The Currency Pairs Correlation Table indicator for Metatrader 4 is an interesting tool that compares correlation found between multiple Forex pairs.
The indicator appears in a bottom chart window as a correlation table along with some graphics.
The indicator might give you an early indicating on which currency pairs to trade and which ones to avoid.
This indicator type works the best when combined with a buy/sell technical indicator.
For example, it should work well when combined with the Icho buy/sell trend indicator.
From our testings, the indicator does not repaint and works for any currency pair and time frame without slowing down the trading platform.
It can be used as a standalone technical tool or it can be combined with other technical indicators and trading strategies.
Try first on a demo account until you fully understand how this indicator works!
Indicator Chart Example
The picture above shows the indicator attached to the Euro / U.S. Dollar chart.
How to install the Currency Pairs Correlation Table indicator to your Metatrader 4 platform?
- Download the icorrelation-table-indicator.mq4 indicator file here and save it to your computer
- Open your Metatrader 4 platform
- Click on “File” (top menu) and then select “Open Data Folder” from the drop down menu
- Click on “MQL4” and open the “Indicators” folder
- Paste the indicator file in this folder
- Restart Metatrader 4 and you’re ready to start using the indicator
How to edit the indicator?
- Attach the indicator to any trading chart of your preference
- Right click in the chart and select “Indicators List” from the drop down menu
- Select the indicator from the list and click on “Edit”
- Now you can start editing the indicator (Inputs, Colors and Visualization)
- Final step, click on the “OK” button to save the new configuration