The Correlation indicator for Metatrader 5 is a Forex tool that measures the correlation coefficient between two currency pairs of your preference.
The indicator shows correlation between the two chosen currency pairs in a separate chart window as a red colored line.
How to interpret the correlation indicator?
- The red correlation line above 0 indicates that the two currency pairs are moving in the same direction.
- The red correlation line below 0 indicates that the two currency pairs are moving in the opposite direction.
The following indicator inputs and parameters can be modified: correlation period, first symbol, second symbol, line colors.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time before using it on a real account.
It supports all time frames and Forex pairs.
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The following chart shows how the Correlation indicator looks like when applied to the MT5 chart.
How To Buy And Sell Currency Pairs With The Correlation Forex Indicator?
The correlation indicator doesn’t generate any buy or sell signals on the chart.
Use in conjunction with other technical tools.
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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.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