Technical Indicators for MetaTrader 5
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MetaTrader 5
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Overview
What is Currency Magician Matrix indicator?
A currency Magician Matrix indicator is a graphical tool that shows the strength of a currency. Common indicators usually show the strength of a currency in relation to another currency, however, with some calculations it is possible to find the absolute strength of each individual currency.
Therefore, a currency Magician Matrix indicator (or meter) is a tool that tries to express the absolute strength of a currency, so that you can compare this strength with the strength of other currencies.
There are many ways to calculate the absolute strength of a currency, but usually they all try to extract it considering all the values of another indicator across multiple pairs.
In other words, to calculate the strength of JPY, for example, an algorithm will analyze the values of the same indicator in all the pairs involving the JPY.
This concept might seem a bit confusing if you are new to currency Magician Matrix, but don't worry, you will understand by reading further.
Currency Magician matrix is a currency strength meter tool developed to measure the strength of the eight main currencies.
The absolute strength of a currency can be a good indicator of a potential movement of the market.
A matrix of values shows the strength of the currencies. In this matrix, each rows is a currency and each column is a timeframe.
A cell contains the difference between the value of the cumulative moving average in the current candle and the previous.
For a cumulative MA, we consider all the pairs involving a specific currency, expressing the difference as percentage.
You can sort the currencies by strength in a specific timeframe to see the strongest ones on top, and the weakest ones at the bottom.
This indicator shows you the strength of all the major currencies in the matrix. Each cell represents the difference between the current EMA and the value in the previous candle, considering all the pairs of this particular currency.
How to trade Currency Magician Matrix?
The basic rule with any currency strength meter is to trade a strong currency against a weak one.
Currency Magician Matrix for MetaTrader is an indicator designed to catch rapid movement in a currency's strength. The Currency Magician Matrix is ideal for:
Scalping
Breakout strategies
Trend continuation strategies
News trading
Trading market open
Closing gaps
Sudden big moves
You will want to wait for a good setup to trade. Ideally, you will want to buy a currency in the top two spots that has all its timeframes with positive values, selling a currency in the bottom two spots with all timeframes in negative values.
Full features of Currency Magician Matrix
Currency Magician Matrix for MT4 and MT5 is a complex indicator that tries to give you an easy reading of the market. At the same time, it is versatile enough to hopefully adapt to your trading style.
The main features of Currency Magician Matrix for MetaTrader are:
Showing the Magician of individual currencies in several timeframes.
Sort the currencies by strength in a specific timeframe.
Possibility to ignore and hide some currencies.
An option to ignore and hide timeframes.
Highlight when a currency can be bought or sold.
Show a possible pair to trade.
Sending a notification via alert, email, or mobile app.
Detection of missing historical data.
Scaling of the chart panel.
