The Spearman Rank Correlation floating levels Metatrader 5 forex indicator is a technical tool that is used to gauge high or low correlation ratio.
The use of the Spearman rank implies that some fixed levels are in use, and once these levels are crossed, it is an indication of high correlation “strength” (notwithstanding if the cross is positive or negative).
The indicator is made up of four distinct lines:
- Up level (medium sea green dotted line)
- Down level (orange red dotted line)
- Middle level (silver dotted line)
- Value line or multicolored thicker line (that is either filled silver, orange red or medium sea green)
The AUD/USD M30 chart below displays the Spearman Rank Correlation fl Metatrader 5 forex indicator in action.
Basic Trading Signals
Buy Signal: Go long when the value line of the Spearman Rank Correlation fl Metatrader 5 forex indicator turns medium sea green, while also aligning itself above the other three dotted lines.
Sell Signal: Go short when the value line of the Spearman Rank Correlation fl Metatrader 5 forex indicator turns orange red, while also positioning itself below all the three dotted lines.
Exit buy trade: Close all buy orders if while a bullish trend is ongoing, the value line of the Spearman Rank Correlation fl indicator turns silver.
Exit sell trade: Close all sell orders if while a bearish trend is ongoing, the value line of the Spearman Rank Correlation fl indicator turns silver.
Tips: This indicator will work excellently well during trending markets, considering its ability to adjust levels.
In line with its nature, the Spearman Rank Correlation fl indicator will serve as a reliable tool for short-term trading as well as long-term trading.
MT5 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 5
Type: chart window indicator
Customization options: Variable (Spearman rank, Price, Floating levels period, Up level %, Down level %), 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 Spearman rank fl.ex5 indicator into the MQL5 indicators folder of the Metatrader 5 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL5 > Indicators (paste here)