Market Correlation

As Kathy Lien once said: "To be an effective trader, it is important to understand how different currency pairs move in relation to each other so traders can better understand their exposure." From this reason I decided to share this excellent market tool with you.

Just load this script to the chart then choose timeframe, number of bars and if you want to observe instruments in your market watch or all instruments in your trading platform. Bear in mind that you have to have history data of respective market instruments downloaded otherwise the result will be 0. After you successfully run the script, file with correlation table will be saved in your metaTrader directory (will be shown using alert function after script will end).

In my PC the path to the file is C:UsersPC nameAppDataRoamingmetaQuotesTerminalxxxF21F52FF6ExxxxxB5E89xxA931FMQL4Files and then you simply open the excel file with correlation table of all market instruments which are located in your platform.

Also bear in mind that the number of bars you pick up for the market correlation have to be at least the minimal number of history bars of respective market instruments otherwise 0 will be shown.

Just try it and explore a mutual interconnection between different market instruments.