These visual tools can be used as a quick guide to which currencies pairs you might want to trade, and which might be worth discard. How can This Tool Help You on Your Trading? Looking at the heat map, traders can spot which currencies are stronger, and weaker in real-time, and how strong they are in relation to one another. The currency heat map displays a quick overview of the FX market price action. Just like a Forex strength meter, a currency heat map, works about the same way. The overall result of the currency strength for the Euro will be extracted from the recent values of this base currency against a pool of several other currencies.įor example, to measure the strength of the Euro currency, the strength meter would calculate the exchange rate strength of all pairs with EUR EUR/USD, EUR/JPY, EUR/CAD, EUR/AUD, etc. Using Trend Indicators to Confirm a Currency Pair Strengthįorex Strength Meter and Currency Heat Mapįorex strength meters use the currencies exchange rates of different pairs to originate a comparable strength for each currency.How to Use Currency Correlations to Calculate Currency Strength?.How can This Tool Help You on Your Trading?.Forex Strength Meter and Currency Heat Map.
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