MetaTrader 5 Currency Pair Correlation Indicator Download - Free - [Trading Search] - MT4/MT5 Resources

The Currency Pair Correlation Indicator is a tool in MetaTrader 5 indicator that helps with various Trading Strategies . Correlation refers to the relationship between two currency pairs, indicating how the price of one currency pair changes as the other currency pair changes.

This indicator allows users to enter two currency pairs in the settings for correlation comparison and view the results on the chart as green and red histograms.

Currency pair related indicator table

Indicators at a glance

The currency pair correlation indicator is valuable for traders seeking to determine the correlation between different currency pairs. Through the settings of the indicator, traders can select two desired trading symbols and easily observe their interaction in trading histogram window .

This tool helps traders better understand the relationships between currency pairs , allowing them to make more informed trading decisions .

Bullish trend conditions for this indicator (buy position)

The USD/CAD currency pair is shown below on the 1 hour time frame. In this example, we compare USD/CAD with CAD/CHF . Since these two symbols have a negative correlation, the crossing of the two oscillator lines and the appearance of the red histogram indicate that: USD/CAD is ready for a downward trend, while CAD/CHF is set for an upward trend.

Bearish trend conditions of the indicator (for selling positions)

CAD/CHF on the 1 hour chart, we have compared USD/CAD with CAD/CHF . In this case, the currency pair correlation indicator shows a negative relationship, with CAD/CHF , represented by the red histogram, leading to a decrease in USD/CAD , starting a bearish trend.

Currency pair correlation indicator settings

• ActiveLevel: Settings for straight histogram
• ActiveLevel: Select the settings for the straight histogram
• PassiveLevel: Negative histogram settings
• Symbol1: The first currency pair used for calculations (for example, EURUSD)
• MAPeriod1: The moving average period of the first pair, set to 13
• MAMethod1: Set to 0 for exponential moving average
• MAPrice1: Set to 0 to calculate based on closing price
• MaAvg1: Average based on the last five candles
• Symbol2: Second currency pair (for example, USD/CHF)
• MAPeriod2: The moving average period of the second pair, set to 13
• MAMethod2: Set to 0 for exponential moving average
• MAPrice2: Set to 0 to calculate based on closing price
• MaAvg2: Average based on the last five candles

Conclusion

The Currency Pair Correlation MT5 Oscillator is a practical and advanced tool for traders to explore correlations between currency pairs in the market. This technical analysis indicator can easily display positive and negative correlations between two currency pairs on the price chart using its specialized algorithm.