A guide to help Forex traders find the best currency strength indicator for their trading needs
A guide to help Forex traders find the best currency strength indicator for their trading needs
FX4Caster by Tom Yeomans
This is another currency strength meter created by the creator of AccuStrength, Tom Yeomans. FX4Caster is a standalone windows PC application.
Accurate and fast
FX4Caster shares the same proven currency strength algorithm used with Tom’s Accustrength product. So you can be assured of it’s accuracy.
Uses a MT4 broker data feed
FX4Caster differs from Accustrength in that it uses a MT4 trading terminal as it’s data feed instead of a built in data feed. So you’ll need to have a MT4 terminal running at the same time. You can use either a live or a demo MT4 account login.
8 Currencies
Up to 8 currencies are supported – USD, EUR, JPY, GBP, AUD, CAD, CHF and NZD. Currency strength is displayed numerically and graphically on a line chart on a scale of 0 (weakest) to 10 (strongest)
The currency chart can be configured to display any combination of currencies. The chart refresh rate can be adjusted along with the duration of data to display.
Alarm Feature
FX4Caster has a simple alarm feature that generates an audible alert when a pre-defined currency strength level is reached.
Cost
Fx4Caster costs $49.95 USD. This is a once off cost i.e. there are no recurring subscription fees
Refund Policy
This product has a 60-day refund period, so you can try it out to see if it suits your style of trading.
Bonus Material
When you purchased this product, you’ll get a copy of Tom’s “Forex Grail Trading” ebook, as well as access to his video tutorial library.
Summary
Probably the best way to look at this currency strength meter is as a scaled down version of Accustrength without a built-in data feed. FX4Caster needs a MT4 terminal running at the same time in order to function. This is usually not a problem because most forex traders use brokers that use the MT4 trading platform, and even if they don’t you can always use a free MT4 demo account.
While it does lack many of the features of Accustrength, FX4Caster does share the same accurate currency strength calculation algorthim.
The main benefit is the cost. The Fx4Caster costs $88, whereas Accustrength is a subscription based product with a recurring fee of $129.95 per 90 days.