The Trend Strength & Correlation forex indicator for MT4 calculates and displays the strength value and correlation value for 27 currency pairs in one handy-to-read mini dashboard window.
Moreover, the indicator displays the most interesting pairs to trade in separate tables.
They are listed under “Long” and “Short”.
It’s highly recommended to confirm the possible buy and sell trades with technical indicators or analysis tools such as price action.
This indicator helps you to find interesting pairs for scalping (M5 chart), day trading (M15 chart) or swing trading (H1, H4 charts).
Free Download
Download the “bt-cs-indicator.ex4” MT4 indicator
Indicator Chart (EUR/USD H1)
The EUR/USD 1-Hour chart below displays the Trend Strength & Correlation Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the Trend Strength & Correlation MT4 forex indicator are easy to interpret and go as follows:
Buy Signal: Select a currency pair that is listed in the “long” table. Confirm the long trade with other technical indicators or analysis methods.
Sell Signal: Select a currency pair that is listed in the “short” table. Confirm the short trade with other technical indicators or analysis methods.
Trade Exit: Use your own method of trade exit.
Trend Strength Correlation + HMA Mega Trend Arrows MT4 Forex Strategy
This trading strategy blends the strength analysis of the Trend Strength & Correlation MT4 indicator with the clean entry signals from the HMA Mega Trend Arrows MT4 indicator.
The Trend Strength & Correlation tool displays a dashboard with strength and correlation values for 27 currency pairs.
Pairs listed in the long table show bullish pressure, while pairs listed in the short table show bearish pressure.
This helps traders quickly identify which pairs are most likely to produce strong movements.
The HMA Mega Trend Arrows indicator then provides the actual buy and sell triggers using green arrows for buy setups and red arrows for sell setups.
Together, they form a balanced forex strategy suitable for intraday and swing trading.
Buy Entry Rules
- Select a currency pair that appears in the long table in the Trend Strength & Correlation dashboard.
- Wait for a green arrow to appear from the HMA Mega Trend Arrows indicator.
- Enter a buy trade at the next candle open.
- Place a stop loss just below the nearest recent swing low.
- Set take profit at twice the size of the stop loss to maintain a favorable reward ratio.
Sell Entry Rules
- Choose a currency pair that appears in the short table on the Trend Strength & Correlation dashboard.
- Wait for a red arrow from the HMA Mega Trend Arrows indicator.
- Open a sell position at the next candle open.
- Place a stop loss above the most recent swing high.
- Set take profit at twice the stop loss distance.
Advantages
- The dashboard instantly highlights which currency pairs are currently trending, improving accuracy and saving time.
- The HMA arrows provide clear visual entries that help eliminate hesitation and confusion.
- The combination creates a strong filter, since only high momentum pairs are traded.
- The strategy adapts well to intraday, swing, and multi session trading conditions.
- Traders benefit from high trending efficiency because the dashboard avoids weak or sideways pairs.
Drawbacks
- New traders may feel overwhelmed by the number of pairs displayed on the dashboard.
- Strength readings can fluctuate during low liquidity hours, causing uncertainty.
- HMA arrows may appear slightly late during extremely fast price movements.
- Sudden changes in correlation during news events may affect signal reliability.
- The strategy is less effective on exotic pairs due to unpredictable volatility.
Case Study 1 — AUDCHF, H1
AUDCHF appeared in the long table, showing clear bullish strength.
Shortly afterward, a green arrow appeared at 0.6065.
A buy trade was triggered at the next candle open.
Stop loss was placed at 0.6052 and take profit at 0.6091.
The pair climbed gradually and reached the target for a clean 26 pip gain.
Case Study 2 — GBPJPY, M30
GBPJPY appeared in the short table, signaling strong bearish pressure.
A red arrow formed at 200.85 and a sell trade was placed at the next candle.
Stop loss was set at 201.05 and take profit at 200.45.
Price drifted lower over the next hour and hit the target for a 40 pip profit.
- Check whether multiple strong pairs point in the same direction. This often confirms broader market momentum and improves signal reliability.
- When the dashboard shifts a pair from neutral to strong trend, monitor it closely for the next HMA arrow. Early trend formation can offer the best risk-reward setups.
- During periods of tight ranges, wait for the first impulsive breakout candle before trusting any arrow signal.
- Use a fixed trade time window such as the first ninety minutes of London or New York when trends typically form clearly.
- If a pair is at a major daily support or resistance level, wait for a confirming arrow after the market reacts before entering.
- Hold winning trades longer when the dashboard continues to strengthen instead of weakening. This can significantly increase total pip gains.
Download Now
Download the “bt-cs-indicator.ex4” Metatrader 4 indicator
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (strength value, correlation value, pairs to scan) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: strength | correlation
