Currency Pairs Correlation Indicator for MT5 Download – Free – [TradingFinder]

The Currency Pairs Correlation Indicator is one of the advanced tools in the MetaTrader 5 platform that enables the analysis and comparison of currency pairs’ correlation with the active symbol on the chart.

This trading tool is designed in such a way that it examines the behavior of currency pairs simultaneously and prevents entry into trades with conflicting directions.

The indicator works by comparing the currency pairs specified in the settings with the current symbol and displays their correlation levels on the chart in two timeframes: 1-hour and daily.

Specifications Table of the Currency Pairs Correlation Display Indicator

The table below shows the specifications of the Currency Pairs Correlation Indicator:

Currency Pairs Correlation Indicator at a Glance

The sensitivity value of the indicator (Correlation Limit) in the settings is set to 70; meaning that values above 70 are displayed in red and values below are shown in green.

High correlations indicate parallel movement of currency pairs, and opening simultaneous positions on them may lead to doubled risk in trading.

Settings of the Currency Pairs Correlation Indicator

The settings of the Currency Pairs Correlation Indicator are as shown below:

• 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/sell signals, it is an effective analytical tool for better understanding market structure and smart trade management.

It is worth mentioning that in addition to this indicator, users can also make use of the online currency pairs correlation display tool on the Trading Finder website.