An indicator to put correlated currency charts on a given currency chart. It shows only bars currently. Color/monochrome mode is configurable. It also supports currency inversion for handling EURUSD & USDCHF like pairs.
Using the indicator:
Find currency correlation and make list of pairs of your interest. e.g. EURUSD, GBPUSD, USDCHF, EURJPY
Select a primary currency. e.g. EURUSD
For each pair, drag and drop the indicator on a currency chart.
Configure the parameters for each currency pair. For example, USDCHF is inverted with respected to EURUSD
Your chart should be ready to use.
Input parameters:
Image for example chart setup:
Important Things:
First time rendering may take sometime as the candles are loaded one by one. This done intentionally to gracefully handle missing candles without messing with time series synchronization.
In inverted currencies, the price show is indicative only. It is derived by 1/PRICE
Bid and Ask in inverted pairs is swapped
The refresh of rates happens only with primary pair ticks.
Correlation angle - indicator MetaTrader 5 General description : In his June 2020 TASC article "Correlation as a cycle indicator" John Ehlers describes one possible way…
