I have made an indicator which is very similair to another correlation indicator.
Just fort I would post it to see what people think and how other people might use it if at all.
So far it is giving very good buy and sell signals.
The only advantage I see with it compared to another indicator is that you can plot trend lines on the chart and if it is broke there is a high chance of trend reversal.
Currently though it will only work on two currencies that have the same currency values. It was designed for EURUSD USDCHF and EURCHF. It will however only plot the lines of two pairs.
In PAIR1 you put the pair for the chart you have up. On the second pair you put the pair you want to compare it with.
On pair 3 put pair number 2. Then in pair 4 put the first pair in.
The reason it is like this is it made it easier to make.
SO eg.
You want to compare USDCHF VS EURCHF. You place the indicator on a USDCHF chart:
PAIR 1 = USDCHF
PAIR 2 = EURCHF
PAIR 3 = EURCHF
PAIR 4 = USDCHF
I am going to try make it have 3 pairs. And also try to get it to work for JPY pairs.
Just fort I would post it to see what people think and how other people might use it if at all.
So far it is giving very good buy and sell signals.
The only advantage I see with it compared to another indicator is that you can plot trend lines on the chart and if it is broke there is a high chance of trend reversal.
Currently though it will only work on two currencies that have the same currency values. It was designed for EURUSD USDCHF and EURCHF. It will however only plot the lines of two pairs.
In PAIR1 you put the pair for the chart you have up. On the second pair you put the pair you want to compare it with.
On pair 3 put pair number 2. Then in pair 4 put the first pair in.
The reason it is like this is it made it easier to make.
SO eg.
You want to compare USDCHF VS EURCHF. You place the indicator on a USDCHF chart:
PAIR 1 = USDCHF
PAIR 2 = EURCHF
PAIR 3 = EURCHF
PAIR 4 = USDCHF
I am going to try make it have 3 pairs. And also try to get it to work for JPY pairs.
Attached File(s)
Close Correlation V2.mq4
4 KB
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895 downloads