I have made an indicator which is very similair to another correlation indicator.
Just fort I would post it to see what people think and how other people might use it if at all.
So far it is giving very good buy and sell signals.
The only advantage I see with it compared to another indicator is that you can plot trend lines on the chart and if it is broke there is a high chance of trend reversal.
Currently though it will only work on two currencies that have the same currency values. It was designed for EURUSD USDCHF and EURCHF. It will however only plot the lines of two pairs.
You want to compare USDCHF VS EURCHF. You place the indicator on a USDCHF chart:
PAIR 1 = USDCHF
PAIR 2 = EURCHF
I am going to try make it have 3 pairs. And also try to get it to work for JPY pairs.
Just fort I would post it to see what people think and how other people might use it if at all.
So far it is giving very good buy and sell signals.
The only advantage I see with it compared to another indicator is that you can plot trend lines on the chart and if it is broke there is a high chance of trend reversal.
Currently though it will only work on two currencies that have the same currency values. It was designed for EURUSD USDCHF and EURCHF. It will however only plot the lines of two pairs.
You want to compare USDCHF VS EURCHF. You place the indicator on a USDCHF chart:
PAIR 1 = USDCHF
PAIR 2 = EURCHF
I am going to try make it have 3 pairs. And also try to get it to work for JPY pairs.
Attached File(s)
Close Correlation V2.mq4
4 KB
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576 downloads