The bar chart shows the number of closes for every price interval. This representation helps identify bottleneck areas, support and resistance.
Price Distribution Between Bollinger Band
The bar chart shows the distribution of prices inside to the Bollinger bands. This chart gives us the percentage of times where the courses fall outside or inside the Bollinger bands.
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TOP HOLIDAY GIFTS
The currency strength meter gives you a quick visual guide to which currencies are currently strong, and which ones are weak. The meter measures the strength of all forex cross pairs and applies calculations on them to determine the overall strength for each individual currency. Please see notes below for further details.
How Does The Currency Strength Meter Work?
The meter takes readings from every forex pair over the last 24 hours, and applies calculations to each. It then bundles together each the associated pairs to an individual currency (eg, EUR/USD, EUR/JPY, EUR/GBP etc) and finds the current strength.
How Can This Help Me?
It is useful as a quick guide to which currencies you might want to trade, and which might be worth staying away from. For instance, if a certain currency is very strong, and another suddenly turns weaker, you may find a trading opportunity. Such deviation between pairs usually indicates momentum. Conversely, if two currencies are weak, strong or average strength, there is often a range or sideways movement happening. You might want to stay away from trading those pairs.
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The currency index represents the evolution of a currency relative to the entire forex. The index is the average of one currency compared to others. The chart representation makes it easy to view trends by currency.
The Forex Power Indicator is designed to help forex traders save time and boost profits by instantly identifying current trends and potential trade opportunities.
It identifies the relative strength of the major currencies based on daily, 4-hour, 1-hour, and 15 minute timeframes. This relative currency strength is determined based on a highly-developed formula that weights the historical relationships that exist between the various currencies. These relative currency strengths are then used to identify the Top 5 currency pairs that are showing the highest potential for trade.
Just click the required timeframe at the top of the Indicator - either Daily, 4-hour, 1-hour, or 15 minute – and you'll instantly receive two updated graphs that form the basis of this tool.The graph on the left shows the current strength or weakness of each of the 8 main currencies - based on the detailed assessment formula we have developed. The graph on the right shows you the top 5 pairs, from all the combinations of pairs that involve the major currencies, that have been identified as having the most potential for trade.
The identified pair, and whether it's a potential buy or sell, is indicated along the bottom of the graph. The actual graphs show the direction and relative strength of each currency in the recommended pair.
The numbers on the Y-axis of each chart represent average pips movement. For instance, if you're looking at the 15 minute chart and the 'USD' bar is at level '5' on the 'Forex Power' chart, it means it has moved a weighted-average of 5 pips against the other 7 major currencies. Similarly, if the 'EUR' bar is at level -4.5, then it means the Euro has moved down a weighted-average of 4.5 pips against the other 7 major currencies. If the USD has moved up, and the EUR has moved down, then entering a Sell position on the EUR/USD will most likely be recommended in the 'Top 5 pairs' graph on the right.
This tool is not intended to be a complete solution for identifying trades. However it is valuable as a way of identifying currency movements and determining potential trades for further analysis.
Used the right way, it will save you a lot of time and should work as a great addition to your current trade assessment processes.
Momentum and Trend Trading:
Buy an Underlying Currency that is Strengthening with Space to Continue Up
Sell an Underlying Currency that is Weakening with Space to Continue Down
Daily and Weekly Mean Reversion Trading:
Buy an Underlying Currency that is Oversold + Consolidating
Sell an Underlying Currency that is Overbought + Consolidating
Strength Meter Chart represents the price movement for major currencies measured against other majors. Results shows strength and weakness against a customizable basket of currencies. Useful to detect then identify which crosses have been trending. Gives trend length perspective + OB or OS relativity. Overextended data on higher TFs serve as possible indication for Mean Reversion strategies or to hedge risks.
