The Currency Pair Correlation Table indicator for Metatrader 4 (MT4) displays correlation between different currency pairs in a handy dashboard.
The indicator pops up in a separate MT4 chart window as an advanced dashboard that displays the correlation data analysis.
The indicator works equally well on all currency pairs (majors, minors and exotic) and shows promising results if used correctly.
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Download the “icorrelation-table-indicator.mq4” indicator for MT4
Indicator Chart (EUR/USD M5)
The example chart below displays the Currency Pair Correlation Table mt4 indicator in action on the trading chart.
Tips:
Feel free to use your own favorite trade entry, stop loss and take profit method to trade with the Currency Pair Correlation Table indicator.
As always, trade in agreement with the overall trend and practice on a demo account first until you fully understand this indicator.
Please note that even the best trading indicator cannot yield a 100% win rate over long periods.
Indicator Specifications & Inputs:
Trading Platform: Developed for Metatrader 4 (MT4)
Currency pairs: Works for any pair
Time frames: Works for any time frame
Trade Style: Works for scalping, day trading and swing trading
Input Parameters: Variable (inputs tab), color settings & style
Indicator type: Correlation
Does the indicator repaint? No.
Currency Pair Correlation + 2 Moving Average Arrow MT4 Intraday Strategy
This intraday strategy combines the Currency Pair Correlation Table Indicator for MT4 with the 2 Moving Average Arrow Forex Indicator for MT4.
The strategy focuses on using correlation insights from multiple currency pairs along with precise entry signals from the moving average arrows to identify high-probability intraday trades.
The Currency Pair Correlation Table displays real-time correlation values between different pairs in a dashboard.
By observing which pairs move together or inversely, traders can filter trades and reduce risk exposure.
The 2 Moving Average Arrow indicator shows blue arrows for buy signals and magenta arrows for sell signals, providing clear visual cues for entries.
This strategy works best on M5 and M15 charts and is suitable for currency pairs such as EURUSD, GBPUSD, and AUDUSD.
It is ideal for traders who prefer quick entries, clear trend confirmation, and structured exits during intraday sessions.
Buy Entry Rules
- Identify pairs with a strong positive correlation and confirm they are moving in the same direction.
- Wait for a blue buy arrow from the 2 Moving Average Arrow indicator.
- Enter a buy trade at the open of the next candle after the arrow appears.
- Place a stop loss below the most recent swing low or nearest support level.
- Set take profit at 1.5 to 2 times the stop loss distance or exit if the arrow signal reverses.
Sell Entry Rules
- Identify pairs with a strong negative correlation or those aligned in a bearish direction.
- Wait for a magenta sell arrow from the 2 Moving Average Arrow indicator.
- Enter a sell trade at the open of the next candle after the arrow appears.
- Place a stop loss above the most recent swing high or nearest resistance level.
- Set take profit at 1.5 to 2 times the stop loss distance or exit if the arrow signal reverses.
Advantages
- Combines correlation analysis with precise entry signals for higher-probability trades.
- Helps manage risk by avoiding trades that conflict across correlated pairs.
- Easy-to-read arrow signals make trade execution fast and simple.
- Works well on short intraday timeframes like M5 and M15.
- Applicable across multiple currency pairs simultaneously.
Drawbacks
- Requires monitoring multiple pairs to fully utilize correlation insights.
- Less effective during low volatility or sideways markets.
- Arrow signals may lag slightly in extremely volatile conditions.
- Scalping requires quick reactions and attention.
- Stop loss and take profit placement are crucial for consistency.
Example Case Study 1
On the EURUSD M5 chart, the Currency Pair Correlation Table showed a strong positive correlation with GBPUSD.
A blue arrow appeared on the 2 Moving Average Arrow indicator, signaling a buy trade.
A position was entered at 1.1050 with a stop loss at 1.1042 and a take profit at 1.1065.
The trade captured 15 pips within 25 minutes, showing how correlation alignment with arrow signals can improve intraday scalping accuracy.
Example Case Study 2
On the AUDUSD M15 chart, the Currency Pair Correlation Table indicated a negative correlation with NZDUSD.
A magenta sell arrow appeared, confirming a short setup.
A sell trade was entered at 0.6738 with a stop loss at 0.6748 and a take profit at 0.6725.
The trade reached the target within 35 minutes, generating 13 pips.
This demonstrates the advantage of combining correlation insights with moving average arrow signals for intraday trades.
Strategy Tips
- Monitor the correlation dashboard before entering trades to avoid conflicting positions.
- Focus on pairs with clear correlation trends rather than weak or inconsistent correlations.
- Combine signals from both M5 and M15 charts to confirm momentum before entering a trade.
- Use smaller position sizes for highly correlated pairs to reduce overall risk.
- Track performance of each pair over the week to identify consistent setups.
- Trade only during active sessions and avoid low liquidity periods.
- Regularly review correlation patterns, as relationships between pairs can change over time.
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Download the “icorrelation-table-indicator.mq4” indicator for Metatrader 4
