The True Currency Strength meter can be found in the Indicator section of the MQL5 marketplace. The indicator was first uploaded on the 15th of August 2017 by its creator Emir Revolledo, there have been a number of updates since its release, the most recent update was on the 13th of April 2018, which brought the indicator up to version 1.9.
The True Currency Meter is an indicator designed to be used with the MetaTrader 4 trading platform, it does not appear to be available for any other platforms. This indicator claims to be different from any other currency strength indicator as it looks at the currencies’ true strength.
The majority of strength indicators out there will look at the currency strength based on its pip movements, however, the True Currency Strength Indicator Meter understands that different currency pairs have different value pips, so it uses additional calculations to work out the strength based on the movements, but also the pip values, so a movement of 100 pips on a high-value pip pair will be stronger than a 100 pip movement on a lower value pip pair.
There is also an addition of both SMS and Email alerts available with this indicator. The indicator comes with a whole host of parameters that can be altered to change the way the indicator functions, this allows you to adapt it to more suit your own trading style and requirements. Some of these parameters include the time frame, the color of the currencies, fonts, sounds for alerts, whether to use email or SMS alerts, alert intervals, alert levels, and many more.
The True Currency Strength Meter will cost you $35 to purchase, this will give you full access and unlimited usage of the indicator. If you do not wish to buy it, you are also able to rent it, there is a monthly rental of $19 that you will need to pay for each month that you wish to use the indicator. There is a free demo version available, this will have some limitations but they are not stated on the page, we believe that the free version of the indicator may only be able to be used on a demo account and not a live trading account.
There are 25 reviews at the time of our writing, these reviews have given the indicator an overall rating of 4 out of 5 stars.
“Great product and great seller. Seller will go out of his way to reply. Support is 1st class, A++++++++++” – A 5-star review.
“Indicator is very good but the Author doesn’t answer me on message. I asked several times to make one alert push alert system not only interval alert… but he doesn’t want to make it… I have been asked him for a long time ago! Pretty bad support.” – A 1-star review.
“Very good signal and easy to use. Just put a little logic to it and can be used on a wide range. Can be used either as a fast signal for scalping or can do for long signals for day trading. User-friendly indicator. Very good support too. And usually replies in less than an hour. (I actually wonder why it got a bad review. lol) Overall, it’s a good job!” – A 5-star review.
So there is a mix of ratings, however, even the lower score ones are stating that the indicator works, it’s more the support from the creator that is lacking. There are 151 comments for the indicator, the creator does seem to be replying to them quite quickly which is, of course, a positive sign and goes against what the 1-star review mentioned. Even with so many positive reviews, we would highly recommend that you download and try out the free version, at least then you can make sure that it works for you and that it provides you with what you need prior to making a purchase or rental.