Overview of the Price Meter System
The Price Meter System is a visual monitoring tool designed for the MetaTrader 4 platform. It provides traders with a real-time "power gauge" or meter for major global currencies (USD, EUR, GBP, CHF, CAD, AUD, and JPY). Instead of just showing raw prices, it interprets market data to visualize the relative strength or movement of these currencies based on their performance throughout the day.
Core Logic and Functionality
1. Data Collection
The script constantly monitors a specific set of 12 currency pairs (such as EURUSD, USDJPY, etc.). For every pair, it captures three essential pieces of information:
- The High: The highest price reached during the current day.
- The Low: The lowest price reached during the current day.
- The Current Price: The real-time "Bid" and "Ask" prices.
2. Strength Calculation
To determine where a currency stands on the "meter," the script performs the following logic:
- Range Identification: It calculates how much the price has moved between the daily high and low.
- Ratio Analysis: It measures how far the current price is from the daily low relative to that total range.
- Grading: This ratio is converted into a numerical grade. The higher the price sits within its daily range, the higher the grade assigned to that currency.
3. Weighted Averaging
The system doesn't just look at one pair to decide a currency's strength. Because a currency like the USD appears in many different pairs, the script calculates a "Weighted Average" for each major currency. It combines the grades and strengths from all relevant pairs to produce a single, unified power score for that specific currency.
4. Visual Representation
The most user-friendly part of the script is its visual output. It creates a dashboard on your chart with several meters:
- Color-Coded Meters: Each currency has a bar system. As the calculated strength increases, the meter changes color—moving from Red (low) through Orange, Gold, and Yellow-Green, finally reaching Lime (high).
- Real-time Updates: The script runs in a continuous loop, refreshing every second. This ensures that as market prices shift, the "meters" move dynamically to reflect the current sentiment.
- Dynamic Labels: It displays the specific numerical value of each currency's strength directly on the chart for quick reference.
Summary for the Trader
Think of this script as a Live Strength Dashboard. It takes complex daily price movements across 12 different pairs, simplifies them into a "power grade," and displays them as visual meters. This allows you to see at a glance which currencies are currently dominating the market and which ones are showing weakness without having to manually calculate percentages or track multiple charts simultaneously.
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!xMeter
/*
!xMeter.mq4
Copyright © 2007, MetaQuotes Software Corp.
Price Meter System ©GPL
*/
#property copyright "x Meter System ©GPL"
#property link "forex-tsd dot com"
#define ARRSIZE 12 // number of pairs !!!DON'T CHANGE THIS NUMBER!!!
#define PAIRSIZE 7 // number of currencies !!!DON'T CHANGE THIS NUMBER!!!
#define TABSIZE 10 // scale of currency's power !!!DON'T CHANGE THIS NUMBER!!!
string aPair[ARRSIZE] = {"EURUSD","GBPUSD","AUDUSD","USDJPY","USDCHF","USDCAD",
"EURJPY","EURGBP","EURCHF","EURAUD","GBPJPY","GBPCHF"};
//+------------------------------------------------------------------+
// expert initialization function |
//+------------------------------------------------------------------+
int init()
{
//----
initPair();
initGraph();
while (true) // infinite loop for main program
{
if (IsConnected()) main();
if (!IsConnected()) objectBlank();
WindowRedraw();
Sleep(1000); // give your PC a breath
}
//----
return(0); // end of init function
}
//+------------------------------------------------------------------+
// expert deinitialization function |
//+------------------------------------------------------------------+
int deinit()
{
//----
deleteObject();
Print("shutdown error - ",GetLastError()); // system is detached from platform
//----
return(0); // end of deinit function
}
//+------------------------------------------------------------------+
// expert start function |
//+------------------------------------------------------------------+
int start()
{
//----
//----
return(0); // end of start funtion
}
//+------------------------------------------------------------------+
// expert custom function |
//+------------------------------------------------------------------+
void main() // this a control center
{
//----
string aMajor[PAIRSIZE] = {"USD","EUR","GBP","CHF","CAD","AUD","JPY"};
double aMeter[PAIRSIZE];
double aHigh[ARRSIZE];
double aLow[ARRSIZE];
double aBid[ARRSIZE];
double aAsk[ARRSIZE];
double aRatio[ARRSIZE];
double aRange[ARRSIZE];
double aLookup[ARRSIZE];
double aStrength[ARRSIZE];
double point;
int index;
for (index = 0; index < ARRSIZE; index++) // initialize all pairs required value
{
RefreshRates(); // refresh all currency's instrument
point = getPoint(aPair[index]); // get a point basis
aHigh[index] = MarketInfo(aPair[index],MODE_HIGH); // set a high today
aLow[index] = MarketInfo(aPair[index],MODE_LOW); // set a low today
aBid[index] = MarketInfo(aPair[index],MODE_BID); // set a last bid
aAsk[index] = MarketInfo(aPair[index],MODE_ASK); // set a last ask
aRange[index] = MathMax((aHigh[index]-aLow[index])/point,1); // calculate range today
aRatio[index] = (aBid[index]-aLow[index])/aRange[index]/point; // calculate pair ratio
aLookup[index] = iLookup(aRatio[index]*100); // set a pair grade
aStrength[index] = 9-aLookup[index]; // set a pair strengh
}
// calculate all currencies meter
aMeter[0] = NormalizeDouble((aLookup[3]+aLookup[4]+aLookup[5]+aStrength[0]+aStrength[1]+aStrength[2])/6,1);
aMeter[1] = NormalizeDouble((aLookup[0]+aLookup[6]+aLookup[7]+aLookup[8]+aLookup[9])/5,1);
aMeter[2] = NormalizeDouble((aLookup[1]+aLookup[10]+aLookup[11]+aStrength[7])/4,1);
aMeter[3] = NormalizeDouble((aStrength[4]+aStrength[8]+aStrength[11])/3,1);
aMeter[4] = NormalizeDouble((aStrength[5]),1);
aMeter[5] = NormalizeDouble((aLookup[2]+aStrength[9])/2,1);
aMeter[6] = NormalizeDouble((aStrength[3]+aStrength[6]+aStrength[10])/3,1);
objectBlank();
paintUSD(aMeter[0]);
paintEUR(aMeter[1]);
paintGBP(aMeter[2]);
paintCHF(aMeter[3]);
paintCAD(aMeter[4]);
paintAUD(aMeter[5]);
paintJPY(aMeter[6]);
paintLine();
//----
}
int iLookup(double ratio) // this function will return a grade value
{ // based on its power.
int aTable[TABSIZE] = {0,3,10,25,40,50,60,75,90,97}; // grade table for currency's power
int index;
if (ratio < aTable[1]) index = 0;
else if (ratio < aTable[2]) index = 1;
else if (ratio < aTable[3]) index = 2;
else if (ratio < aTable[4]) index = 3;
else if (ratio < aTable[5]) index = 4;
else if (ratio < aTable[6]) index = 5;
else if (ratio < aTable[7]) index = 6;
else if (ratio < aTable[8]) index = 7;
else if (ratio < aTable[9]) index = 8;
else index = 9;
return(index); // end of iLookup function
}
double getPoint(string pair)
{
double point;
point = 0.01;
if (StringFind(pair,"JPY") == EMPTY) point = 0.0001;
return(point);
}
int initPair() // this function will initialize pair
{ // string based on type of account
int index;
if (StringFind(Symbol(),"m") == EMPTY) return(0);
for (index = 0; index < ARRSIZE; index++)
{
aPair[index] = StringConcatenate(aPair[index],"m");
}
return(0); // end of initPair function
}
void initGraph()
{
deleteObject();
objectCreate("usd_1",130,43);
objectCreate("usd_2",130,35);
objectCreate("usd_3",130,27);
objectCreate("usd_4",130,19);
objectCreate("usd_5",130,11);
objectCreate("usd",132,12,"USD",7,"Arial Narrow",SkyBlue);
objectCreate("usdp",134,21,DoubleToStr(9,1),8,"Arial Narrow",Silver);
objectCreate("eur_1",110,43);
objectCreate("eur_2",110,35);
objectCreate("eur_3",110,27);
objectCreate("eur_4",110,19);
objectCreate("eur_5",110,11);
objectCreate("eur",112,12,"EUR",7,"Arial Narrow",SkyBlue);
objectCreate("eurp",114,21,DoubleToStr(9,1),8,"Arial Narrow",Silver);
objectCreate("gbp_1",90,43);
objectCreate("gbp_2",90,35);
objectCreate("gbp_3",90,27);
objectCreate("gbp_4",90,19);
objectCreate("gbp_5",90,11);
objectCreate("gbp",92,12,"GBP",7,"Arial Narrow",SkyBlue);
objectCreate("gbpp",94,21,DoubleToStr(9,1),8,"Arial Narrow",Silver);
objectCreate("chf_1",70,43);
objectCreate("chf_2",70,35);
objectCreate("chf_3",70,27);
objectCreate("chf_4",70,19);
objectCreate("chf_5",70,11);
objectCreate("chf",72,12,"CHF",7,"Arial Narrow",SkyBlue);
objectCreate("chfp",74,21,DoubleToStr(9,1),8,"Arial Narrow",Silver);
objectCreate("cad_1",50,43);
objectCreate("cad_2",50,35);
objectCreate("cad_3",50,27);
objectCreate("cad_4",50,19);
objectCreate("cad_5",50,11);
objectCreate("cad",52,12,"CAD",7,"Arial Narrow",SkyBlue);
objectCreate("cadp",54,21,DoubleToStr(9,1),8,"Arial Narrow",Silver);
objectCreate("aud_1",30,43);
objectCreate("aud_2",30,35);
objectCreate("aud_3",30,27);
objectCreate("aud_4",30,19);
objectCreate("aud_5",30,11);
objectCreate("aud",32,12,"AUD",7,"Arial Narrow",SkyBlue);
objectCreate("audp",34,21,DoubleToStr(9,1),8,"Arial Narrow",Silver);
objectCreate("jpy_1",10,43);
objectCreate("jpy_2",10,35);
objectCreate("jpy_3",10,27);
objectCreate("jpy_4",10,19);
objectCreate("jpy_5",10,11);
objectCreate("jpy",13,12,"JPY",7,"Arial Narrow",SkyBlue);
objectCreate("jpyp",14,21,DoubleToStr(9,1),8,"Arial Narrow",Silver);
objectCreate("line99",10, 6,"-----------------------------------",10,"Arial",DimGray);
objectCreate("line98",10,27,"-----------------------------------",10,"Arial",DimGray);
objectCreate("line97",10,69,"-----------------------------------",10,"Arial",DimGray);
objectCreate("sign",11,1,"»»» Price Meter System ©GPL «««",8,"Arial Narrow",DimGray);
}
//+------------------------------------------------------------------+
void objectCreate(string name,int x,int y,string text="-",int size=42,
string font="Arial",color colour=CLR_NONE)
{
ObjectCreate(name,OBJ_LABEL,0,0,0);
ObjectSet(name,OBJPROP_CORNER,3);
ObjectSet(name,OBJPROP_COLOR,colour);
ObjectSet(name,OBJPROP_XDISTANCE,x);
ObjectSet(name,OBJPROP_YDISTANCE,y);
ObjectSetText(name,text,size,font,colour);
}
void deleteObject()
{
ObjectDelete("usd_1");
ObjectDelete("usd_2");
ObjectDelete("usd_3");
ObjectDelete("usd_4");
ObjectDelete("usd_5");
ObjectDelete("usd");
ObjectDelete("usdp");
ObjectDelete("eur_1");
ObjectDelete("eur_2");
ObjectDelete("eur_3");
ObjectDelete("eur_4");
ObjectDelete("eur_5");
ObjectDelete("eur");
ObjectDelete("eurp");
ObjectDelete("gbp_1");
ObjectDelete("gbp_2");
ObjectDelete("gbp_3");
ObjectDelete("gbp_4");
ObjectDelete("gbp_5");
ObjectDelete("gbp");
ObjectDelete("gbpp");
ObjectDelete("chf_1");
ObjectDelete("chf_2");
ObjectDelete("chf_3");
ObjectDelete("chf_4");
ObjectDelete("chf_5");
ObjectDelete("chf");
ObjectDelete("chfp");
ObjectDelete("cad_1");
ObjectDelete("cad_2");
ObjectDelete("cad_3");
ObjectDelete("cad_4");
ObjectDelete("cad_5");
ObjectDelete("cad");
ObjectDelete("cadp");
ObjectDelete("aud_1");
ObjectDelete("aud_2");
ObjectDelete("aud_3");
ObjectDelete("aud_4");
ObjectDelete("aud_5");
ObjectDelete("aud");
ObjectDelete("audp");
ObjectDelete("jpy_1");
ObjectDelete("jpy_2");
ObjectDelete("jpy_3");
ObjectDelete("jpy_4");
ObjectDelete("jpy_5");
ObjectDelete("jpy");
ObjectDelete("jpyp");
ObjectDelete("line99");
ObjectDelete("line98");
ObjectDelete("line97");
ObjectDelete("sign");
}
void objectBlank()
{
ObjectSet("usd_1",OBJPROP_COLOR,CLR_NONE);
ObjectSet("usd_2",OBJPROP_COLOR,CLR_NONE);
ObjectSet("usd_3",OBJPROP_COLOR,CLR_NONE);
ObjectSet("usd_4",OBJPROP_COLOR,CLR_NONE);
ObjectSet("usd_5",OBJPROP_COLOR,CLR_NONE);
ObjectSet("usd",OBJPROP_COLOR,CLR_NONE);
ObjectSet("usdp",OBJPROP_COLOR,CLR_NONE);
ObjectSet("eur_1",OBJPROP_COLOR,CLR_NONE);
ObjectSet("eur_2",OBJPROP_COLOR,CLR_NONE);
ObjectSet("eur_3",OBJPROP_COLOR,CLR_NONE);
ObjectSet("eur_4",OBJPROP_COLOR,CLR_NONE);
ObjectSet("eur_5",OBJPROP_COLOR,CLR_NONE);
ObjectSet("eur",OBJPROP_COLOR,CLR_NONE);
ObjectSet("eurp",OBJPROP_COLOR,CLR_NONE);
ObjectSet("gbp_1",OBJPROP_COLOR,CLR_NONE);
ObjectSet("gbp_2",OBJPROP_COLOR,CLR_NONE);
ObjectSet("gbp_3",OBJPROP_COLOR,CLR_NONE);
ObjectSet("gbp_4",OBJPROP_COLOR,CLR_NONE);
ObjectSet("gbp_5",OBJPROP_COLOR,CLR_NONE);
ObjectSet("gbp",OBJPROP_COLOR,CLR_NONE);
ObjectSet("gbpp",OBJPROP_COLOR,CLR_NONE);
ObjectSet("chf_1",OBJPROP_COLOR,CLR_NONE);
ObjectSet("chf_2",OBJPROP_COLOR,CLR_NONE);
ObjectSet("chf_3",OBJPROP_COLOR,CLR_NONE);
ObjectSet("chf_4",OBJPROP_COLOR,CLR_NONE);
ObjectSet("chf_5",OBJPROP_COLOR,CLR_NONE);
ObjectSet("chf",OBJPROP_COLOR,CLR_NONE);
ObjectSet("chfp",OBJPROP_COLOR,CLR_NONE);
ObjectSet("cad_1",OBJPROP_COLOR,CLR_NONE);
ObjectSet("cad_2",OBJPROP_COLOR,CLR_NONE);
ObjectSet("cad_3",OBJPROP_COLOR,CLR_NONE);
ObjectSet("cad_4",OBJPROP_COLOR,CLR_NONE);
ObjectSet("cad_5",OBJPROP_COLOR,CLR_NONE);
ObjectSet("cad",OBJPROP_COLOR,CLR_NONE);
ObjectSet("cadp",OBJPROP_COLOR,CLR_NONE);
ObjectSet("aud_1",OBJPROP_COLOR,CLR_NONE);
ObjectSet("aud_2",OBJPROP_COLOR,CLR_NONE);
ObjectSet("aud_3",OBJPROP_COLOR,CLR_NONE);
ObjectSet("aud_4",OBJPROP_COLOR,CLR_NONE);
ObjectSet("aud_5",OBJPROP_COLOR,CLR_NONE);
ObjectSet("aud",OBJPROP_COLOR,CLR_NONE);
ObjectSet("audp",OBJPROP_COLOR,CLR_NONE);
ObjectSet("jpy_1",OBJPROP_COLOR,CLR_NONE);
ObjectSet("jpy_2",OBJPROP_COLOR,CLR_NONE);
ObjectSet("jpy_3",OBJPROP_COLOR,CLR_NONE);
ObjectSet("jpy_4",OBJPROP_COLOR,CLR_NONE);
ObjectSet("jpy_5",OBJPROP_COLOR,CLR_NONE);
ObjectSet("jpy",OBJPROP_COLOR,CLR_NONE);
ObjectSet("jpyp",OBJPROP_COLOR,CLR_NONE);
ObjectSet("line98",OBJPROP_COLOR,CLR_NONE);
ObjectSet("line97",OBJPROP_COLOR,CLR_NONE);
}
void paintUSD(double value)
{
if (value > 0) ObjectSet("usd_5",OBJPROP_COLOR,Red);
if (value > 2) ObjectSet("usd_4",OBJPROP_COLOR,Orange);
if (value > 4) ObjectSet("usd_3",OBJPROP_COLOR,Gold);
if (value > 6) ObjectSet("usd_2",OBJPROP_COLOR,YellowGreen);
if (value > 7) ObjectSet("usd_1",OBJPROP_COLOR,Lime);
ObjectSet("usd",OBJPROP_COLOR,SkyBlue);
ObjectSetText("usdp",DoubleToStr(value,1),8,"Arial Narrow",Silver);
GlobalVariableSet("USD",value);
}
void paintEUR(double value)
{
if (value > 0) ObjectSet("eur_5",OBJPROP_COLOR,Red);
if (value > 2) ObjectSet("eur_4",OBJPROP_COLOR,Orange);
if (value > 4) ObjectSet("eur_3",OBJPROP_COLOR,Gold);
if (value > 6) ObjectSet("eur_2",OBJPROP_COLOR,YellowGreen);
if (value > 7) ObjectSet("eur_1",OBJPROP_COLOR,Lime);
ObjectSet("eur",OBJPROP_COLOR,SkyBlue);
ObjectSetText("eurp",DoubleToStr(value,1),8,"Arial Narrow",Silver);
GlobalVariableSet("EUR",value);
}
void paintGBP(double value)
{
if (value > 0) ObjectSet("gbp_5",OBJPROP_COLOR,Red);
if (value > 2) ObjectSet("gbp_4",OBJPROP_COLOR,Orange);
if (value > 4) ObjectSet("gbp_3",OBJPROP_COLOR,Gold);
if (value > 6) ObjectSet("gbp_2",OBJPROP_COLOR,YellowGreen);
if (value > 7) ObjectSet("gbp_1",OBJPROP_COLOR,Lime);
ObjectSet("gbp",OBJPROP_COLOR,SkyBlue);
ObjectSetText("gbpp",DoubleToStr(value,1),8,"Arial Narrow",Silver);
GlobalVariableSet("GBP",value);
}
void paintCHF(double value)
{
if (value > 0) ObjectSet("chf_5",OBJPROP_COLOR,Red);
if (value > 2) ObjectSet("chf_4",OBJPROP_COLOR,Orange);
if (value > 4) ObjectSet("chf_3",OBJPROP_COLOR,Gold);
if (value > 6) ObjectSet("chf_2",OBJPROP_COLOR,YellowGreen);
if (value > 7) ObjectSet("chf_1",OBJPROP_COLOR,Lime);
ObjectSet("chf",OBJPROP_COLOR,SkyBlue);
ObjectSetText("chfp",DoubleToStr(value,1),8,"Arial Narrow",Silver);
GlobalVariableSet("CHF",value);
}
void paintCAD(double value)
{
if (value > 0) ObjectSet("cad_5",OBJPROP_COLOR,Red);
if (value > 2) ObjectSet("cad_4",OBJPROP_COLOR,Orange);
if (value > 4) ObjectSet("cad_3",OBJPROP_COLOR,Gold);
if (value > 6) ObjectSet("cad_2",OBJPROP_COLOR,YellowGreen);
if (value > 7) ObjectSet("cad_1",OBJPROP_COLOR,Lime);
ObjectSet("cad",OBJPROP_COLOR,SkyBlue);
ObjectSetText("cadp",DoubleToStr(value,1),8,"Arial Narrow",Silver);
GlobalVariableSet("CAD",value);
}
void paintAUD(double value)
{
if (value > 0) ObjectSet("aud_5",OBJPROP_COLOR,Red);
if (value > 2) ObjectSet("aud_4",OBJPROP_COLOR,Orange);
if (value > 4) ObjectSet("aud_3",OBJPROP_COLOR,Gold);
if (value > 6) ObjectSet("aud_2",OBJPROP_COLOR,YellowGreen);
if (value > 7) ObjectSet("aud_1",OBJPROP_COLOR,Lime);
ObjectSet("aud",OBJPROP_COLOR,SkyBlue);
ObjectSetText("audp",DoubleToStr(value,1),8,"Arial Narrow",Silver);
GlobalVariableSet("AUD",value);
}
void paintJPY(double value)
{
if (value > 0) ObjectSet("jpy_5",OBJPROP_COLOR,Red);
if (value > 2) ObjectSet("jpy_4",OBJPROP_COLOR,Orange);
if (value > 4) ObjectSet("jpy_3",OBJPROP_COLOR,Gold);
if (value > 6) ObjectSet("jpy_2",OBJPROP_COLOR,YellowGreen);
if (value > 7) ObjectSet("jpy_1",OBJPROP_COLOR,Lime);
ObjectSet("jpy",OBJPROP_COLOR,SkyBlue);
ObjectSetText("jpyp",DoubleToStr(value,1),8,"Arial Narrow",Silver);
GlobalVariableSet("JPY",value);
}
void paintLine()
{
ObjectSet("line98",OBJPROP_COLOR,DimGray);
ObjectSet("line97",OBJPROP_COLOR,DimGray);
}
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