The Trend Strength & Correlation forex indicator for MT4 calculates and displays the strength value and correlation value for 27 currency pairs in one handy to read mini dashboard window.
Moreover, the indicator displays the most interesting pairs to trade in separate tables.
They are listed under “Long” and “Short”.
It’s highly recommended to confirm the possible buy and sell trades with technical indicators or analysis tools such as price action.
This indicator helps you to find interesting pairs for scalping (M5 chart), day trading (M15 chart) or swing trading (H1, H4 charts).
The EUR/USD 1-Hour chart below displays the Trend Strength & Correlation Metatrader 4 Forex indicator in action.
Basic Trading Signals
Signals from the Trend Strength & Correlation MT4 forex indicator are easy to interpret and goes as follows:
Buy Signal: Select a currency pair that is listed in the “long” table. Confirm the long trade with other technical indicators or analysis methods.
Sell Signal: Select a currency pair that is listed in the “short” table. Confirm the short trade with other technical indicators or analysis methods.
Trade Exit: Use your own method of trade exit.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: Chart pattern indicator
Customization options: Variable (strength value, correlation value, pairs to scan) Colors, width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Type: strength | correlation
Copy and paste the bt-cs-indicator.ex4 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)