FX Power NG - Complete Guide
This guide walks you through setting up and using FX Power NG effectively. FX Power NG measures the relative strength of 8 major currencies (USD, EUR, GBP, JPY, AUD, NZD, CAD, CHF) plus optional Gold, displayed as colored lines in a separate subwindow below your chart.
Setup & First Steps
- Drag FX Power NG onto any chart. EURUSD is recommended since it gives the indicator access to both major currencies right away.
- Make sure "Forex symbols" is set to FX 28 main pairs - this ensures the indicator calculates strength across all 28 currency combinations for maximum accuracy.
- If you trade Gold (XAUUSD), set "Metals symbols" to Gold only. This is enabled by default since version 4.56.
- Leave other settings at defaults for your first session. You can fine-tune later.
The indicator will show "initializing" while it downloads historical data from your broker. This is normal on first load and can take a minute or two.
Key Parameters
Calculation Mode - The Most Important Setting
The calculation mode determines the time window over which strength is measured. This is independent of your chart timeframe.
| Mode | Time Window | Best For |
|---|---|---|
| M10-H1 | 10 minutes to 1 hour | Scalping, very short-term entries |
| H4-H8 | 4 to 8 hours | Day trading (H8 is the default) |
| D1 | Full trading day | Swing trading |
| W1-W4 | 1 to 4 weeks | Position trading |
| MN3-Y3 | Months to years | Long-term macro analysis |
H8 (default) works well for most intraday traders. It captures the strength shift over the last 8 hours, which is roughly one major trading session.
Custom Mode
If the preset modes do not match your needs, select "Custom" as the calculation mode, then set:
- Custom mode, base period: Choose your unit (Minutes, Hours, Days, Weeks, Months, Years)
- Custom mode, period(s) count: Enter the number of units
Example: Base period = Hours, Count = 3 gives you a 3-hour calculation window.
Multi-Instance Setup
You can run multiple FX Power NG instances on the same chart to compare different timeframes side by side. Each instance needs a unique Instance ID (1, 2, 3...). A common setup is one instance on H8 for short-term strength and another on D1 for the bigger picture.
History Values (Buffers)
This setting controls which lines are displayed in the subwindow:
- Currencies power indexes (default): Shows the strength lines for all 8 currencies (plus Gold if enabled). This is the standard view for analyzing which currencies are strong or weak.
- Symbol's delta: Shows only the delta line, which represents the strength difference between the two currencies of your current chart symbol. Useful when you want a clean, focused view on just the pair you are trading.
This also determines which data is available in the indicator buffers for EA developers using iCustom.
History Bars to Calculate
Determines how many candles are calculated backwards in history. This directly affects how far you can scroll back and still see indicator data.
- Low values (e.g. 500): Recommended for active trading charts where only current data matters. Faster calculation, less memory usage.
- High values (e.g. 10,000+): Recommended for research work where you need to scroll far back in history to find patterns or test setups.
- Default: 5,000 (MT5) / 500 (MT4)
If you get the warning "Terminal max bars is set to X", increase the "Max bars in chart" setting in MetaTrader under Tools > Options > Charts.
Understanding the Display
The main subwindow shows colored lines for each currency:
- USD (yellow), EUR (dodger blue), GBP (red), JPY (orange)
- AUD (medium turquoise), NZD (pink), CAD (medium sea green), CHF (snow/white)
- Gold (lime green, if enabled)
- Delta (white line showing the strength difference between the two currencies of your chart symbol)
The interactive panel offers two views:
- List view: Table of all currencies ranked by current power value
- Equalizer view: Bar chart visualization of all currency strengths
The optional Symbols panel (click the panel button to open) shows all active pairs with their delta values and a delta map.
Alerts
FX Power NG offers 5 alert types:
| Alert Type | What It Detects | Suggested Use |
|---|---|---|
| Cross alert | Two currency lines crossing each other | Trend reversal signals |
| Strength alert | Currency rising above a threshold (default: +20) | Identifying dominant currencies |
| Weakness alert | Currency dropping below a threshold (default: -20) | Identifying weak currencies |
| Delta rise | Delta exceeding a threshold (default: 40) | Strong pair momentum |
| Delta drop | Delta falling below a threshold (default: 10) | Fading pair momentum |
Each alert can be set to trigger:
- at current candle: Real-time but may repaint
- at last closed candle: Triggers only after the candle closes, no repaint, more reliable
Recommendation: Use "at last closed candle" for all alerts. It is more stable and avoids false signals from intra-candle noise.
You can schedule alerts to specific time windows (up to 3 sessions per day) and filter by weekday. This is useful to avoid weekend noise or to focus on your active trading session.
Practical Tips
- Match calculation mode to your trading style. If you take trades that last a few hours, H4 or H8 makes sense. If you hold for days, use D1 or W1. Using the wrong timeframe leads to signals that do not match your holding period.
- Combine two instances. Run H8 and D1 side by side. When both show the same currency as strongest or weakest, the signal has more weight.
- Use the Focus button to highlight only the two currencies of your current chart symbol. This reduces visual clutter when you are focused on a specific pair.
- Delta above 40 is significant. When the delta between the two currencies of a pair exceeds 40, it indicates strong one-sided momentum.
- Converging lines mean the trend is fading. When currency lines are coming together, strength differences are shrinking, and the current move may be running out of steam.
iCustom Integration (For Developers)
If you are building an EA that reads FX Power data, use this buffer mapping:
| Buffer | Currency |
|---|---|
| 0 | USD |
| 1 | CAD |
| 2 | GBP |
| 3 | EUR |
| 4 | CHF |
| 5 | JPY |
| 6 | AUD |
| 7 | NZD |
| 8 | Gold |
| 9 | Delta |
File path for Market version: Market\FX Power MT5 NG.ex5
Common Issues
- "Terminal max bars" warning: Your MetaTrader "Max bars in chart" setting is too low. Go to Tools > Options > Charts and increase it, or reduce the "History bars to calculate" parameter.
- Slow loading on first start: Normal. The indicator needs to download historical data from your broker. Wait for the "initializing" message to clear.
- Lines disappear: Remove and re-add the indicator, or restart MetaTrader. This was a known issue in older versions and has been fixed since v4.33.
- Gold not showing: Check that "Metals symbols" is set to "Gold only" and that XAUUSD is available in your Market Watch. For unusual broker symbol names, add the symbol manually under "Additional Symbols".
- "Custom calculation mode must be defined": You selected Custom mode but did not set the base period and count. Either configure them or switch to a preset mode like H8.