MT4 MTF Correlation table and Correlation oscillator indicators

Attached Image (click to enlarge)

1. symbols the calculations is done for,
2. period the rolling calculation is done over,
3. price that is used in the calculation,
4. the correlation scale factor,
5. colours and style of the lines being drawn,
6. drawing of the legend, and
7. legends position and font.

The list of symbols is passed to the indicator as a delimited string in symbols parameter. The default delimiter is a a comma and can be change by setting the
symbols_sep parameter.

Attached Image

Symbols entry example

1. 0 = close
2. 1 = open
3. 2 = high
4. 3 = low
5. 4 = median
6. 5 = typical
7. 6 = weighted

You can consult the MT4 help to learn what each of the values are.

The correlation coefficient lies in the interval [-1, 1]. Buy default the value will be scaled by a factor of 100.0, adjusting the interval from [-100,100]. This was added at the request of some user who where more comfortable with the large values. You can set the scale factor through the scale_factor parameter. It will accept any floating point value - so if you want to scale by Pi to 10 decimal places knock yourself out.

The line colours and styles are set just like any other MT4 indicator.

The legend display the most recent correlation value for each symbol the indicator is correlating. If you find the legend annoying you can simply turn it off by setting the legend_show parameter to false. The legend is drawn by default.

You can also adjust the legends:

1. margins,
2. row height,
3. label width,
4. cell width,
5. font, and
6. font size.

Have fiddle with these if you don't like the defaults.

Enjoy!

Next post the correlation table.

Attached Image (click to enlarge)

extern bool    show_m1 = false;
extern bool    show_m5 = true;
extern bool    show_m15 = false;
extern bool    show_m30 = true;
extern bool    show_h1 = true;
extern bool    show_h4 = true;
extern bool    show_d1 = true;
extern bool    show_w = false;
extern bool    show_mn = false;

extern int     period_m1 = 90;
extern int     period_m5 = 90;
extern int     period_m15 = 90;
extern int     period_m30 = 90;
extern int     period_h1 = 90;
extern int     period_h4 = 90;
extern int     period_d1 = 90;
extern int     period_w = 12;
extern int     period_mn = 12;

1. 0 = close
2. 1 = open
3. 2 = high
4. 3 = low
5. 4 = median
6. 5 = typical
7. 6 = weighted

There isn't a scale factor for this indicator but you can colour the field based upon strength of the correlation. You can set 4 threshold values to indicate the strength of the current linearity. The levels and parameters are:

1. level_neutral: intend to highlight states of limited or no correlation. Is less than level_weak.
2. level_weak: the strength and direction of the linearity isn't very apparent e.g. could be falling out or possibly entering a correlated stated. Is less than level_moderate.
3. level_moderate: There is definitely some measurable linearity but don't bet the house on it. Is less than level_strong.
4. level_strong: Draw this things on top of each other and well they'll look like the same thing (if positively correlated) or the same thing just running away from each other if the correlation is negative.

The default values are:

extern double  level_neutral = 0.0;
extern double  level_weak = 0.2;
extern double  level_moderate = 0.5;
extern double  level_strong = 0.8;

1. text_colour: White. This is the default table colour - applied to symbols and time frames.
2. text_colour_neutral: DarkGray.
3. text_colour_weak: DeepSkyBlue.
4. text_colour_moderate: DeepPink.
5. text_colour_strong: Red.
6. text_colour_error: Lime.

You can also adjust the tables:

1. margins,
2. row height,
3. label width,
4. cell width,
5. font, and
6. font size.

And it should be working nicely.