Description

FRZ Currency Strength Meter for MT4 & MT5

FRZ Currency Strength Meter shows the relative strength of the 8 major currencies and the 28 currency pairs made from them, in one panel on your MT4 or MT5 chart. This enables you to identify the bullish and bearish pairs easily, and to pair a strong currency against a weak one.

Each pair’s strength is where the current price sits inside its high-low range on the selected timeframe (by default today’s daily range), from -100 (at the low, extreme bearish) to +100 (at the high, extreme bullish). Each currency’s strength is the average of the 7 pairs it belongs to. Bullish pairs are shown with blue up arrows and bearish pairs with red down arrows, sorted from strongest to weakest, and the panel refreshes every few seconds. You can also get an alert when a pair reaches a strong level. The 8 currency strengths are available as indicator buffers for use in your own tools.

Screenshot

Specs

Settings

Installation: in MetaTrader, open File > Open Data Folder, copy the .ex4 file into MQL4/Indicators (MT4) or the .ex5 file into MQL5/Indicators (MT5), restart MetaTrader, then drag the indicator from Navigator > Indicators onto your chart. The settings below appear on the indicator’s Inputs tab, numbered the same way.

Meter Settings

1. Strength Timeframe (default: D1) – the timeframe whose high-low range is used. D1 measures strength within today’s range; use H4 or H1 for shorter-term strength.
2. Candles in the Range (default: 1) – how many candles of that timeframe make up the range. 1 = the current candle only (e.g. today); 5 on D1 = roughly the last week.
3. Broker Symbol Prefix (default: empty) – text your broker adds before symbol names, if any.
4. Broker Symbol Suffix (auto = from chart) (default: auto) – text your broker adds after symbol names (e.g. .a or m). “auto” takes it from the chart symbol, so attach the meter to a forex pair chart. Pairs your broker does not offer are shown as n/a.
5. Refresh Every (seconds) (default: 5).

Alert Settings

6. Alert When a Pair Reaches the Level (default: false) – when true, notifies you once when a pair’s strength moves above the alert level (bullish) or below minus the level (bearish). It alerts again only after the pair has come back inside the level.
7. Alert Level (+/-) (default: 80).
8. Alert Notification (default: true) – shows a MetaTrader alert popup with the details, pair and timeframe.
9. Sound Notification (default: true) – plays a sound with the alert.
10. Email Notification (default: false) – sends the alert by email. Set up your email account first under Tools > Options > Email.
11. Phone Notification (default: false) – sends a push notification to the MetaTrader mobile app. Enter your MetaQuotes ID under Tools > Options > Notifications first.

Settings 8-11 only apply when setting 6 is switched on.

Display Settings

12. Show Pairs Table (default: true) – the 28 pairs sorted from strongest to weakest.
13. Show Currencies Table (default: true) – the 8 currencies sorted from strongest to weakest.
14. Horizontal Offset (default: 10) – distance of the panel from the left edge of the chart, in pixels.
15. Vertical Offset (default: 25) – distance of the panel from the top of the chart, in pixels.
16. Font Size (default: 8) – the whole panel scales with it.
17. Title Text Color (default: white).
18. Title Background Color (default: slate gray).
19. Row Background Color 1 (default: lavender).
20. Row Background Color 2 (default: powder blue).
21. Row Text Color (default: black).
22. Bullish Color (default: blue) – arrows, bars and values of positive strength.
23. Bearish Color (default: red) – arrows, bars and values of negative strength.

Indicator buffers 0-7 hold the current strength of EUR, GBP, AUD, NZD, USD, CAD, CHF and JPY (in that order), from -100 to +100.

Recommended Broker & VPS

We recommend using a low-spread broker and a reliable VPS.

• Recommended Broker: IC Markets. If ICMarkets not available in your country, please use IC Trading.
• Recommended VPS Provider: Contabo VPS.

You may contact us on live chat in case you need any support in this regard.

Risk Disclaimer

Trading in financial markets involves substantial risk and may not be suitable for all investors. Our software is provided “as is” without any guarantee of profit. You are advised to test thoroughly on demo accounts before trading live. Please review our full terms and conditions before purchasing.

Related Trading Categories

Indicators & Analysis