How to tweak the currency meter for your trading strategy?
For intraday trading, it is typically recommended to use up to 200 bars for intraday trading, while for scalping, up to 50 bars should be enough. A currency strength meter is a technical indicator used by traders to obtain information about the strength of an individual currency relative to its peers. Every currency has a different degree of strength against its peers, so it’s important to know when the time is right to buy one currency and sell another. This combination is unique to the forex market and it allows you to get highly accurate trade entries. In addition, you can decrease your losses while hedging two pairs of currencies with a negative correlation that is close to perfect. The US dollar, the Canadian dollar, the Swiss franc, the euro, The British pound sterling, the Australian dollar, the New Zealand dollar, and the Singapore dollar are the strongest currencies in the world for now.