The Spearman Rank Correlation Histogram Alerts indicator for Metatrader 5 is a buy & sell oscillator that can be used for both trade entry and exit.
The indicator pops up in a separate chart as an histogram that floats above and below the zero level.
In my opinion, Spearman works the best for finding short-term trade opportunities on any time frame.
How to spot short-term bullish and bearish market trends with it?
- Blue Spearman bars indicate a bullish trend.
- Red Spearman bars indicate a bearish trend.
The following indicator inputs and parameters can be modified: range, calculated bars, direction, high level, low level.
The Spearman alerts oscillator is lightweight and does not slow down the Metatrader 5 platform.
Make yourself familiar with this technical indicator and test it first on a demo account.
It supports all time frames and Forex pairs.
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The following chart shows how the Spearman Rank Correlation Histogram Alerts indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Spearman Rank Correlation Histogram Alerts Indicator?
Find a simple trading example below:
- A buy signal occurs when the blue colored Spearman histogram gets displayed on the chart.
- Open a buy trade and place your stop loss 3 pips below immediate support.
- Close the buy trade for 8-25 pips profit, or wait for a sell signal.
- A sell signal occurs when the red Spearman histogram gets displayed on the chart.
- Open a sell trade and place your stop loss 3 pips above immediate resistance.
- Close the sell trade for 8-25 pips profit, or wait for a buy signal.
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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 SpearmanRankCorrelation_Histogram_Alerts.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