Simple Correlation Indicator System

Quoting simnz

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{quote} Hi Kirkleaforex, If you advise what is the basis of calcualtion then we can think of using this indicator for trading: MT5 indicator coded by PipPod says the indicator plots the correlation between eight currencies calculated from twelve symbols with one of the following indicators: Moving Average Moving Average Convergence/Divergence Stochastic Oscillator Relative Strength Index Commodity Channel Index Relative Vigour Index DeMarker Oscillator Momentum Index Triple Exponential Index Your indicator MT4 relies relies on which calculation...

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Quoting kirkleaforex

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One indicator I find useful is the "Vertical Line moves with price" indicator. It plots a vertical line right through the most recent closed candle, which may be useful when calculating the values of the lines as they expand and contract. Just hover your mouse over each of the currency strength coloured lines, slightly to the right of the vertical line, and it will display the closing value for that candle. Don't hover your mouse too far to the right into the area of the currently forming candle though; you will get the wrong values displayed! See...

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Quoting kirkleaforex

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{quote} Hi simnz and thanks for your question, however as the indicator doesn't belong to me I have no idea as to what the basis of calculation is in the coding. I don't use MT5 and so I haven't seen the example that PipPod has written, but I do know that the MT4 version does not offer all of those user inputs that you have listed. I can see in the MT4 code itself where I believe it is doing the calculations, however I don't know how to read and understand it. Sorry I know that isn't much help to you. To be honest I am less interested in the why...

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Quoting Hammertop

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{quote} Hi. Thanks for sharing the correlation indi and your strategy. I've always been interested in trading correlations. Although my current trading is based on a completely different strategy and high TFs, I don't mind scalping while waiting for a setup to occur. I just wanted to point out that displaying the data window as in the picture would allow to show the value for both currencies and calculate the sum at a glance, an option which I suppose you've alread asked your coder to include. {image}

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Quoting simnz

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{quote} I am also not good at deciphering codes and unable to know which of the seven trend drivers mentioned by PipPod and quoted by me in my post is driving MT5 and MT4 and both of them have been coded by PipPod. That's why I wanted to know the code driving the indicator because then we can be cautious in travelling in the car and take all due care.

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Quoting kirkleaforex

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{quote} Hi again, yes you share my frustration at not being able to understand the code...I will ask the guy who is coding my alert function to try and tell me more about the logic involved. It may take a while to get this information back to you though, so please stay subscribed to the thread and I will update you as soon as I have more information.

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[b]Range=MaxHigh-MinLow;[/b]
[b]if(NormalizeDouble(Range,3)!=0.0)[/b]
[b]{[/b]
[b]PRI=100*(Price-MinLow)/Range;[/b]
[b]PRI-=50;[/b]
[b]}[/b]
[b]else PRI=0;[/b]

Quoting TooSlow

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{quote} The logic is elementary. The indicator computes the location of price in its range as a percentage: Range=MaxHigh-MinLow; if(NormalizeDouble(Range,3)!=0.0) { PRI=100*(Price-MinLow)/Range; PRI-=50; } else PRI=0; Then it subtracts 50 from the result. The range is displayed from +50 to -50.

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Quoting FX-NeverEnd

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Hi, Maybe I'm missing something but I have been watching the code of the Correl Indi and there are only USD crosses. Forex is a connect Market where a movement in one currency affects the others so if we think in the most trade (EUR,USD,CAD,CHF,JPY,AUD,NZD) we have 28 crosses that are not reflected in the indi. My question is: - With previously commenting, Is the indicator plotting "the true movement"? - If I put the indi in non USD crosses (e.g. EURGBP) it still remains correct? Regards.

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Quoting TooSlow

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{quote} The logic is elementary. The indicator computes the location of price in its range as a percentage: Range=MaxHigh-MinLow; if(NormalizeDouble(Range,3)!=0.0) { PRI=100*(Price-MinLow)/Range; PRI-=50; } else PRI=0; Then it subtracts 50 from the result. The range is displayed from +50 to -50.

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Quoting FX-NeverEnd

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Hi, Maybe I'm missing something but I have been watching the code of the Correl Indi and there are only USD crosses. Forex is a connect Market where a movement in one currency affects the others so if we think in the most trade (EUR,USD,CAD,CHF,JPY,AUD,NZD) we have 28 crosses that are not reflected in the indi. My question is: - With previously commenting, Is the indicator plotting "the true movement"? - If I put the indi in non USD crosses (e.g. EURGBP) it still remains correct? Regards.

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[b]for(int i=0; i<limit; i++)[/b]
[b]{[/b]
[b]shift=iBarShift(NULL,TimeFrame,time[i]);[/b]
[b]EUR = iPRI("EURUSD",TimeFrame,iPRIPeriod,iPrice,shift);[/b]
[b]GBP = iPRI("GBPUSD",TimeFrame,iPRIPeriod,iPrice,shift);[/b]
[b]AUD = iPRI("AUDUSD",TimeFrame,iPRIPeriod,iPrice,shift);[/b]
[b]NZD = iPRI("NZDUSD",TimeFrame,iPRIPeriod,iPrice,shift);[/b]
[b]CHF = iPRI("USDCHF",TimeFrame,iPRIPeriod,iPrice,shift);[/b]
[b]CAD = iPRI("USDCAD",TimeFrame,iPRIPeriod,iPrice,shift);[/b]
[b]JPY = iPRI("USDJPY",TimeFrame,iPRIPeriod,iPrice,shift);[/b]
[b]XAU = iPRI("XAUUSD",TimeFrame,iPRIPeriod,iPrice,shift);[/b]
[b]EURUSD = iClose("EURUSD",TimeFrame,shift); //Get USD ratio [/b]
[b]GBPUSD = iClose("GBPUSD",TimeFrame,shift);[/b]
[b]AUDUSD = iClose("AUDUSD",TimeFrame,shift);[/b]
[b]NZDUSD = iClose("NZDUSD",TimeFrame,shift);[/b]
[b]//USDCHF = iClose("USDCHF",TimeFrame,shift);[/b]
[b]//USDCAD = iClose("USDCAD",TimeFrame,shift);[/b]
[b]//USDJPY = iClose("USDJPY",TimeFrame,shift)/100;[/b]
[b]XAUUSD = iClose("XAUUSD",TimeFrame,shift)/1000;[/b]
[b]if(EURUSD)[/b]
[b]EUR*=1/EURUSD;[/b]
[b]if(GBPUSD)[/b]
[b]GBP*=1/GBPUSD;[/b]
[b]if(AUDUSD)[/b]
[b]AUD*=1/AUDUSD;[/b]
[b]if(NZDUSD)[/b]
[b]NZD*=1/NZDUSD;[/b]
[b]if(XAUUSD)[/b]
[b]XAU*=1/XAUUSD;[/b]
[b]CHF*=-1;[/b]
[b]CAD*=-1;[/b]
[b]JPY*=-1;[/b]
 
[b]USD=-(EUR+GBP+AUD+NZD+CHF+CAD+JPY+XAU)/(indicator_buffers-1); //USD relative to other [/b]

Quoting TooSlow

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{quote} Is the indicator plotting "the true movement"? Yes. If I put the indi in non USD crosses (e.g. EURGBP) it still remains correct? Yes. The pair charted does not matter to the code: for(int i=0; i<limit; i++) { shift=iBarShift(NULL,TimeFrame,time); EUR = iPRI("EURUSD",TimeFrame,iPRIPeriod,iPrice,shift); GBP = iPRI("GBPUSD",TimeFrame,iPRIPeriod,iPrice,shift); AUD = iPRI("AUDUSD",TimeFrame,iPRIPeriod,iPrice,shift); NZD = iPRI("NZDUSD",TimeFrame,iPRIPeriod,iPrice,shift); CHF = iPRI("USDCHF",TimeFrame,iPRIPeriod,iPrice,shift); CAD = iPRI("USDCAD",TimeFrame,iPRIPeriod,iPrice,shift);...

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Quoting kirkleaforex

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{quote} Thanks again for your continued input, TooSlow. My brain can't handle the complexity of the code itself but for those reading this thread that need this kind of insight, your input is very helpful. If you are able to discern some kind of logic when trying to trade non-USD pairs; some way of reading the indicator to see trading opportunities, I am all ears!

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Quoting TooSlow

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{quote} Trade the zero line cross. When one currency is crossing the zero line, trade a pair for that currency. {image}

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Quoting kirkleaforex

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{quote} My question was asking how to trade non-US based pairs. The US pairs offer more certainty when a volatile cross occurs. The non-US pair crossing signals seem to be far less obvious. The angle of the lines are not as pronounced / steep. If there is anything you can offer with regards to how to trade these &quot;quieter&quot; pairs I would love to hear it.Also, how do you manage to have the line values displayed at the right hand side of the indicator display like in your image attachment? That would be handy for my system.Thanks.

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Quoting TooSlow

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{quote} {image} Like eurjpy? Trade the same way. eur is blue jpy is yellow The last line in the display shows the Quote currency (JPY) vs the Base currency (EUR) for the charted pair. When blue crosses above (XA) zero line, or blue XA yellow, blue > yellow buy eurjpy When blue crosses below (XB) zero line, or blue XB yellow, blue < yellow sell eurjpy This is a modified version of correl8b.

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Quoting leledc

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Now it is refreshing itself... {file} {file}

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