Spearman Rank Correlation Histogram Indicator For MT5

The Spearman Rank Correlation Histogram indicator for Metatrader 5 is an oscillator that provides trend direction for any currency pair.

The indicator is displayed in a separate chart as colored histogram bars that oscillate above and below zero.

How does it work?

For maximum profit when trading off the M1 and M5 price charts, deploy the indicator on the lower spread currency pairs.

The indicator contains the following inputs and parameters: range, calculated bars, max. range, direction, high level, and low level.

Make yourself familiar with this technical indicator and test it first on a demo account for an extended period.

Remember to have realistic expectations, performance will vary depending on market conditions (trending markets, sideways markets, etc.).

The following chart shows what the Spearman Rank Correlation Histogram indicator looks like when applied to the MT5 chart.

Find a simple trading example below:

Buy Signal

The first blue colored histogram bar above the zero level is a buy signal.
Open a buy trade and place your stop loss order below the previous swing low.
Exit the buy trade for a fixed take profit target, or wait for the first magenta colored histogram bar.

Sell Signal

The first magenta colored histogram bar below the zero level is a sell signal.
Open a sell trade and place your stop loss order above the previous swing high.
Exit the sell trade for a fixed take profit target, or wait for the first blue colored histogram bar.

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.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?