Currency Pairs Correlation Indicator for MetaTrader 5 Download - Free - [Trading Finder]

The Currency Pairs Correlation Indicator is a tool in MetaTrader 5 that helps with various Trading Strategies. Correlation refers to the relationship between two currency pairs and indicates how the price of one pair moves in reaction to the changes in another. This indicator allows users to input two currency pairs for correlation comparison in the settings and view the results as green and red histograms on the chart.

Currency Pairs Correlation Indicator Table

Bullish Trend Conditions of the Indicator (Buy Positions)

The USD/CAD currency pair is shown in the 1-hour timeframe in the image below. In this example, we compare USD/CAD with CAD/CHF. Since these two symbols have a negative correlation, the crossing of the two oscillator lines and the appearance of the red histogram indicate that USD/CAD is ready for a downward trend, while CAD/CHF is set for an upward trend.

Bearish Trend Conditions of the Indicator (Sell Positions)

In the 1-hour chart of CAD/CHF, we have compared USD/CAD with CAD/CHF. In this scenario, the Currency Pairs Correlation Indicator shows a negative correlation, where the increase in CAD/CHF, represented by the red histogram, leads to a decline in USD/CAD, initiating a bearish trend.

Currency Pairs Correlation Indicator Settings

• ActiveLevel: Settings for positive histograms
• ActiveLevel: Selecting settings for positive histograms
• PassiveLevel: Settings for negative histograms
• Symbol1: First currency pair for calculation (e.g., EURUSD)
• MAPeriod1: Moving average period for the first pair, set to 13
• MAMethod1: Set to 0 for Exponential Moving Average
• MAPrice1: Set to 0 for calculation based on the Close price
• MaAvg1: Averaging based on the last five candles
• Symbol2: Second currency pair (e.g., USDCHF)
• MAPeriod2: Moving average period for the second pair, set to 13
• MAMethod2: Set to 0 for Exponential Moving Average
• MAPrice2: Set to 0 for calculation based on the Close price
• MaAvg2: Averaging based on the last five candles

Conclusion

The Currency Pairs Correlation Indicator is a practical and advanced tool for traders exploring correlations between currency pairs in the market. The indicator can easily display positive and negative correlations between two currency pairs on the price chart using its specialized algorithm.