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Correlation indicator alert
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Correlation indicator alert

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Turin + Italy
Trading Experience: Intermediate
Platform: metatrader
Favorite Futures: stock
Posts: 1 since Apr 2015
Thanks: 0 given, 0 received

Correlation indicator alert

Hi everyone
I'm new on the forum and wish to share a trading strategy with you and also have a request for an indicator.
Observing charts behavior, i realized that some currency pairs have strong inversion (or breakout) tendencies on a third chart when some candles close both bearish or bullish. For example, if both EURUSD and USDJPY close with a bearish candle, also EURJPY can possibly turn bearish. I naturally consider other conditions to confirm the inversion (for example: price crossing EMA100, or EMA24 depending by timeframe and/or 1-2-3 Ross Hook).

It's quite a good confirmation signal for my trading, I suggest to try it...

I also have a request for coders: is it possibile to create an indicator for MT4 that gives a sound alert when there's correspondence between two pairs (both closed bearish or bullish) and also with the option to mirror on a pair (for ex: if USDCHF is weakening and USDJPY is strengthening, then CHFJPY goes up!), with effect on a chart of a third pair, on a separate window but with arrows on the chart itself?
Possibly, would be nice to have the option to change the indicator price chart from line to candles or viceversa and also activate additional pairs to correlate or decorrelate, if possibile...
I'm not sure I can attach any file for now, so if u need an image and the mql indicator to start from, please contact me and I will provide them.

I thank you all in advance
Best regards

Attached Thumbnails
Correlation indicator alert-pair-correlation.jpg  
Attached Files
Register to download File Type: mq4 overlaymchartfline mod.mq4 (10.2 KB, 10 views)
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