Currency Pairs Correlation Indicator for MT4 Download – Free – [TradingFinder]

The Currency Pairs Correlation indicator is a practical tool in MetaTrader 4 that allows traders to analyze the correlation between currency pairs relative to the active symbol.

This trading tool is specifically designed for the simultaneous analysis of currency pair behavior and helps avoid contradictory trades.

It compares the symbols selected in the settings with the current symbol on the chart, then displays their correlation over two timeframes: one-hour and one-day.

Specifications Table of Currency Pairs Correlation Indicator

Specifications of Currency Pairs Correlation Indicator are as follows:

Currency Pairs Correlation Indicator at a Glance

The sensitivity value of the indicator (Correlation Limit) in the settings panel is set to 70. Therefore, correlations above this value are displayed in red, and correlations below this value are displayed in green.

A high correlation indicates similar behavior of currencies, and simultaneous entry into them may increase the risk of repetition.

Currency Pairs Correlation Indicator Settings

Configurable items in the settings panel are as follows:

• PairList1: First list of currency pairs for comparison with the current symbol
• PairList2: Second list of currency pairs for comparison with the current symbol
• PairList3: Third list of currency pairs for comparison with the current symbol
• Length_Calculation: Number of candles used for correlation calculation
• Calculation_Interval: Time interval between each new calculation
• Correlation_Limit: Sensitivity threshold for identifying high correlation

Conclusion

Although the Currency Pairs Correlation indicator does not provide buy or sell signals, it is a key tool for identifying market structure and optimizing trade arrangements.

In the case of a strong positive correlation between two currency pairs, opening simultaneous positions on them may lead to increased risk.

It should also be noted that users can utilize the correlation display tool on the Trading Finder website in addition to the Currency Pairs Correlation indicator.