The Correlation Forex MT4 indicator displays correlation beween the EUR/USD and USD/CHF pair in real-time.
Currency traders are well aware of the fact that when normally the Euro/U.S Dollar pair is moving up, the U.S Dollar/Swiss Franc pair is moving down.
The correlation indicator shows you how correlated both pairs are at any given moment.
Some forex trading strategies and systems take advantage of correlation between 2 currency pairs.
The EUR/USD Daily chart below displays the Correlation Metatrader 4 Forex indicator in action.
Basic Trading Signals
No trading signals from the Correlation MT4 forex indicator.
MT4 Indicator Characteristics
Currency pairs: EUR/USD and USD/CHF
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (currency) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the correlation-between-usdchf-and-eurusd.mq4 into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)