By Zac, CountingPips.com
One of the more interesting Apps or forex trading programs I’ve come across lately is called the Currency Strength Meter. This is a free program that works with the MetaTrader platform and runs on your desktop.
The meter extracts currency data from MetaTrader and calculates a numerical strength value for each of the eight major currencies that continuously updates all day long.
It is a tool that was made to give you a quick snapshot of how the major currencies are faring in the forex markets.
This program was the brainchild of forex trader Henry Liu and looks just like this when running:
The value for each currency is derived from the relative strength against the other seven currencies using movements of the daily ranges of the 19 related currency pairs, according to the explanation in one of Henry’s videos.
The strength data collection starts at the end of the US session at New York 5:00 PM and does a 24 hour loop which ends the next day at New York 4:59 PM (strength meter resets).
Henry features a video that explains his top 7 uses for his program that you can see here.
The strength meter may be worthwhile to check out for intraday traders or for just overall major currency watching.
