Author: Yuri Makarov
If you're trading on MetaTrader 4, you might want to check out the MIndex indicator. It's a handy tool that calculates the indices for several major currencies, including USD, EUR, GBP, CHF, AUD, and CAD. This indicator shows you the currency index you specify in the parameters, all neatly displayed in a separate window.
So, what does the currency index do? It essentially gives you the price of a currency relative to others, using specific standard units that are consistent across the board. This means you can always get the real exchange rate for any currency pair by looking at their indices.
For the MIndex to work properly, you'll need to have data on all the major pairs downloaded. If you're missing any data, you might find that the index is displayed incorrectly. If that happens, don't sweat it—just restart your terminal, and you should be good to go!
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