Correlation Table MT5

This indicator calculates correlation rate among 28 currency pairs with each other. You can also increase/decrease pairs/symbols in input parameters.

Note

• The Correlation more than 80 between two currency pairs shows that they are quite similar in the kind of movement and side.
• The Correlation less than minus 80 between two currency pairs shows that they are quite similar in the kind of movement but inverse in side.

Indicator Parameters

• Symbols: You can select the Currency pairs that you want. It's 28 pairs on default.
• Calculation Mode: If it is set to Range Mode, The correlation will be calculated based on range of the past bars (Range = high-low). If it is set to Close Mode, The correlation will be calculated based on closes of the past bars.
• Calculation Timeframe: The timeframe in which you want the calculations to be done.
• Number Of Bars: Number of bars to consider for Indicator's calculation.
• Signal Type: If it is Current Bar, The calculations will be done based on current candle of the pairs. If it is Confirmed Bar, The calculations will be done based on the previous candle of the pairs (The closed candle).
  
• Correlation Target: If you set it to 80, The currency pairs that have more than 80 correlation rate with each other, are presented by green and the currency pairs that have correlation less than minus 80 are presented by red.
• High Positive Color: Color of currency pairs that have correlation with each other more than 80.
• High Negative Color: Color of currency pairs that have correlation less than minus 80.
• Low Correlation Color: Color of currency pairs that have correlation less than 80 and more than minus 80.
• X - To displace the table in X axis.
• Y - To displace the table in Y axis.
• Unique ID for drawing Objects: It's a symbol e.g @,#,$,%,^. Just to draw dashboard on chart as well.