The Power of EUR indicator for Metatrader 4 measures the relative strength of the Euro major currency in real-time.
When the relative strength of the EUR currency is strong, trade it against a weak currency.
For instance, when the Euro is strong and the U.S. Dollar is weak, buy the currency pair (EUR/USD).
Vice versa, when the relative strength of the EUR currency is weak, trade it against a strong currency.
For instance, when the Euro is weak and the U.S. Dollar is strong, sell the currency pair (EUR/USD).
- The Euro is considered strong when its relative strength is trading above the 0.00 level.
- The Euro is considered weak when its relative strength is trading below the 0.00 level.
Key Points
- Power of EUR above the 0.00 level is considered strong. Trade against a weak currency.
- Power of EUR below the 0.00 level is considered weak. Trade against a strong currency.
- Confirm the buy or sell trade entry with other analysis tools.
- Works for any Forex pair with the Euro currency included.
Free Download
Download the “Power_of_EUR.ex4” Metatrader 4 indicator
Indicator Example Chart
The EUR/USD Daily chart below displays the Power of EUR Metatrader 4 forex indicator in action.
Basic Trading Signals
Signals from the Power of EUR Forex MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Open a buy trade as soon as the Power of EUR relative strength crosses the 0.00 level upwards and the counter currency is weak.
Place a stop loss 5 pips below support or apply your own favorite stop loss strategy for buy signals.
Close the buy trade for a reward/risk ratio of 2.5 or better, or apply your own favorite take profit strategy.
Sell Signal: Open a sell trade as soon as the Power of EUR relative strength crosses the 0.00 level downwards and the counter currency is strong.
Place a stop loss 5 pips above resistance or apply your own favorite stop loss strategy for sell signals.
Close the sell trade for a reward/risk ratio of 2.5 or better, or apply your own favorite take profit strategy.
Download This Forex Indicator
Download the “Power_of_EUR.ex4” MT4 indicator
Adjustable Parameters & Settings
Colors, width, style.
Feel free to explore the indicator’s different parameters and settings to create your own personalized indicator setup.
More Info About This Indicator
Recommended Currency pairs: Any
Trading Platform: MT4
Time Frames: M1, M5, M15, M30, H1, H4, D1, W1
Indicator Type: Currency strength
Installation
Copy and paste the indicator in the MT4 indicators data folder.
Then restart the MT4 terminal and attach it to any chart.