Advanced Currency Strength Indicator MetaTrader 5 (MT5) - Free

The Advanced Currency Strength Indicator is a professional Forex analysis tool designed to measure and compare the relative strength of major currencies at the same time. By evaluating multiple currency pairs simultaneously, this indicator helps traders quickly identify which currencies are leading the market and which are losing momentum.

Each currency is plotted as an individual colored line inside an oscillator panel. For example, the USD may appear as a blue line, while the EUR is shown in red, allowing traders to visually track currency performance with clarity and precision.
An upward-sloping line reflects increasing demand and bullish pressure, whereas a downward-sloping line signals weakness and rising selling pressure.

You can download it from this link:

https://cdn.tradingfinder.com/file/5...5-by-tflab.zip

You can also access the MetaTrader 4 version of this Indicator through this page:

https://www.cryptocraft.com/thread/1...tatrader-4-mt4

For instructions on how to install:

https://www.forexfactory.com/thread/...-in-metatrader




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Advanced Currency Strength Indicator Specifications
Below are the core characteristics of the Advanced Currency Strength Indicator:
Indicator Classification

1. Oscillator Indicator for MT5
2. Currency Strength Analysis Tool
3. Trading Assistance Indicator

Platform Support

1. MetaTrader 5 (MT5)

Recommended Skill Level

1. Intermediate traders

Indicator Function

1. Trend Breakout Detection
2. Trend Reversal Identification

Timeframe Compatibility

1. Multi-Timeframe Support

Trading Approach

1. Intraday Trading Strategies

Applicable Market

1. Forex

How the Advanced Currency Strength Indicator Works
The indicator evaluates price data from several currency pairs and converts this information into relative strength values, which are displayed as colored lines in a single oscillator window.

Key interpretations include:

1. Rising lines → strengthening currency and increasing buying interest
2. Falling lines → weakening currency and growing selling pressure
3. Line crossovers → changes in market dominance and possible trend shifts

These signals enable traders to align trades with the strongest currencies while avoiding weaker ones.

Bullish Market Scenario
In the example below, the GBP/CAD pair is observed on a 15-minute chart. As demand for the British Pound increases, the GBP line crosses above and remains above the CAD line, confirming a bullish structure.
This setup indicates:

1. Strong institutional demand for GBP
2. Declining strength in CAD
3. Favorable conditions for long (buy) positions

Such alignments often mark high-probability bullish entry zones.

Bearish Market Scenario
The following chart displays EUR/CAD on a 1-minute timeframe. When the Euro loses strength against the Canadian Dollar, the EUR line drops below the CAD line, signaling the beginning of a bearish trend.
This condition reflects:

1. Strong selling pressure on EUR
2. Relative strength in CAD
3. Market supply dominance

In this context, the indicator highlights sell opportunities with increased downside potential.

Advanced Currency Strength Indicator Settings (MT5)
The indicator includes a wide range of customization options in MetaTrader 5:
Calculation Settings

1. RSIPeriod – Determines the RSI calculation length
2. DrawAllCurrencies – Displays all available currencies
3. MaxBars – Limits the number of candles analyzed
4. MinimumRefreshInterval – Controls update frequency

Currency Selection Options

1. UseEUR, UseUSD, UseGBP, UseJPY
2. UseAUD, UseNZD, UseCAD, UseCHF

Visual Customization

1. LabelColor – Color of currency labels
2. Currency Colors – Individual color settings for each currency
3. NormalWidth – Default line thickness
4. SelectedWidth – Emphasized line thickness

Final Thoughts
The Advanced Currency Strength Indicator is a valuable Forex trading tool that transforms complex multi-pair data into an easy-to-read visual format.

1. Strengthening currencies are shown with rising lines
2. Weakening currencies appear as falling lines
3. Crossovers reveal momentum shifts and trend transitions

By combining multi-timeframe analysis, customizable visuals, and clear strength signals, this indicator helps traders improve trend identification, trade timing, and overall decision-making in the Forex market.