Introduction to Currency meter v7
Currency meter v7 is an mt4 indicator that is used to indicate the strength of all the major currencies on the chart.
Currency strength tells us about the buying or selling power of a particular currency. A strong currency will more probably move in a bullish direction and a weak currency will move in a bearish direction.
How to use currency meter v7 in mt4?
It is very simple to use the currency meter in metatrader 4. This mt4 indicator is red and green in color to represent the strength of a currency
- Green color means a particular currency is strong
- Red color means a particular currency is weak
Strong currency means more buyers are willing to buy that currency and the price is in a bullish trend. Weak currency shows that sellers are willing to sell the currency and there is a bearish trend.
When you will apply this indicator to the chart then a pop-up will appear on the chart in the lower-left corner. The information will be updated in real-time on this window.
Buy or Sell signals
Currency meter v7 is not an indicator to generate buy or sell signals. It is specifically designed for confirmation of a trade entry. It helps to trade in the direction of the trend.
For example, if the price trend of a currency is bullish then the currency meter will show a green color. Then you should execute buy trades only to trade with the trend.
On the other hand, if the price trend of a currency is bearish then the indicator will show a red color box. Then you should execute sell trades only.
In this way, this indicator works. Trading with trends and big institutions has become easy by the use of this indicator.
Conclusion
To become a profitable trader, a trader should always trade in the direction of hedge funds and big institutions. Because smart money always flows with them. If you will trade against them then obviously you will lose.
Currency meter v7 makes it easy to trade with smart money by a signal confirming the strength of the currency.
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