Introduction
The Currency Strength Wizard is a powerful forex trading indicator designed to provide an all-in-one solution for analyzing currency strength. With a rating of 4.91 and mixed user reviews, it promises to be a useful tool for both scalping and swing trading. However, as with any trading tool, it's essential to understand its limitations and set it up correctly for maximum effectiveness.Installation and Setup
To install the Currency Strength Wizard, follow these steps:- Download the indicator from the official MQL5 market.
- Open your MetaTrader 5 platform and navigate to File > Open Data Folder.
- Copy the downloaded indicator file to the MQL5/Indicators directory.
- Restart MetaTrader 5.
- Attach the Currency Strength Wizard to your desired chart by navigating to Insert > Indicators > Custom and selecting Currency Strength Wizard.
Once installed, you can customize the settings to suit your trading style. Adjust the time frame, period, and Fibonacci levels to match your strategy. Enable alerts and PUSH notifications to stay updated on market changes without constantly monitoring your charts.
Experience Using the Robot
In my experience, the Currency Strength Wizard offers a mixed bag of results. Some users, like ebel, have found it highly effective for both scalping and swing trading. They appreciate the real-time strength analysis and the intuitive visual representation. However, others, like tinecko_29, have pointed out issues with line repainting, which can lead to misleading signals.The indicator's ability to show extremums of buying and selling volume pressure is a useful feature, but it requires a keen eye and experience to interpret correctly. The Fibonacci-based targets provide potential price levels, aiding in the formulation of more precise trading strategies.
Tips for Improvement
To get the most out of the Currency Strength Wizard, consider the following tips:- Wait for the lines to start sloping and ensure there is a decent distance between them before making a trade. This can help filter out false signals.
- Use the indicator in conjunction with other technical analysis tools to confirm signals.
- Regularly update the settings based on market conditions to keep the indicator relevant.
- Be cautious of the repainting issue mentioned by some users. Always double-check signals before executing trades.
Source Code of Currency Strength Wizard
We don't have access to the original source code of the Currency Strength Wizard sold on MQL5. However, based on its description, we have created a sample code that mimics its functionality. This code is available on easytradingforum.com. Please note that this is a custom implementation and not the original code.
Code:
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