The Spearman Rank Correlation Histogram indicator for Metatrader 5 is an oscillator that provides trend direction for any currency pair.
The indicator gets displayed in a separate chart as colored histogram bars that oscillate above and below zero.
How does it work?
- A blue colored histogram bar above zero is bullish.
- A magenta colored histogram bar below zero is bearish.
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, low level.
Make yourself familiar with this technical indicator and test it first on a demo account for an extended period of time.
Remember to have realistic expectations, performance will vary depending on market conditions (trending markets, sideways markets, etc.).
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The following chart shows how the Spearman Rank Correlation Histogram indicator looks like when applied to the MT5 chart.
How To Buy And Sell Forex Pairs With The Spearman Rank Correlation Histogram Forex Indicator?
Find a simple trading example below:
- 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.
- 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.
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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.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