Spearman Correlation Indicator for MT5 Download - [TradingFinder]

The Spearman Correlation Indicator is a technical analysis tool for the MetaTrader 5 (MT5) platform based on the Spearman correlation coefficient.

This MT5 oscillator includes an oscillating line that displays overbought and oversold zones on the chart with green and red colored levels.

Spearman Correlation Indicator Specifications Table

Table below presents the features of the Spearman Correlation Indicator:

Uptrend Conditions

The price chart of Bitcoin Cash against the US Dollar (BCHUSD) is visible in the 15-minute timeframe.

As the price moves, the oscillator enters the oversold zone and is displayed in pink at the -1 level; in this condition, a Buy signal is generated.

Downtrend Conditions

The following image displays the price chart of Gold Spot (XAUUSD). The overbought condition is revealed when green levels appear in the +1 range.

In this scenario, the sellers' strength increases, generating a Sell signal.

Indicator Settings

Image below shows the settings of the Spearman Correlation Indicator in the MetaTrader 5 platform:

• Calculator Settings: Calculation parameters
• Up Level: Upper threshold
• Down Level: Lower threshold
• Applied Price: Input value

Conclusion

The Spearman Correlation Trading Tool examines the linear correlation within the range of -1 to +1.

This volatile indicator identifies overbought and oversold zones, displaying colored levels within the oscillation range and providing appropriate signals.