CSM = Currency Strength Meter

[erebus]

This thread to share and discuss CSM indicator

The 4 on this chart are:

1. Currency Meter

2. Currency Strength - Giraia

3. HeatMapModoki

4. Currency Power Meter

The first 3 are free while number 4 is paid for, find it here

https://www.mql5.com/en/market/product/5273

or in the Market tab of Metatrader which is the easy way

I will post the other soon or they are all on Forex Factory

 

[erebus]

Okay, here are some CSM, let me know if they work for you

 

[mimshach]

please can get the error-free mq4 file of Currency Strength - Giraia ?
all the ones i got from forex actory were full of errors
thanks

 

[erebus]

All I have is already posted previously; have you tried that one?

 

[SONODA]

Hi

Please recommend EA CSM for me.

thank you.

 

[erebus]

Hi

Please recommend EA CSM for me.

thank you.

I don't know of any such EA, sorry

 

[erebus]

Updated version with Buy / Sell message

 

[Matej]

Hi Erebus, thanks for support us ...I like to read you analyses. This indicator is probably for mt4? Do you use it daily?

 

[erebus]

Yes, just I open a separate chart just for the CSM, no need to have it on every pair

 

[Matej]

looks nice..I will try it. I have a little problem because last half year I'am working my analyses on TradingView..it work better for me...better look I look time to time on this one http://completecurrencytrader.com/tools/currency-strength-indicator/ what do you think?
..but I'm afraid that I can't use it right. What tf do you look...4h? lower? Do you used it also for daily trading?

 

[triatlas]

Does it make sense to use a fixed PERIOD_MN1 when trading the Daily Chart?
So if it displays "SELL" for one pair, one should wait for the next sell signal to develop, inline with Dale's PA method? I just modified the indicator to do this and will be monitoring this from now.

 

[erebus]

@Matej

If there is a setting, I just use Daily, my understanding is they start new everyday, from what I see on the charts, that is true, must wait until London until there is enough data to read, even then, they can change around quickly

I have seen those with lines but never got used to them

@triatlas

As mentioned, I just set for Daily and watch how the readings develop during the day. The Buy or Sell will change depending on where the pairs are in the list; again, a lot of screen time watching it to see if it is something you can use

 

[Matej]

If I understand you well
- "if there is a setting" mean ...if you see opportunity on daily tf?
- look for approval on CSM
- wait till London open look for price action signal on lower tf?
- if everything looks right than you attack?
I've saw some of your charts..very nice! I believe you enter in lower tf?

 

[erebus]

No, by setting I meaning a setting in the indicator, from post 1, indicators 3 & 4 have option for time frames.

Anyway, it's just a confirmation, I look for the trade set up first, then look at the strength.

Here is a simple set up, daily is above 21 EMA, 1 hour is above 21 EMA

Range of early day is half the ADR or less at London open

Now check the pairs in CSM

Buy the breakout, stop other side of range, take profit at half the range or 1 to 1 or more if you can

Will it win, nobody knows, try not to lose

 

[Matej]

Great thanks!! I have learn to from you I will install it when come home.
looking cadjpy...be cautious on the resistant https://uk.tradingview.com/x/hemenoI3/

 

[pmull]

Okay, here are some CSM, let me know if they work for you

Erebus, where did you put the files, cause where i put them is not working lol.

 

[erebus]

They are all Indicators; where did you put them?

Did you "Refresh" the folder? Or restart Metatrader?

https://www.luckscout.com/how-to-install-indicators-expert-advisors-and-scripts-in-metatrader-4/

 

[erebus]

This is what I mean about waiting until London to trade, see the AutoPro indicator, all the colors are faded, not enough data to work with, that's my theory anyway, so I would trust them for Asian session, should only trade London for day trades, long term trades, you don't need CSM

 

[erebus]

And here is another - you can find it here with various improvements & updates. I'm using CCFp_v1.0.2cvert checking on Daily & 4-hour for 1-hour breakout trading



http://www.forexfactory.com/showthread.php?t=481576

 

[erebus]

Now set for all 28 pairs