Multi Currency True Strength is an indicator that was created in September 2017 by developer Desmond Wright. This indicator (MCTS) will show you the best trend currencies to operate in any time frame. Selection is not essential if you’re a merchant trading in day/week/month, or even a quick scalper, as this tool works in any time frame.
Using a unique algorithm, this indicator measures the strengths of currencies individually and then combines them in pairs to display the best pairs to trade. You can monitor the 8 major currencies and 28 pairs. In particular, it monitors the strengths of the following currencies: EUR, USD, GBP, JPY, AUD, NZD, CHF, CAD. This indicator measures the true strength of a currency over any period of time and will help you know which currency has the trend up or down.
This indicator shows multiple individual strengths of the currency measured against all other currencies from a starting point that is the time frame. It measures the price movements of the currency pair of the applied table by comparing the base and the counter currency that occur in all other currencies of the base/counter and shows the force movements.
The main features of Multi Currency True Strength are:
- Graph of individual coins or all coins.
- You can change the deadline with just one click.
- Single currency pair histogram function.
- Automatic currency highlighting on the currency chart.
- Automatic ranking of the best trend currency pairs with the spread.
- Easily change the currency pairs displayed by clicking on the indicator.
- The sidebar of the meter shows the values of each of the 8 major ones.
- Automatic classification of the best currency pairs of a downward trend with the spread.
Inputs of the Indicator:
- dif – This is the difference in strength to put an arrow in the chart.
- Timeframe – drop-down: choose any timeframe.
- Width – the thickness of the line.
- Font size – drop-down: choose the font size from the drop-down menu.
- Type – drop-down: choose between the drop-down menu line or the histogram.
- If you choose the histogram select “current only” to true.
- Alerts – dropdown: This will put the warning device and put the arrows on the chart.
- Suffix – enter the currency pair suffix if your broker uses one.
- Current only dropdown: choose true or false to display all or only the current currency.
This indicator is for sale in the MQL marketplace at a price of 30 USD. You can also rent it for the price of 12 USD per month or even better, try its free demo version to know how it works before buying or renting it.
In conclusion, we are talking about one of the many trend indicators that exist in the market. The main advantage of MCTS is that works by giving signals in all time frames. In any case, it is a very simple and easy to understand indicator, which is suitable for all types of traders. This type of indicator must be combined with others that work differently in order to have a diversification of alternatives and signals that help us improve our trading.