Currency Power Meter can be found within the indicators section of the MQL5 marketplace, it has quite a generic name so there may be others with similar names, we have added a link below so there is no confusion as to the one we are looking at. The indicator was uploaded to the marketplace on the 25th of July 2014, it was last updated on the 16th of August 2018 and is currently on version 1.84 of the indicator.
The Currency Power Meter is an indicator for the MetaTrader 4 trading platform, its main goal is to show the power of the major currencies up against each other. It will show you the relative strength of each currency and pair at the current time on the H4, daily, weekly or monthly charts.
It can be used to see the trends where one currency is stronger against another or as a confirmation for other trend related indicators or expert advisors.
Some of the main features of the indicator:
- Real-time and visually present the power of major currencies against the others.
- Switchable between Full mode (show correlated currencies against major currencies) and Compact mode (only show major currencies’ power index).
- Switchable between analyzed periods: H4, Daily, Weekly, Monthly.
- Alert message when a currency or pair changes its power.
- If an alert is on, a notification will also be sent to mobile and email automatically when a currency or pair changes its power.
- Selectable font size to fit your screen resolution.
- Allows moving the position of indicator freely on the chart.
There are also some additional parameters available to alter, these will be made clearer within the manual that comes with the purchase or rental of the indicator.
The Currency Power Meter indicator can be purchased outright for $49 which comes with no limitations, there is also the option to rent the indicator this will cost you $29 per month to do so.
A free demo version is also available but dies come with some limitations, what the limitations are is unknown to us, we just know what there will be some.
There are 18 reviews giving the indicator an overall rating of 4.5 out of 5.
“Very good and helpful indicator with a clean and smooth interface. I strongly recommend to buy it. :)” – A 5-star review.
“Very powerful and useful indicator, I tried it for intraday operations and improved my results. Someone said: “every information coming from the PRICE is very powerful” I have some suggestions hope the seller will improve this wonderful indicator thank you very much“ – A 5-star review.
“There are many of those, but this one displays a nice, clean dashboard. A MUST-HAVE tool for every trader” – A 5-star review.
The reviews are all pretty positive, a few small gripes here and there but nothing that would take away from the high score. There are also plenty of comments from buyers and renters, the developer has been replying to each one so they are still supporting those that are using the indicator. We would still recommend trying the demo and also contacting the developer with any questions prior to purchasing, just to make sure it is the right indicator for you.
This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/5253