Related cluster indicator downloads in MetaTrader 5 | Forex indicator downloads - MT4/MT5 resources - MetaTrader 5 resources

The Correlation Cluster indicator is a specialized tool for analyzing the correlation of trading symbols with reference currencies in MetaTrader 5.

Forex cryptocurrency traders can use this indicator to monitor and analyze the degree of positive or negative correlation of a trading symbol with a reference currency through the panel shown in the upper right corner.

Related cluster indicator table

Information related to correlation cluster metrics is provided below:

List of relevant cluster indicators

The Correlation Cluster indicator is a useful tool that allows traders to check the degree of correlation between other trading symbols and a selected reference currency.

This indicator allows technical traders to view the positive and negative correlations between forex and crypto symbols in one panel and make more professional chart-based decisions by analyzing price action.

Positive correlation

EUR/USD and GBP/USD are shown in the chart below.

Using the Correlation Cluster indicator and setting EUR/USD as the reference currency, traders can evaluate the correlation levels of different currency pairs.

Here, GBP/USD is positively correlated with EUR/USD. When the reference currency is trending upward, a positive correlation sign will also follow a similar upward trend, depending on the strength of the correlation.

negative correlation

In another chart, EUR/USD and USD/CHF are shown.

The Correlation Cluster indicator allows traders to analyze negative correlations between a reference currency and other currency pairs.

Here, EUR/USD is the reference currency and USD/CHF is negatively correlated.

As the reference currency trends upward, the negative correlation sign moves downward. The stronger the negative correlation, the more opposite the trend will be compared to the reference currency.

Related cluster indicator settings

The settings for relevant clustering indicators are provided below:

• Reference symbol: Set the reference currency;
• Forex Symbols: Define foreign exchange currency pairs;
• Crypto Symbols: Define cryptocurrency symbols;
• Calculation time range: Select the calculation time range;
• Bar chart for correlation : This section allows you to set the number of candles in the selected time frame for correlation calculation and display based on the specified data;
• K-means clusters: Set the number of clusters considered in K-means calculations;
• Maximum number of iterations of K-means: Set the maximum number of iterations of K-means calculation.

Color of Clusters

• Cluster: Set related colors.

Conclusion

The Correlation Cluster indicator is a suitable tool for traders seeking to analyze positive and negative correlations between trading symbols.

It allows traders to study the relationship of a reference currency to other instruments in a single panel of the chart, simplifying correlation analysis and enabling more professional decision-making.