The Correlation Candles oscillator designed for Metatrader 5 delivers robust buying and selling trade signals to all kind of traders.
The Correlation Candles oscillator gets displayed in a dedicated chart as a sequence of colored candles that oscillate above and below the zero line.
How to trade the trend with this technical tool?
- An uptrend occurs when the candles trade above 0.
- A downtrend occurs when the candles trade below 0.
The following indicator inputs and parameters can be modified: correlation rank, correlation type (spearman).
Make yourself familiar with this technical indicator and test it first on a practice account before applying it to a live account.
It supports all time frames and Forex pairs.
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The following chart shows how the Correlation Candles oscillator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Correlation Candles Oscillator?
Find a simple trading example below:
- Open a buy trade when the Correlation Candles oscillator crosses the 0 level bottom up.
- Add a stop loss order below technical support.
- Exit the buy trade for a predetermined pips target, or wait for a sell signal and reverse the position.
- Open a sell trade when the Correlation Candles oscillator crosses the 0 level top down.
- Add a stop loss order above technical resistance.
- Exit the sell trade for a predetermined pips target, or wait for a buy signal and reverse the position.
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Frequently Asked Questions
How Do I Install This Custom Indicator On Metatrader 5?
- Open the MT5 trading platform
- Click on the File menu button located at the top left part of the platform
- Click on Open Data Folder > MQL5 folder > Indicators
- Copy the Correlation_candles.mq5 indicator file in the Indicators folder
- Close and restart the trading platform
- You will find the indicator here (Navigator window > Indicators)
- Drag the indicator to the chart to get started with it!
How Do I Edit This Indicator?
- Click in the open chart with your right mouse button
- In the dropdown menu, click on Indicator List
- Select the indicator and click on properties
- Now you can edit the inputs, colors, levels, scale and visualization
- Finally click the OK button to save the new configuration