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