Forex Service Review

Currency Strength Matrix Indicator Review

Currency Strength Matrix is a paid indicator published on the MQL5 marketplace designed for the MetaTrader 4 platform. It belongs to the trend confirmation category although it is used in conjunction with other indicators. It tries to differentiate by offering better information for Price Action, Reversal, and Momentum trading strategies, according to the developer’s words. The initial version was published on 5th July 2017 by Raymond Gilmour from the United Kingdom, author of just one more indicator called Cycle Finder Pro.

All are with positive ratings although the developer made these to use them as a sales funnel to his website, it seems. Nevertheless, the indicator is not overpriced, the last update was on the 2nd of April 2019. Most of the updates optimized the code for better performance, some of the early updates added functionalities such as better identify cycles, automatic reading price action for oversized bars, and some visual upgrades.



The MQL5 Overview page has good content and clearly shows how to operate the indicator. Yet the inner workings are not disclosed. What is presented are three modules, each with its representation and performance. The Trend Matrix module is a table that shows which currency pair is in the trend by plotting a 1 in the corresponding matrix cell. This way could be confusing at the start but once you understand that the left table side currencies are terms, you can know if the trend is up or down. However, the second module shows the strength of each major currency (8 of them). This table measures the score for each currency from -6 to 6 where 6 is the most extreme case of a strong currency.

The score is calculated using the relevance of other currencies plus the 1 or 0 from the Trend table. Comparing the scores traders will know which currency is the weakest and the strongest and thus have a better perspective when entering trades. The last part of the Currency Strength Matrix combo is the Momentum chart. Basically, this is the Strength table represented in a chart moving in real-time. By looking at it traders can see the momentum or where the trend is progressing to. Additionally, the chart will show the lines for each currency, the line crossing can be the trade entry signal confirmation.

Currency Strength Matrix can be used and in our opinion, must be used along with other indicators. It is a first step in the decision process since it shows the most probable currency pair having a strong trend, or are not strong enough for any trade entry. The user guide describes 3 types of trading. The confirmed trend is when all 3 modules show a clear signal on one currency pair. Pairs should be consisting of a strong currency with a score of at least +5 and a weak one with at least -5. For “early trends” traders can use the 0 level line crossing on the Momentum chart that will signal the currency gaining or losing strength.

One should also be careful to select currencies only gaining momentum from the extreme scores, such as -5 or +5. “Begging trend” trading is done by looking at what currencies are at extremes and entering a trade once they start moving out of the extreme zone. This method carries the biggest risk but traders may have entered perfectly into an early and long trend.

In the settings panel, traders can adjust the ATR multiplier used for oversized candles detection. A lower multiplier will detect more candles but smaller. Calculation frequency can be adjusted so the indicators will use more time until they update. The rest of the settings are more cosmetic, turning the panels on or off, changing the font size and color, and so on.

Service Cost

The price for the Currency Strength Matrix is $98 for 10 activations. To rent it for 1 month will cost $39 and for 3 months $59. A demo is available. Notably, the author is promoting a free indicator that comes along with this one called Easy Draw for easy market switching.


As for the ratings, currently, 16 reviews are giving an average score of 4.5 stars and 136 comments. This shows that the indicator has some popularity although it does not reach the level most authors would like. The quality of the code seems to produce issues to some traders, most of the updates are about optimization. Certain users complain about this:

“Not good for me and bad. I do not recommend it at all. The owner of the indicator is asleep. There is no support or update for this indicator. Which I did not benefit from.”

Overall, currency strength meter indicators are popular among traders and therefore many versions are doing the same thing as this one. Some of them are free and can be found online.

This Forex service can be found at the following web address:


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