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Determining Currency Strength and Weakness

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Determining Currency Strength and Weakness

Hi Guys;

Thought this information could be useful. In determing what pairs to Trade, I like to determine the strength and weakness of each currency. Two outside sources are the Forex Peace Army where Andrew Mitchum posts his daily, you can also get a strength meter at

Personally, I compare the USD,JPY,EUR,GBP,CHF,AUD,NZD and CAD against each other on a 60 minute chart using a 60 SMA and then apply a numerical grade to each. If a pair is above the 60 SMA the base currency would get the point(s) and the Quote currency would get a zero. the opposite is true. I give more weight to the USD, JPY (and Eur as well as GBP against the USD and JPY). I then tally up the scores. A currency with a score of 7 or more is strong and a currency with a score of 3 or less is weak.

I then pit the Strong currencies against the Weak and those are pairs I will trade for the day. Obviuosly this will give you the pairs but you still must apply a strategy to them.

I do this at 1:40 Est as I trade the European open. I have attached my worksheet. Any questions, let me know.



S & W worksheet.doc21.5 KB
Thu, 09/24/2015 - 9:25am

Interesting. I wonder if the results--using that currency meter--are similar to the ones received from using .


Hak, you certainly have a valid point. I think the meter from currency news trading provides data on an ongoing basis that is very easy to read since it's on a numerical scale, changes color and all that Jazz. I attached a screenshot.

However, I have found that determining currency strength/weakness prior to the European session works best for my Trading strategy. Although, Mitchum's finding's, which he posts around 6 pm est., often coincide with my own, they do not account for any substantial moves during the Asian session.

All good stuff though


CS meter.png

Hello Allen, I am trying ti install this mq4 file with zero success. I assume it will, not go in Alveo so I'm trying to install it in Oanda.
Its not the indicators fault but mine as I have not been able to install other such file. I have watched many of the youtube how to but I'm simply missing the boat.
Help Please.


Thanks for the Info!


Hi Allen, this thread doesn't get used enough. So as usual I have a question. Now that I understand the S & W worksheet perhaps I can bring it to the next level. You mentioned above that you give certain currencies a rating higher and maybe lower rating than a simle 1 or 0. Could you explain how you do this and how often you take the time to do the rating check. I and perhaps other bee's that use the S&W worksheet would greatly appreciate it.
Thank you.


One currency pair free Forex Power Indicator I like to confirm trades on a separate monitor is:

It constantly repaints and is worth comparing results of trade direction with your own.


Hi Allen, just wondering what time frame you trade on?