This forex indicator calculates the correlation between 2 currency pairs. This coefficient can be calculated according to different formulas, that you can select from the setting window:
- Close price of the bar (0)
- Difference between open and close prices (1)
- Difference between close price and the highest price of the bar (2)
Other parameters you can modify according to your needs:
- Pair = is the currency pair you can chose to correlate to the one in your chart
- ShowMA = shows the buffer of the correlation coefficient’s moving average
- MA_Period = period of the moving average.
- ResultingBars = the number of bars to consider when calculating the correlation
- CorrelationRadius = the radius of the correlation.
- File: L_Correlation.mq4
- Size: 7 Kb
L Correlation v2
- File: ^L_Correlation_v2.mq4
- Size: 25 Kb