So far, you may have encountered trend indicators, oscillators, or other tools that tell you when to look for a buy or sell trade in the forex market. Well, here comes the Forex Profit Supreme Meter indicator, a complete forex trading tool to reveal the strongest and weakest currencies to help you decide the currency pairs you will look to trade.
What is the Forex Profit Supreme Meter?
Take a look at the chart to see what the Forex Profit Supreme looks like.
The Forex Profit Supreme indicator shows you the strongest pair on the top while the weakest pair is at the bottom. The dark grey table shows you the strongest currency on the top with a score. Similarly, you can find the weakest currency.
How to trade with the Forex Profit Supreme Meter?
The Forex Profit Supremeindicator does not come with a straight trading method. Let’s explore the settings of the indicator:
You can change the colors or exclude the pairs if you want. Moreover, if your trading terminal has a different prefix with the pair, like EURUSDc or EURUSDm, you have to list all the pairs in the SymbolPrefix tab. You will get an error message if any symbol is missing.
When it comes to trading, the indicator shows you the strongest and weakest currencies. For example, USD is the strongest, while GBP is the weakest currency. In such a scenario, you could look for a short-selling opportunity in GBPUSD.
This is more like a confirmatory analysis tool. Like you employ another forex strategy and confirm the entry with the profit meter. Alternatively, you can find the most volatile pairs that you are going to trade, and you may find entries in such pairs using other techncial indicators and price action analysis.
Buy Signal
Here’s the strategy to find a long signal:
- You may use 20-period SMA as a trigger.
- Look at the strongest and the weakest currency pairs. Like USDCAD is at the top, and AUDUSD is at the bottom.
- Now look at the currency table and find what’s at the top and bottom, like USD at the top and AUD at the bottom.
- It shows that buying USD against the weakest asset is viable. You can go long on USDCAD if the price is above the 20-period SMA (4-hour chart).
- Put a stop below the buy candle and take profit around the next key resistance.
Sell Signal
Here’s the strategy to find a short signal:
- You may use 20-period SMA as a trigger.
- Look at the strongest and the weakest currency pairs. Like USDCAD is at the top, and AUDUSD is at the bottom.
- Now look at the currency table and find what’s at the top and bottom, like USD at the top and AUD at the bottom.
- It shows that buying USD against the weakest asset is viable. You can go short on AUDUSD if the price is above the 20-period SMA (4-hour chart).
- Put a stop above the sell candle and take profit around the next key support.
Forex Profit Supreme Meter Pros & Cons
Pros
- The indicator tells you the most volatile currencies and pairs.
- You can create different strategies with the tool.
- Can be used to spot buy and sell trades on different chart timeframes.
Cons
- The indicator might be too complex to handle for beginners.
- The values keep changing, so you may not rely on the indicator.
- Requires further confirmation for entry and exit points.
Conclusion
The Forex Profit Supreme Meter indicator doesn’t give users a specific trading strategy. Instead, you may use it to create and test different strategies by combining it with other technical indicators and price action analysis. This makes it a very versatile forex indicator for all currency pairs and chart timeframes. You could always implement it into your trading strategies on a demo account to see if it helps give you that extra edge.
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.
