power tools for mt4 indicator
TRANSCRIPT
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Power Tools for MT4 Indicator
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Table of Contents
1. Risk Disclosure…………………………………………………….…………...3
2. Installation……………………………………………………………….……..3
3. How to use the indicator ……………………………………………………...4
3.1 Overview ……………………………………………………………....4
3.2 General Settings ……………………………………………………….……......4
3.3 Moving Strength Tool ....…………………………….…...….…………….…...6
3.4 Current Strength Tool .……………… .………………...…………….……….7
3.5 Multi Currency Analytics Tool………………………………………...……….9
3.6 Multi Time Frame Analytics Tool ………………………….…..…………….11
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1) Risk Disclosure /Terms of Use Trading Forex and CFDs which are leveraged products involves a substantially high level of risk. As
a result of this you may lose the entire capital you have invested. Therefore you should not invest any
money that as a person you cannot afford to lose or cause you financial distress. As these products
may not be suitable for everyone you should ensure, prior to entering into any trades that you fully
understand all the risks involved with trading in the foreign exchange markets and seek professional
independent advice from a financial advisor if required.
This product is provided as informational, educational software and therefore it does not constitute
investment advice in any form. We (the operators of www.forexpowertraders.com) will not accept
liability for any loss or damage, including without limitation to, any loss of profit, which may arise
directly or indirectly from use of or reliance on such information.
This product is not aimed for distribution to any person or country where there are regulations that
forbid the distribution or use of such information or trading in any financial instruments. It is the
individual’s responsibility to ensure these provisions and comply with the laws and regulations of the
country the visitor resides in.
Make sure you agree with our Risk Disclaimer , Terms & Conditions and Privacy Policy prior to
using this product.
Also ensure you understand and agree to the following risk disclosure terms and conditions prior to
using this If you have any questions ,suggestions or have found any bugs please email
2) Installation
Please follow this link to see our purchase and installation guide here on how to purchase and install
our products.
Ensure that all the currency pairs that are to be analysed appear in the Market Watch. If a pair to be
analysed is missing from the market watch, then it will be excluded from the calculations. You can do
this by right clicking on the Market Watch and Clicking on Show All. It is possible that your broker
may not have some of the pairs and they will be ignored.
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3) How to use the Indicator
3.1) Overview
Power Tools is a comprehensive set of analytical tools packed in one indicator that will allow you to
analyse the market very fast and find trading opportunities without the need of looking at charts forever.
Some of the capabilities of the Power Tools indicator are the following
Fast analysis through one single screen
Identify which currencies are strong and which are weak
Analyse up to 25 pairs at once
Instantly review the current as well as historical trends and movements
Receive alerts on your screen, email or phone whenever trading opportunities appear
Screen showing how the indicator looks like when 4 of the Power Tools are used simultaneously with
active alerts.
3.2) General Settings
Use Tool_Name: Set to True to use the specific pair
Running all the tools together or too many symbols will require a lot of CPU Power so add
them gradually to see if your PC can handle the calculations needed
Currencies_Used: Enter the number of Currencies to be analysed for Current and Moving Strength. Up
to 10.
Currency#: Which base Currency to be anaylsed at position #
terminalsuffix: If the broker has a suffix in the names of instruments type it here. Eg type micro if name
is EURUSDmicro
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terminalprefix: If the broker has a prefix in the names of instruments type it here. Eg type ecn if name is
ecnEURUSD
minutes_update: Specify how often in minutes the calculations to be performed. Useful for less strong
machines
Enable Alerts: Set True to receive alerts
Email Alerts: Set True to receive email alerts
Mobile Alerts: Set True to receive push notifications on your phone
3.3) Moving Strength Tool
The Moving Strength tool aims to show you how each base currency has moved over a given period of
time and timeframe. It compares the movement of each base currency against its other counter currencies
over time and produces a visual where you can instantly see which base currencies are gaining strength
and which one are getting weaker.
Simple as that. Rather than just looking at one pair and decide if is going up or down you can also see
how one of those base currencies is doing also as a whole.
In the above example we can see that JPY is gaining while CAD is weakening. Therefore we can consider
selling CADJPY.
This tool does not use any indicators. It only sees how much each currency has gained or lost over time.
Important Note: When using this tool make sure that you have active in the market watch all the
currency pairs involving the currencies you have selected for analysis and also sufficient data for the
timeframe they are analysed under. You can do that by opening each chart, changing the timeframes and
scrolling back in time, so data is downloaded.
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Settings
Moving_Strength_Timframe: Set which timeframe the calculations to be performed under. The default
is the chart’s timeframe .
Look_Back_Period: Set over how many past periods (candles) the calculations to be performed. The
smaller the figure the more sensitive to changes the prices will be
Labels_Gap: Specify how many pixels to the left of the chart the currency labels should be.
3.4) Current Strength Tool
The Current Strength tool aims to show you how strong each base currency is relative to its peers at the
current moment. The way the tool works is to produce a value from 0 to 10 for each of the currencies that
demonstrates how strong the specific currency is.
A value closer to 10 implies a strong base currency whose value is increasing.
A value closer to 0 implies a weak base currency whose value is decreasing.
The score for each currency is calculated by using the indications of 10 basic trend indicators for all the
pairs the specific currency is.
This tool is placed by default in the top right corner but location can be customized.
Usage1 : As a general market overview.
Just look at the values each base currency carries. In that way you can determine which currencies have
been rising and which have been falling. The higher their value the stronger the currency has been at that
moment , the lower their value the weaker the currency has been at that moment. Also try to change
timeframes to see how the values change. So in the above GBP,AUD and NZD are rising, while EUR is
falling.
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Usage2 : Find pairs to trade.
Look for a base currency with a high score (eg above 6.5) and for a base currency with a low score (eg
bellow 4.5). Buy the currency with the high score while selling the currency with the low score.
Example 1: CAD has a high score of 8.0 while EUR has a low score of 3.4. So sell EUR and buy CAD.
Hence SELL EURCAD. It can be seen at the chart below how EURCAD is falling.
Example 2: AUD has a high score of 7.1 while NZD has a low score of 2.6. So buy AUD and sell NZD.
Hence BUY AUDNZD. It can be seen at the chart below how AUDNZD is rising.
Settings
Current_Strength_Timframe: Set which timeframe the calculations to be performed under. The default
is the chart’s timeframe .
Current_Strength_Window: Select if the Current Strength is to be displayed at the Top or the Bottom
window of the chart.
CurrentPower_X_Location: The start of where the tool is placed from the Left of the chart.
CurrentPower_Y_Location: The start of where the tool is placed from the Top of the chart.
You can customize the location of the tool and the window depending on where you want it to be
displayed.
Important Note: When using this tool make sure that you have active in the market watch all the
currency pairs involving the currencies you have selected for analysis.
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3.5) Multi Currency Analytics
This tool is a simplified version of the Trend Wave Extreme .
Shows how a selection of up to 25 pairs are performing ,to quickly find trading opportunities.
It is placed by default on the top left corner
Trend : Shows if the pair is moving up or down and how strong it is on a scale of -100% to 100%.
Determine if you should buy or sell that pair. That is the direction of the trade you should be taking.
Short Term: Shows where a pair is heading on the short term on a scale of -100% to 100%. If it is
opposite the Trend is an indication that you may need to wait before placing a trade.
Extremes: Shows if a pair is Oversold ↓ or Overbought ↑ on a scale of -100% ti 100%. An Oversold pair
is an indication that is a bit too late to sell that pair and may start moving up soon. The opposite applies
for Overbought pairs.
Pips Move: Shows how big the last straight move was. Is an indication of how volatile the pair has been
and around how many pips you may expect to gain when Trend and Extremes are opposite .
Opportunity: You should be looking to Buy up trend ,oversold symbols and sell down trend
,overbought pairs. When these opportunities exist an arrow will be displayed in the Opportunity column
informing you that it may be good trades.
Alerts/Mobile Notifications/Emails will be given when trading opportunities first appear.
The scores for the Trend ,Short Term and Extremes are calculated using 16 indicators and just shows you
what the majority of indicators is pointing at.
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Example
The EURUSD shows a good score 55% for Up Trend pointing we should be buying this pair. The Short
Term score is at 0%, Neutral, pointing there is no need to wait to Buy. The Extremes score is at -50%
pointing an Oversold pair that could be moving Up any time soon. Also we can see the last move the pair
made was 162 pips down. Hence as EURUSD is Up trending and Oversold it provides a good
opportunity to buy this pair.
Settings
Multi_Currency_Analytics Timframe: Set which timeframe the calculations to be performed under.
The default is the chart’s timeframe .
Multi_Currency_Analytics_Window: Select if this tool is to be displayed at the Top or the Bottom
window of the chart.
Pairs_Used: How many pairs to be analysed.
Currency #: Which pair to be analysed at location #
Alert Pair #: If alerts are to be displayed at location #
Multi_Currency_Analytics_X_Location: The start of where the tool is placed from the Left of the
chart.
Multi_Currency_Analytics_Y_Location: The start of where the tool is placed from the Top of the chart.
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3.6) Multi TimeFrame Analytics
This tool is the same principle as the Multi Currency Analytics but applied on all timeframe of the chart’s
symbol. In this way you can see if the analysis of the timeframe you have selected is valid on bigger on
larger timeframes to get additional insides.
Multi_tf_Analytics_Window: Select if this tool is to be displayed at the Top or the Bottom window of
the chart.
Alert TimeFrame#: If alerts are to be displayed at timeframe #
Multi_tf_Analytics _X_Location: The start of where the tool is placed from the Left of the chart.
Multi_tf_Analytics _Y_Location: The start of where the tool is placed from the Top of the chart.
Suggested Overall Use
1) Use the Multi Currency Tool under H1 or H4 to find an Up Trend Oversold/ Down Trend Overbought
pair for buying/selling. Or simply just have the tool running and wait for alerts.
2) Review the two currencies current strength score and moving strength image to determine how these
two symbols perform generally in the market.
3) Review the Multi TimeFrame Analytics for that pair to see if there is an opposite strong trend on a
higher/lower time frame that could suggest you should wait longer to enter the trade,