Currency Strength Meter for MT4 (Currency Strength Lines)
A currency strength meter ranks the eight major currencies by relative strength so you can pair the strongest against the weakest. Currency Strength Lines plots all eight as lines in a sub-window on MT4 and MT5, with several calculation modes. It is a confirmation tool, not a standalone signal, and the forming line recalculates until the bar closes.
If you have ever bought a pair only to watch a stronger trend run on a different chart, a currency strength meter is the tool you were missing. Instead of staring at 28 pairs one at a time, it distills the whole major-currency complex into a single panel that ranks the EUR, USD, GBP, JPY, AUD, NZD, CAD and CHF from strongest to weakest in real time.
This page covers Currency Strength Lines, a free, open-source meter from EarnForex that runs on both MT4 and MT5. It is honest about what it does and does not do, fully configurable, and costs nothing. Below you will find how the math actually works, the settings that matter, the real limitations, and a step-by-step install.
What is the Currency Strength Meter indicator?
A currency strength meter is an indicator that measures the relative strength of individual currencies, not pairs, by aggregating how each one is performing against the rest of the major basket, then displays the result as a ranked set of lines.
Currency Strength Lines is a specific MetaTrader implementation of that idea. It sits in a separate sub-window beneath your price chart and draws one colored line per enabled currency. A line rising to the top of the panel means that currency is the strongest in the basket right now; a line sinking to the bottom means it is the weakest. The practical payoff is simple: if you want to trade with momentum, you look for a strong currency paired with a weak one, for example a rising USD line and a falling JPY line points your attention to USD/JPY. The meter does not tell you when to enter; it tells you which pairs are worth your attention and which direction the broader flow favors.
How does the Currency Strength Meter indicator work?
Under the hood the meter has to convert a screen full of currency pairs into a strength score for each individual currency. It does this by sampling many pairs that contain a given currency and combining their movement.
Take USD strength: the indicator looks at the dollar's behavior across pairs like EUR/USD, GBP/USD, USD/JPY, AUD/USD, USD/CHF and so on. When the dollar is the quote currency (EUR/USD) a falling pair means a stronger dollar, so the indicator inverts that leg before adding it in. Summing the dollar's net move against the whole basket gives one number; doing the same for the other seven currencies yields eight scores, which are then scaled and plotted as lines.
Currency Strength Lines offers several calculation modes for that per-currency number, and the mode you pick changes the character of the lines:
- ASI / total modes accumulate each pair's change over the lookback into a running strength index, smoother, more trend-like lines.
- Rate-of-change (ROC) mode measures the percentage change over the ROC period, more responsive and more reactive to recent bars.
- Stochastic and RSI-style modes normalize each currency's movement into a bounded oscillator-like reading, which keeps the lines comparable and prevents one volatile currency from dominating the scale.
Two honesty points about the math. First, every reading is built from closed-bar data when the Trigger Candle is set to the previous (closed) candle, in that configuration the historical lines are fixed and do not redraw. Second, the right-most point of each line, the value for the candle still forming, updates on every tick and will shift until that bar closes. That is normal recalculation of the live value, not a flaw, but it means you should read signals off completed bars rather than the twitching tip of the line.
Currency Strength Meter settings and parameters
These are the inputs that change the meter's behavior most. The defaults are sensible; the calculation mode and the period that feeds it are the two you will actually tune.
| Parameter | Default | What it does |
|---|---|---|
| CalculationMode | Mode_ASITot | Chooses the formula used to turn pair movement into a per-currency score (accumulated strength index, rate-of-change, stochastic, or RSI-style). This is the single biggest driver of how smooth or reactive the lines are. |
| RSIPeriod (ASI Period) | 14 | Lookback length for the accumulated-strength / RSI-style calculation. Higher = smoother, slower lines that lag more; lower = choppier, faster lines. |
| ROCPeriod | 5 | Number of bars used when the rate-of-change mode is active. Smaller values make the meter react to very recent moves; larger values average out noise. |
| SmoothingPeriod | 5 | Applies a moving-average smooth to the total mode. Raise it to reduce whipsaw in ranging conditions; lower it to keep more responsiveness. |
| Stochastic_K_Period | 5 | %K lookback for the stochastic calculation modes. Controls how far back the high/low range for normalization is measured. |
| Stochastic_D_Period | 3 | %D signal-smoothing length for the stochastic modes. Higher values produce a steadier line at the cost of responsiveness. |
| LinesTimeFrame | PERIOD_CURRENT | Lets the strength lines be computed from a higher timeframe than the chart (basic multi-timeframe). Set it to H4 or D1 to read the dominant strength while trading a lower chart. |
| TriggerCandle | Previous | Which candle drives alerts and the read, Previous (closed) or Current (forming). Keep it on Previous so signals are based on completed bars and the historical lines stay fixed. |
| MaxBars | 1000 | How many bars back the meter calculates. Lower it on slow machines for faster load; raise it if you need more history on the panel. |
| CurrencySuffix | (blank) | Suffix your broker appends to symbols (e.g. EURUSD.pro). Set this so the meter can find every pair it needs; if it is wrong the lines will be missing or flat. |
Pros and cons (the honest version)
What it does well
- Shows all eight majors ranked on one panel, so you can pick a strong-vs-weak pair in seconds instead of flipping through 28 charts.
- Free and open source under EarnForex, with the full code available to inspect or modify.
- Runs on both MT4 and MT5 from the same project.
- Multiple calculation modes (ASI/total, ROC, stochastic, RSI-style) let you tune for smooth or responsive lines.
- Basic multi-timeframe support, read higher-timeframe strength while trading a lower chart.
- Native, mobile (push) and email alerts are built in.
- Per-currency toggles let you declutter the panel to only the currencies you trade.
Where it falls short
- The value for the currently forming candle recalculates on every tick and shifts until the bar closes, read it on closed bars, not the live tip.
- It is a confirmation and pair-selection tool, not a standalone entry signal; it tells you what is strong, not when to buy or sell.
- Different calculation modes can rank currencies differently, so the 'strongest' currency depends on the mode and period you chose.
- In quiet, ranging markets the lines cluster and cross frequently, producing noisy, low-conviction readings.
- It needs the right broker symbol suffix; if pairs are misnamed or missing, a currency's line will be wrong or absent.
- Strength is relative within the basket only, a currency can look 'strong' simply because the others are weaker, not because it is genuinely bid.
Download Currency Strength Meter free
Enter your email and we'll send you Currency Strength Meter for MT4, packaged with its original Apache-2.0 licence and author credit. Come back for any of our other free indicators whenever you want one.
We never share or sell your email. One-click unsubscribe in every message.
How to install Currency Strength Meter on MetaTrader 4
- Download the indicator ZIP from this page.
- Unzip it and locate the .mq4 file (use the .mq5 file if you are on MetaTrader 5).
- In MT4 open File → Open Data Folder, then go to MQL4 → Indicators and copy the file into that folder.
- Close and reopen MetaTrader, or right-click the Navigator panel and choose Refresh.
- Expand Navigator → Indicators, then drag Currency Strength Lines onto any chart.
- In the inputs tab, choose your Calculation Mode, set the CurrencySuffix if your broker uses one, and enable the currencies you want, then click OK.
Currency Strength Meter FAQ
Does the Currency Strength Meter repaint?
The historical lines do not repaint when Trigger Candle is set to Previous, because past readings are built from closed-bar data and stay fixed. What does change is the right-most point for the candle still forming, that value updates on every tick until the bar closes. So treat completed bars as final and ignore the live twitching tip.
What is the best timeframe for a currency strength meter?
There is no single best timeframe; match it to your style. Swing and intraday traders commonly read strength on H1, H4 or daily for trend context, then drop to a lower chart to time entries. You can also set LinesTimeFrame to a higher period to see higher-timeframe strength while working a lower chart.
Is the Currency Strength Lines indicator free?
Yes. It is a free, open-source indicator from EarnForex, and you can download it here at no cost. The source code is available so you can inspect or modify the calculation if you want.
Does it work on MT5 as well as MT4?
Yes. The project ships both an MT4 (.mq4) and an MT5 (.mq5) version, so install the file that matches your platform. Functionality is the same on both.
How do I trade with a currency strength meter?
Use it to shortlist pairs, not to fire entries. Identify the strongest currency and the weakest currency on the panel, then look at the pair that combines them, for example a strong USD and weak JPY directs you to USD/JPY. Confirm the actual entry with your own price-action or indicator rules on that chart; strength alone does not give a precise trigger or stop.
Why do my currency lines look flat or missing?
Almost always a symbol-naming problem. If your broker adds a suffix like .pro or .raw to symbols, set the CurrencySuffix input to match, otherwise the meter cannot load the pairs it needs to compute that currency. Also make sure the relevant pairs exist in your Market Watch.