Platform: MetaTrader 4
Skill Level: Intermediate traders
Indicator Categories: Oscillators, Liquidity, Trading Assist
Indicator Types: Range, Leading, Entry & Exit
Timeframes: Multi-timeframe compatible
Trading Styles: Day trading, Intraday, Scalping
Trading Instruments: Forex, Stocks, Indices, Cryptocurrency
Functionality:
- Uses a correlation panel to analyze symbol relationships
- Compares multiple forex and crypto pairs based on a reference currency
- Identifies positive and negative correlations for trading decisions
Positive Correlation Example:
- EUR/USD as reference, GBP/USD as second pair
- Bullish reference → second pair also trends upward
Negative Correlation Example:
- EUR/USD as reference, USD/CHF as second pair
- Bullish reference → negatively correlated pair trends downward
Helps traders evaluate correlation strength
Facilitates better trade entry and exit decisions based on market relationships
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