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Currency Heatmap

The Currency Heat Map indicator for MT4 displays the strengths and weaknesses of currencies. This indicator is a powerful and easy to use tool that can help traders identify the most profitable currency pairs to trade.

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Description

The Currency Heat Map indicator for MT4 is a momentum-based tool that displays the strengths/weaknesses of Forex pairs. The indicator analyzes the relative strengths and weaknesses of different currencies available on the market watch list of an MT4 and displaying them through a heat map.

This technical indicator is recommended for beginners, intermediate, and advanced Forex traders. Besides, it is a handy tool for scalpers and day/intraday traders.

Features of the Currency Heat Map Indicator for MT4

The indicator displays real-time data on the strengths and weaknesses of different currencies in a vertical and horizontal row below the chart. The currencies in lime-green and red indicate a strong bullish and bearish trend, respectively. Conversely, currencies in green suggest a weak bullish move, while those colored firebricks indicate a weak bearish move.

Benefits of Using the Indicator

  • Identifying Strong and Weak Currencies: The indicator assists traders in identifying strong and weak, which enables informed decisions.
  • Trend Confirmation: Another benefit of using the indicator is that it assists traders in validating existing market trends. For example, a trader can use the indicator to confirm the strength of a currency before making a trading decision.

Indicator Settings Description

The indicator comes with the following customizable settings:

CurrenciesHorizontal: Defines the currency type on the vertical axis of the indicator.

CurrenciesVertical: Defines the currency type on the horizontal axis of the indicator.

TimeFrames: Defines the time frames for analysis.

StrongUp: Defines the color to display strong bullish movement.

WeakUp: Defines the color to display strong bearish movement.

NoMove: Defines the color to display no movement.

WeakDown: Defines the color to display weak bearish movement.

StrongDown: Defines the color to display strong bearish movement.

DoesNotExit: Defines the color to display no movement.

UseMSLineDrawFont: Determines the font tool for drawing lines.

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How to Install

How install MT4/5 indicator in the terminal?

To install an MT4/5 indicator in the terminal, follow these steps:

  1. Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.

  2. Open the MT4/5 terminal and click on “File” in the top left corner.

  3. Select “Open Data Folder” from the dropdown menu.

  4. In the window that opens, double-click on the “MQL4/5” folder.

  5. Double-click on the “Indicators” folder.

  6. Drag and drop the indicator file from your computer into the “Indicators” folder.

  7. Close the data folder window and restart the MT4/5 terminal.

  8. The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.

Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.

And if asks to confirm DLL?

If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.

DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.

If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.

It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.

 

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