Xmeter Forex Indicator for MT4 – 100% Free Download

Xmeter Forex Indicator is a powerful MT4 indicator that gives you a real-time analysis of which currencies are strong and weak, helping to avoid bad trades and focus on high-probability setups. Whether you’re a scalper, day trader, or swing trader, the Xmeter indicator can help you trade more confidently.

Have you ever wished you had a clearer picture of which currencies are strong and which are lagging before you make a trade? Knowing this can be a total game-changer in the Forex market.

Indicator Description

The Xmeter Forex indicator is a technical trading tool designed for MetaTrader 4 that detects and analyzes the strength of an asset, specifically currencies. It was built with algorithms that automatically identify and pair a base currency with other available currencies to determine their possible strength and weakness. The data used for this calculation are tracked from the previous market conditions of past prices. The results are then displayed visually on your MT4 chart as simple graphs and arrows, making it easy to read.

Xmeter Forex Indicator Installation

1. Unzip the file you’ve downloaded.

2. Find the file that is called “xmeter-indicator.ex4″ and copy it.

3. Open your MT4.

4. Go to “File – Open Data Folder – MQL4”.

5. Paste the file into the “Indicators” folder in MQL4.

6. Restart your MT4.

After the installation, your trading chart will look like this:

What makes it so useful?

Here’s why it’s a handy tool for your trading arsenal:

• Tracks Currency Strength: It automatically detects the strongest and weakest currencies.
• Great for All Traders: It works effectively for scalping, day trading, and swing trading styles.
• Avoids Low-Quality Trades: It helps you stay away from trading weak currency pairs that might not offer good opportunities.
• Easy to Read: No complicated signals to decipher—just simple graphs and arrows.
• Works as a Trend Filter: When used alongside other indicators or your existing strategy, it helps confirm trend direction.
• Adaptability for All Trader Levels: The Xmeter Indicator is suitable for traders of all experience levels—from novices to advanced ones. Its straightforward design and functionality make it an excellent tool for those looking to analyze currency pairs effectively.

This indicator is handy because trading toward strength gives you a significant edge. Instead of guessing where the market might go, you can trade confidently, knowing you’re on the right side of the trend. In essence, the Xmeter indicator is a tool that displays the increase and decrease in the relative strength of a trading asset and can even suggest the trend bias.

How to use the Xmeter Indicator?

It’s crucial to understand that the Xmeter indicator is not primarily a buy/sell signal generator on its own. Instead, it’s a powerful filter to help you choose the correct currency pairs to trade and to gauge the likely direction.

Here’s how to interpret its readings for potential trade setups:

• BUY SIGNAL (Potential):
  • Look for a strong base currency (the first currency in a pair, e.g., GBP in GBP/AUD).
  • Combined with a weak quote currency (the second currency in a pair, e.g., AUD in GBP/AUD).
  • Example: If the Xmeter indicator shows GBP is strong, and AUD is weak, this suggests that GBP/AUD is likely to move higher, indicating a potential BUY opportunity.

• SELL SIGNAL (Potential):
  • Look for a weak base currency.
  • Combined with a strong quote currency.
  • Example: If the Xmeter indicator shows AUD is weak, and USD is strong, this suggests that AUD/USD is likely to drop, indicating a potential SELL opportunity.

The Xmeter indicator is best used in conjunction with other technical analysis tools.

Trading tip: always check the currency strength on the Xmeter before entering any trade. For instance, if you’re about to BUY a pair, but the Xmeter shows that the base currency is actually weak, it’s a red flag and you might want to reconsider or wait for a clearer signal.

My Conclusion on the Xmeter Indicator

The Xmeter Forex Indicator is one of the best tools for tracking currency strengths and weaknesses. It’s great for filtering out potentially bad trades and works well with all trading styles, whether you’re scalping, day trading, or swing trading.

By combining it with your favorite trading strategy and other analytical tools, the Xmeter can significantly improve your trade selection and potentially increase your overall profitability. It gives you an edge in the market by helping you trade with the underlying strength of currencies. With its easy integration into the MT4 platform and user-friendly features, the Xmeter Indicator is a must-have for anyone serious about improving your trading performance.

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P.S. Have problems with installation? Email me at olivermurphy@altraforex.com or support@altraforex.com
I would love to help!

P.P.S. Check out software by Altra Forex Group here