min chart.

What I guess I wanted to do is find out if many others use the meter successfully because I don't see anyone writing about it. If eough people do use it, then we could maybe bounce some ideas back and...
Ok, share the setups...Im interested but bassicaly i dont need them....
The simple sma method provided by tom makes me about 80% win ratio.
This is a greatest tool for trading that I know off!!!
Regards
forexflash
Quoting piplover143
you have the software than you talk directly to tom. he gives you good idea as per your time frame. i am using from 5 second to 3 hours & i only trade eur/usd. i enter the trade with very low leverage after ma cross & retracement. i dont know where are you from but ma system gives good signal between 11 am est to 2 am est & that works. you only need to check the strength & weakness of particular currency. & i am using Migfx datafeed.
I must admit I've never asked Tom about using it on different time frames (I assume with the different settings) so that is possibly a good idea piplover. I just might send an email.

I'm really happy to hear that you win/loss ratio is that good flash. I never really hear/read anything about people's sucess with the meter so I hope more will add to this thread and share their success.

I have two or three mt4 platforms open at once just to get a more honest reading for the meter. I used to run it on two computers with a different mt4 supplying them and noticed how different they would display the strengths, so I decided more programs running and a more honest reading.

The hardest part for me with the MA system Tom gives is the screen time required. The best trades came from UK open through a few hours past that but being in Australia that means I must watch the charts from around 4pm to 7pm every night. Not real great when you have a young family. Also I didn't like not really knowing what my S/L should be everytime I entered the trade. I like to know to the pip what my risk is and Tom's method didn't really give you hard stops. I know it gave you a point to exit, but not a hard stop.

At least with the two I found to work well I know exactly my risk before entering and I don't really need to watch the screen every second for the trades.
Anyway, I hope there is more interest in this thread even though the Mod's bumped it to the rookie section. Like I wrote previously, if there is a good amount of interest, I'll post them, if not, I'll just pass them on to those that ask.

Juicyt
"Even if you fall down face first, you still went forward."
I have never heard of Tom Y. or of his meter software - where I can find some info? I'll try googling in the meantime. p.
Google will be fine and you can also youtube it.

He used to have a more informative web site but I think you'll still get the idea of it.
"Even if you fall down face first, you still went forward."
Quoting piplover143
I am personally using it & also the affiliate. software comes with manual where tom gives some information & two Ma strategy that you can use with forex strength meter softwate. Dont have to watch 30 or 40 charts you know all the currency's strength through this software. its shows numbers from 0 to 9. 0 weaker 9 stronger.
Can you direct me to a place where I can buy it?
At one time an earlier version(without graphics) of the Strength Meter was free.
If someone can read an Excel spreadsheet, maybe that can make a Metatrader ex4.
Attached File(s)
File Type: xls StrengthMeter.xls   438 KB | 20,512 downloads
File Type: pdf Strength_Meter_Installation.pdf   126 KB | 23,674 downloads
Quoting reese777
At one time an earlier version(without graphics) of the Strength Meter was free.
If someone can read an Excel spreadsheet, maybe that can make a Metatrader ex4.
Reese777,

Thanks for the tool. The spreadsheet links to an external file named "meternewest.xls". Do you also have that file and could you upload it please?

Thank you!
  • Post #12
  • Quote
  • Edited 7:45am Mar 2, 2009 7:41am | Edited 7:45am
Here is a tool which is a nice tool for your toolbox. It's been around for a while but is very useful for looking at the strength / weakness of individual currencies. Although it displays on your chart like an indicator it is ACTUALLY A Non-trading EA (Expert Advisor) and is put into the Experts folder of MT4 and NOT the Indicators folder. It will not open or close trades as many EAs can do. (Save in c: /program files/ yourMT4folder/experts). Attach it to your charts from your Experts folder. This is because the algorithm is run on a tick by tick basis and the loop which controls it works as an Expert Advisor much more effectively than directly as an indicator.

When you run this EA, make sure you check "Allow DLL imports" from the "Common" tab and also make sure to select from the "Inputs" tab if you are using a mini account or not (true / false) in your particular MT4 platform and make sure you have enabled "Expert Advisors" from the toolbar button in MT4 (a smiley face will appear in the upper right hand corner of the chart you attached it to.)

I also have the Excel file which does the same thing, and Tom Yeoman's free version from a while back runs the same algorithm. You can compare them and see that they are only a few seconds apart. Different brokers in different timezones of the world will show slightly different meter strength based on the hours that are utilized for calculating in different timezones.

Pair a strong currency with a weak currency and trade that combination for most optimal use. DO NOT USE THIS TOOL BY ITSELF TO MAKE TRADE DECISIONS. Use it in conjunction with other factors such as pending news announcements, major bailout discussions, support and resistance levels and what the US market is doing (the Yen is sensitive to our stock market more than most others during US trading hours) and price of Oil, etc. Use also with the indicators that you have become comfortable with (Price Action, RSI, MACD, etc.) and blend it into your current trading style.

This meter's algorithm compares each currency to a basket of currencies to gauge it's overall strength. It is a live time meter and you cannot see the strength / weakness of the past and you cannot choose a timeframe. But it is a wonderful live meter. Be aware that there will be a small delay when you put this EA into a chart or when you switch timeframes. It's doing a lot of calculations to display this meter, so give it the extra seconds to do the math.

Trading strength and weakness is a more evolved method of making trade decisions, rather than relying on lagging indicators for decisions. Most seasoned traders (who have survived the retail Forex jungles) arrive at this approach. I hope this information is helpful.

Cheers,

pipsqueak4x
Attached File(s)
File Type: mq4 !xMeter v 1.3.mq4   18 KB | 17,909 downloads
Please correct me if I am mistaken but this currency meter from the first post looks an awful lot like the CCfp indicator found here on the forum.
I realize it has been modded somewhat as far as appearance but looks to do the same function.
Original info on the indicator appears to be from here.
Attached File(s)
File Type: mq4 CCFp_v1.0.2b.mq4   24 KB | 10,334 downloads
pipsueak4x :

ixmeter :

The indicator is designed for ibfx mini account only ?

I compared with other strength meters the CAD strength is totally out
There is a new one in the market.
I do not want to post link here, but you can go on google and search for "Currency Meter" It should the first or second one in the list

It looks like this:
Attached Image
{Promotion Removed}
Quoting fundraiser
There is a new one in the market.
I do not want to post link here, but you can go on google and search for "Currency Meter" It should the first or second one in the list

It looks like this:
if that currency meter v5 is a commercial one..
who is selling it?

i tried google but showed forum posts
taking series 3 and 34
Quoting skorcht
if that currency meter v5 is a commercial one..
who is selling it?

i tried google but showed forum posts
1. First two results in Google - original website.

2. Forum posts - look for "click here" after a short ad.

3. Actual website's name is also not so hard to guess... Just ad a dot com after a ....

Due to low number of posts I cannot post a direct link...
Quoting Pipsqueak4x
Here is a tool which is a nice tool for your toolbox. It's been around for a while but is very useful for looking at the strength / weakness of individual currencies. Although it displays on your chart like an indicator it is ACTUALLY A Non-trading EA (Expert Advisor) and is put into the Experts folder of MT4 and NOT the Indicators folder. It will not open or close trades as many EAs can do. (Save in c: /program files/ yourMT4folder/experts). Attach it to your charts from your Experts folder. [b]This is because the algorithm is run...
Thanks for the great explanation! I've seen this indicator before but never knew what it was or did. From the research I've done and your explanation it seems to do the exact same thing as the 2 meters that are for sale! free is definitely better then $200.00 or $600.00!
Thanks again for posting it.
Hi Pipsqueak,
Many thanks for this. I am having a bit of an issue with the install of the indicator and was wondering if you might assist.
When I try to pull the indicator icon onto the chart (from Navigator view) it does not allow me to. The icon is greyed out and no matter what I try does not seem to help.
Thanks,
Kev

Quoting Pipsqueak4x
Here is a tool which is a nice tool for your
toolbox. It's been around for a while but is very useful for looking at the strength / weakness of individual currencies. Although it displays on your chart like an indicator it is ACTUALLY A Non-trading EA (Expert Advisor) and is put into the Experts folder of MT4 and NOT the Indicators folder. It will not open or close trades as many EAs can do. (Save in c: /program files/ yourMT4folder/experts). Attach it to your charts from your Experts folder. [b]This is because the algorithm is run...
If you dont mind sharing, whats the stradegy Thomas Yeoman suggests for using the meter?

Thanks
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