About the Second Chart Forex Indicator
The Second Chart Forex indicator for MT4 is a practical solution for traders who specialize in correlation and relative strength strategies.
Instead of overcrowding your terminal with dozens of open windows, this tool organizes your data more efficiently.
The Second Chart Forex indicator for Metatrader 4 enables traders to add a second trading chart in a bottom window.
This is quite an interesting tool if you want to compare two different currency pairs on the same MT4 chart, such as checking the Euro against the British Pound while trading the US Dollar.
You can choose whatever currency pair you want to be displayed in the Second Chart window.
Simply edit the indicator inputs to accomplish this.
The indicator works on all trading instruments, including Forex, CFD stocks, Indices, Cryptocurrencies, and Commodities.
Free Download
Download the “Second chart.mq4” indicator for MT4
Key Features
- It displays a fully functional live candlestick or line chart in a dedicated sub-window.
- The indicator allows for complete customization of the secondary asset through the input settings.
- It supports every instrument available on your MT4 terminal, from major pairs to crypto.
- The tool helps in identifying market divergence and correlation between related assets.
Indicator Chart
The Second Chart Forex indicator chart features a standard price display in the main window and a secondary, independent price chart in the window below.
The bottom chart tracks the price action of a chosen secondary symbol, showing its candles or lines in real-time.
By viewing two pairs at once, a trader can easily spot if one asset is trending while the other is starting to consolidate.
Guide to Trade with the Second Chart Forex Indicator
Trading with this tool is about using the relationship between two different assets to find higher probability entries.
Buy Rules
- Select a secondary pair that usually moves in the same direction as your main chart.
- Look for the secondary chart to start moving upward before the main chart follows.
- Open a buy trade on your primary asset when the secondary chart confirms bullish momentum.
- Verify the move by ensuring the main price is bouncing off a horizontal support level.
Sell Rules
- Input a correlated symbol into the indicator settings to monitor for downward pressure.
- Watch for the second chart to break a recent low while your main chart is still at the high.
- Open a sell trade when the secondary chart leads the way into a bearish move.
- Confirm the entry by checking for a bearish candlestick reversal on the main price chart.
Stop Loss
- Place your stop loss a few pips below the recent swing low of your primary trading pair.
- For sell positions, set the stop loss a few pips above the most recent swing high.
- Maintain a consistent risk management plan to protect your capital from sudden correlations breaks.
Take Profit
- Exit the trade when the secondary chart reaches a major resistance or support zone.
- Alternatively, target a 1:2 risk-to-reward ratio based on the primary chart setup.
- You can also close the position if the two charts start to move in opposite directions.
Second Chart + Forex Trend Scanner Forex Strategy
This MT4 strategy combines the Second Chart Forex Indicator with the Forex Trend Scanner MT4 Indicator.
It is ideal for traders who want to monitor multiple currency pairs simultaneously and identify trend alignment before entering trades.
The Second Chart indicator allows you to view a secondary pair on the same chart.
The Forex Trend Scanner shows market trend via colored candlesticks: green for bullish and red for bearish trends.
This strategy works well on M15 to H1 timeframes for intraday trading.
Buy Entry Rules
- Open a buy trade on your main currency pair when the Forex Trend Scanner shows green candlesticks, indicating a bullish trend.
- Confirm trend alignment with the secondary pair in the Second Chart window; ideally, it should also be in a bullish phase.
- Enter the buy position after both signals align.
- Set a stop loss below the recent swing low or support level.
- Set a take profit target based on the timeframe, e.g., 20–40 pips for M15 or 30–50 pips for H1 charts.
Sell Entry Rules
- Open a sell trade when the Forex Trend Scanner shows red candlesticks, indicating a bearish trend.
- Confirm trend alignment with the secondary pair in the Second Chart window; ideally, it should also be in a bearish phase.
- Enter the sell position after both conditions are met.
- Set a stop loss above the recent swing high or resistance level.
- Take profit based on timeframe, e.g., 20–40 pips for M15 or 30–50 pips for H1 charts.
Advantages
- Allows comparison of multiple currency pairs to find aligned trends.
- Trend confirmation reduces false entries and increases trade accuracy.
- Visual and easy to use with clear green/red candlestick signals.
- Works across multiple timeframes and pairs for flexibility.
- Helpful for intraday traders looking for strong trend setups.
Drawbacks
- Requires monitoring two pairs at once, which may be complex for beginners.
- Less effective in choppy or ranging markets where trends are unclear.
- Not ideal for very short timeframes under M5 due to noise in candlestick signals.
Example Case Study 1: EUR/USD & GBP/USD M15
EUR/USD shows green candlesticks on the Forex Trend Scanner while the Second Chart displays GBP/USD also in a bullish phase.
A buy trade is entered at 1.0980 with stop loss at 1.0965 and take profit at 1.1015 (35 pips).
The trade reaches the target within 45 minutes, demonstrating how trend alignment across pairs can increase confidence in entries.
Example Case Study 2: USD/JPY & AUD/USD H1
USD/JPY shows red candlesticks on the Forex Trend Scanner and the Second Chart shows AUD/USD in a bearish trend.
A sell trade is entered at 144.25, stop loss at 144.55, and take profit at 143.70 (55 pips).
The trade hits the target within two hours, confirming that aligned trends on multiple pairs can improve trade probability.
Strategy Tips
- Focus on major currency pairs with strong correlations for better alignment.
- Use M15 to H1 timeframes for more reliable trend signals.
- Only enter trades when both main and secondary pairs align in the same trend direction.
- Adjust stop losses and take profit levels based on volatility and timeframe.
- Monitor economic news events as they can quickly reverse trends on multiple pairs.
Download Now
Download the “Second chart.mq4” indicator for Metatrader 4
FAQ
How do I change the pair displayed in the bottom window?
To change the asset, right-click on your chart, select the indicator list, and open the settings for the Second Chart indicator.
Look for the input field labeled “Symbol” and type in the name of the pair as it appears in your Market Watch window.
Once you click OK, the bottom window will instantly refresh with the new data.
Does the second chart update in real-time?
Yes, the second chart is fully synchronized with your broker’s data feed.
Every time a new tick comes in for the secondary asset, the indicator updates the display.
This ensures that you are always looking at current price action, which is essential for making accurate trading decisions during volatile sessions.
Can I use this for inter-market analysis, like Gold and the US Dollar?
This is one of the most effective ways to use the indicator.
Many traders put Gold in the main window and the USD Index or a major pair like EUR/USD in the second window.
Since these assets often have an inverse relationship, seeing them on one screen makes it much easier to spot when a reversal in the Dollar might lead to a breakout in Gold.
Summary
The Second Chart for MT4 is an effective utility tool that assists in determining the appropriate timing for market entries by providing a broader context.
By offering a dual-view of the market, it helps you understand the underlying forces that drive price movement across different sectors.
This tool helps traders maintain a disciplined routine by highlighting correlations that are often missed when looking at only one pair.
Using this indicator allows you to filter high-risk trades where the secondary market does not support the move.
