CCFp Indicator
The CCFp indicator displays the strength and weaknesses of a financial trading asset.
Description
The CCFp indicator for MetaTrader 4 analyzes the strength and weaknesses of currency pairs and displays them on a separate window. The indicator is essentially an advanced currency strength meter that would help you to easily project the possible trend direction of a financial trading asset.
Furthermore, to use this indicator, you need to understand that when the base currency is stronger than the quote currency, the market would most likely move to the upside. Conversely, when the base currency is weaker than the quote currency, the trend may likely move to the downside. For instance, on a EURGBP currency pair, a stronger EUR would most likely make the (EURGBP) trend to be bullish.
How to Use The CCFp Indicator
The above image shows the currency strength analysis of the CCFp indicator. The indicator is very simple to interpret. Each distinguished line represents the strength of a designated currency pair. So, when a line rises or falls, it simply posits that a currency pair has become stronger or weaker. For instance, the image shows that the EUR line is currently higher than the USD line, which implies that the EUR is stronger, hence the bullish move.
Conclusion
The CCFp indicator for MT4 would help you to make a better trading decision because it shows you how a financial asset is currently performing in terms of strength and weakness. Furthermore, the indicator is free to download.