4/4/25, 2:12 PM Currency Strength Matrix Indicator for MT4 and MT5

EN

Advertisements
— AvexBot GBPUSD, Growth Ahead!
— Trade Forex with 1:2000 Leverage

EarnForex Software MetaTrader Indicators Currency Strength Matrix Indicator for MT4 and MT5

Currency Strength Matrix Indicator for MT4

and MT5
Currency Strength Matrix indicator for MT4 and MT5 is one of the currency strength indicators developed
to help you in spotting possible trade setups. This page will introduce you to its functionalities.

What is Currency Strength Matrix indicator?

A currency strength matrix indicator is a graphical tool that shows the strength of a currency. Common
indicators usually show the strength of a currency in relation to another currency, however, with some
calculations it is possible to find the absolute strength of each individual currency.

Therefore, a currency strength matrix indicator (or meter) is a tool that tries to express the absolute
strength of a currency, so that you can compare this strength with the strength of other currencies.

Table of contents

https://www.earnforex.com/metatrader-indicators/currency-strength-matrix/ 1/21
4/4/25, 2:12 PM Currency Strength Matrix Indicator for MT4 and MT5

GBP/CAD — Classic chart

There are many ways to calculate the absolute strength of a currency, but usually they all try to extract it
considering all the values of another indicator across multiple pairs.

In other words, to calculate the strength of JPY, for example, an algorithm will analyze the values of the
same indicator in all the pairs involving the JPY.

This concept might seem a bit confusing if you are new to currency strength, but don't worry, you will
understand by reading further.

Table of contents

https://www.earnforex.com/metatrader-indicators/currency-strength-matrix/ 2/21
4/4/25, 2:12 PM Currency Strength Matrix Indicator for MT4 and MT5

Introduction to Currency Strength Matrix

Currency strength matrix is a currency strength meter tool developed to measure the strength of the eight
main currencies.

The absolute strength of a currency can be a good indicator of a potential movement of the market.

A matrix of values shows the strength of the currencies. In this matrix, each rows is a currency and each
column is a timeframe.

A cell contains the difference between the value of the cumulative moving average in the current candle
and the previous.

For a cumulative MA, we consider all the pairs involving a specific currency, expressing the difference as
percentage.

You can sort the currencies by strength in a specific timeframe to see the strongest ones on top, and the
weakest ones at the bottom.

Table of contents

https://www.earnforex.com/metatrader-indicators/currency-strength-matrix/ 3/21
4/4/25, 2:12 PM Currency Strength Matrix Indicator for MT4 and MT5

This indicator shows you the strength of all the major currencies in the matrix. Each cell represents the
difference between the current EMA and the value in the previous candle, considering all the pairs of this
particular currency.

How to read Currency Strength Matrix?

Currency Strength Matrix Indicator for MT4 and MT5

Even if the look of the matrix seems confusing, it isn't hard to understand this indicator.

The currencies are sorted by strength in a specific timeframe, so that you can find the strongest currency
on top and the weakest one at the bottom.

You can choose to see the actual resulting value of the applied formula or only the color and symbol.

A green cell, or with a positive numeric value, means that in that timeframe, the currency has gained
strength compared to the previous candle.

A red cell, or with a negative value, means that on the opposite, it has lost strength.

Table of contents
You might be asking "Why so many timeframes?"

https://www.earnforex.com/metatrader-indicators/currency-strength-matrix/ 4/21
4/4/25, 2:12 PM Currency Strength Matrix Indicator for MT4 and MT5

Well, you can select to ignore and hide some of the timeframes, however, seeing how a currency is doing
across all the timeframes provides a much better picture of its trend.

A currency with all its cells in green means that it is increasing its strength across the board. Conversely, a
currency with all red cells is losing strength.

A positive value (or a green cell) means that the currency has overall increased its value in all its pairs. A
negative value (or a red cell) means the currency has decreased its value. This is shown across all the
timeframes to give a better understanding of the overall situation. The currencies are sorted by value —
with the highest positive difference on top, and the highest negative difference at the bottom.

How to trade Currency Strength Matrix?

The basic rule with any currency strength meter
Table is
ofto trade a strong currency against a weak one.
contents

https://www.earnforex.com/metatrader-indicators/currency-strength-matrix/ 5/21
4/4/25, 2:12 PM Currency Strength Matrix Indicator for MT4 and MT5

Currency Strength Matrix for MetaTrader is an indicator designed to catch rapid movement in a currency's
strength. The Currency Strength Matrix is ideal for:

Scalping

Breakout strategies

Trend continuation strategies

News trading

Trading market open

Closing gaps

Sudden big moves

You will want to wait for a good setup to trade. Ideally, you will want to buy a currency in the top two spots
that has all its timeframes with positive values, selling a currency in the bottom two spots with all
timeframes in negative values.

Table of contents

https://www.earnforex.com/metatrader-indicators/currency-strength-matrix/ 6/21
4/4/25, 2:12 PM Currency Strength Matrix Indicator for MT4 and MT5

Being very reactive and fast, this indicator is useful for: scalping, breakout strategies, trend following, gap-
closing trading, market opening uncertainty, news trading, unexpected big moves.

Full features of Currency Strength Matrix

Currency Strength Matrix for MT4 and MT5 is a complex indicator that tries to give you an easy reading of
the market. At the same time, it is versatile enough to hopefully adapt to your trading style.

The main features of Currency Strength Matrix for MetaTrader are:

Showing the strength of individual currencies in several timeframes.

Sort the currencies by strength in a specific timeframe.

Possibility to ignore and hide some currencies.

An option to ignore and hide timeframes.

Highlight when a currency can be bought or sold.

Show a possible pair to trade.

Sending a notification via alert, email, or mobile app.

Detection of missing historical data.

Scaling of the chart panel.

Currency Strength Matrix interface

Table of contents

https://www.earnforex.com/metatrader-indicators/currency-strength-matrix/ 7/21
4/4/25, 2:12 PM Currency Strength Matrix Indicator for MT4 and MT5

The column of the currencies shows you the selected currencies. You can choose to ignore some
currencies via indicator options. The two currencies with darker background are the currencies of the
current chart, so you can spot their strength immediately.

Table of contents

https://www.earnforex.com/metatrader-indicators/currency-strength-matrix/ 8/21
4/4/25, 2:12 PM Currency Strength Matrix Indicator for MT4 and MT5

The header of the columns shows the timeframes for which the difference is calculated. The timeframe
with * is the one used to sort the currencies. A click on the timeframe will change the current chart's
period. You can select to ignore some of the timeframes via input parameters.

Table of contents

https://www.earnforex.com/metatrader-indicators/currency-strength-matrix/ 9/21
4/4/25, 2:12 PM Currency Strength Matrix Indicator for MT4 and MT5

When the currency has a positive difference in all the timeframes, a buy opportunity is indicated in the last
column. If all differences are negative, then it is a Sell opportunity. The bottom cell will show a possible
opportunity matching the strongest Buy currency with the strongest Sell currency.

Table of contents

https://www.earnforex.com/metatrader-indicators/currency-strength-matrix/ 10/21
4/4/25, 2:12 PM Currency Strength Matrix Indicator for MT4 and MT5

A notification system will let you know of possible opportunities, so you can check the setup.

Table of contents

https://www.earnforex.com/metatrader-indicators/currency-strength-matrix/ 11/21
4/4/25, 2:12 PM Currency Strength Matrix Indicator for MT4 and MT5

If some historical data is missing, the indicator will notify. Clicking the button will open the necessary chart
to load the historical data.

Input parameters
You don't have to, but you can control how the Currency Strength Matrix operates via its input parameters:

Table of contents

https://www.earnforex.com/metatrader-indicators/currency-strength-matrix/ 12/21
4/4/25, 2:12 PM Currency Strength Matrix Indicator for MT4 and MT5

Table of contents

https://www.earnforex.com/metatrader-indicators/currency-strength-matrix/ 13/21
4/4/25, 2:12 PM Currency Strength Matrix Indicator for MT4 and MT5

Calculation Mode is a particularly interesting input parameter because it allows you to control how the
Currency Strength Matrix detects bullish or bearish trend. It can be either CLOSE DIFFERENCE or MA
DIFFERENCE. In the first case, it will compare the current Close with the Close Bars of Difference ago. In
the second case, it will compare the current moving average value with the moving average value Bars of
Difference ago. The second method is less volatile but is also less sensitive to trend reversals.

MT4 Currency Strength Matrix

Currency strength meters are very popular in the trading community. There are many versions and they
can be used in different situations. MT4 Currency Strength Meter Matrix indicator uses a unique algorithm
to establish the absolute strength of a currency. This indicator is especially useful to spot rapid movement
of price.

What iIs MT4 Currency Strength Indicator?

This currency strength indicator tries to show you the absolute strength of 8 major currencies.

The indicator uses a unique algorithm to detect rapid price changes.

The currency strength is established scanning the recent price in all the currency pairs, finding where the
price has changed the most.

Why is MT4 Currency Strength useful?

When talking about the strength of a currency, usually, this is related to another currency.

It is useful in many cases to know the "absolute" strength of the currencies and compare them to see the
strongest one.

To know the "absolute" strength, this MT4 indicator uses an algorithm that keeps into consideration the
currency's recent exchange rates in all the pairs involving it.

For example, to understand the strength of the EUR, the indicator scans all of the EUR pairs (EUR/USD,
EUR/GBP, EUR/JPY, and so on). Table of contents

This method allows to get a trend of the strength of all the currencies.
https://www.earnforex.com/metatrader-indicators/currency-strength-matrix/ 14/21
4/4/25, 2:12 PM Currency Strength Matrix Indicator for MT4 and MT5

You can use this strength trend to compare them between different currencies and contribute to your
trading decisions.

Currency Strength Matrix is especially useful to:

Spot spikes in price.

Spot falls in price.

Detect rapid changes due to news or unexpected events.

The indicator also includes alert features.

Downloads

➥ MQLTA MT4 Currency Strength Matrix

Download

MT4 Currency Strength Matrix Installation

To install the indicator please follow the instructions below:

1. Download the indicator archive file.

2. Open the MetaTrader 4 data folder (via File->Open Data Folder).
3. Open the MQL4 Folder.
4. Copy all the folders from the archive directly to the MQL4 folder.
5. Restart MetaTrader 4 or refresh the indicators list by right-clicking the Navigator subwindow of the
platform and choosing Refresh.

For more detailed instruction on how to perform the installation please visit this article.

Table of contents

https://www.earnforex.com/metatrader-indicators/currency-strength-matrix/ 15/21
4/4/25, 2:12 PM Currency Strength Matrix Indicator for MT4 and MT5

MT5 Currency Strength Matrix

Downloads

➥ MQLTA MT5 Currency Strength Matrix

Download

MT5 Currency Strength Matrix Installation

To install the indicator please follow the instructions below:

1. Download the indicator archive file.

2. Open the MetaTrader 5 data folder (via File->Open Data Folder).
3. Open the MQL5 Folder.
4. Copy all the folders from the archive directly to the MQL5 folder.
5. Restart MetaTrader 5 or refresh the indicators list by right-clicking the Navigator subwindow of the
platform and choosing Refresh.

For more detailed instruction on how to perform the installation please visit this article.

Backtesting Currency Strength Matrix

MetaTrader 4 has known limitations in regards of backtest of multi-currency indicators and robots.
MetaTrader 5 allows backtesting of multi-currency indicators, but you will have to have all the necessary
historic data available across all currency pairs and timeframes.

Table of contents

https://www.earnforex.com/metatrader-indicators/currency-strength-matrix/ 16/21
4/4/25, 2:12 PM Currency Strength Matrix Indicator for MT4 and MT5

Conclusion
Currency Strength Matrix is a very useful tool that you can integrate in your toolbox. Knowing the strength
of a currency and overall market conditions will help your trading. You will be notified about possible pairs
to trade or find confirmation for your existing strategy.

You might be interested in our Currency Strength Lines indicator as well.

You can open a trading account with any of the MT4 Forex brokers to freely use
the presented here indicator for MetaTrader 4. If you want to use an MT5 version
of the indicator presented here, you would need to open an account with a broker
that offers MetaTrader 5.

If you would like to see other multi-timeframe indicators, you can read our guide on
MTF indicators.

Discussion
Do you have any suggestions or questions regarding this indicator? You can always discuss Currency
Table
Strength Matrix with the other FX traders and of contents
MQL programmers on the indicators forums.

https://www.earnforex.com/metatrader-indicators/currency-strength-matrix/ 17/21
4/4/25, 2:12 PM Currency Strength Matrix Indicator for MT4 and MT5

Changelog
1.05 — 2024-04-11
Fixed a bug that prevented opening of the signal symbol chart.

Fixed a bug with currency pair prefix and suffix detection.

1.04 — 2023-05-01
Added panel scaling on hi-DPI screens.

Added optional panel scaling to increase the size of the panel.

Added recalculation on timer to update the matrix even when the current pair is stagnant.

Changed the indicator's behavior so that it adds missing currency pairs to the Market Watch
automatically.

Clarified alert messages.

Fixed alerts to trigger once per signal.

Fixed panel scrolling.

Removed unnecessary bits of code.

Subscribe to the newsletter

We’ll send you our monthly newsletter which is fully stocked with free resources like articles,
videos, podcasts, reward ideas, and anything else we can think of to help you make your
trading knowledge awesome.
Table of contents

https://www.earnforex.com/metatrader-indicators/currency-strength-matrix/ 18/21
4/4/25, 2:12 PM Currency Strength Matrix Indicator for MT4 and MT5

Enter your email address

SUBSCRIBE TO OUR NEWSLETTER

Advertisements
— Trade smarter: TradingView, MT4, MT5.

Forex — the foreign exchange market (also known as FOREX or FX) is the biggest and the most liquid financial market in the
world. It boasts a daily volume of more than $7.5 trillion. Trading in this market involves buying and selling world currencies,
taking profit from the exchange rates difference. FX trading can yield high profits but is also a very risky endeavor.

Forex Brokers
MT4 Forex Brokers

MT5 Forex Brokers

PayPal Brokers

Regulated Brokers

Oil Trading Brokers

Gold Trading Brokers

Muslim-Friendly Brokers

Web Browser Platform

Brokers with CFD Trading

ECN Brokers

Skrill Brokers

Neteller Brokers

Perfect Money FX Brokers

See all Table of contents

https://www.earnforex.com/metatrader-indicators/currency-strength-matrix/ 19/21
4/4/25, 2:12 PM Currency Strength Matrix Indicator for MT4 and MT5

Forex Tools

Forex Brokers

Community

Forex Books

Software

Education

About

© 2005-2025. EarnForex. All Rights Reserved.

Developed by

Forex trading bears intrinsic risks of loss. You must understand that Forex trading, while potentially profitable, can make you
lose your money. Never trade with the money that you cannot afford to lose! Trading with leverage can wipe your account
even faster. CFDs are leveraged products and as such loses may be more than the initial invested capital. Trading in CFDs
Table of contents
carry a high level of risk thus may not be appropriate for all investors. EarnForex.com is operated by EARNFOREX S.A.S., a

https://www.earnforex.com/metatrader-indicators/currency-strength-matrix/ 20/21
4/4/25, 2:12 PM Currency Strength Matrix Indicator for MT4 and MT5

company registered at the following address: 229 rue Saint-Honoré, 75001 Paris, France. Tribunal de commerce de Paris
registration number: 951833029. French VAT ID: FR04951833029.

Table of contents

https://www.earnforex.com/metatrader-indicators/currency-strength-matrix/ 21/21