Another Rel Daily
Another Relation displays the relative movement of the other symbols (up to 5) in a separate chart window. The indicator works currency pairs, indices and other quotes. Another Relation allows to visually estimate the symbol correlation and their relative amplitude. Thus, the trader is able to compare the movement of the current instrument to others, identify correlations, delays and make decisions based on their general movement.
This is the demo version of the indicator meant only for D1 timeframe and higher
Full version of the Another Relation indicator is also available: https://www.mql5.com/en/market/product/15268
The window displays the data on all the symbols aligned along the moving average and scaled by the standard deviation. For convenience, the levels of 0 (moving average), +1,+2,-1 and -2 are placed corresponding to the standard deviations.
If the indicator line is greater than 0 and growing, this means that the corresponding instrument is traded above its average and is also growing. The intersection of the +1, +2 lines corresponds to the breakout of the "Bolinger Bands".
The similar movements of the lines show a high correlation of two symbols. The mirrored movement - inverse correlation. A substantial "span" of the curve relative to the other lines shows a high volatility of the corresponding symbol on the selected period.
- PERIOD, APPLIED and METHOD set the period (of bars), the applied price and the method of the Moving Average used in data scaling. By default PERIOD, APPLIED and METHOD are similar to the default values of the Bolinger Bands (20,close,SMA).
- CURRENT - display/hide movement of the chart symbol together with others
- INVERSE - invert (flip) the values for the chart symbol
- SYM_NAME - name of the first symbol. If left empty, the line will not be calculated
- SYM_INVERSE - invert (flip) the values of the symbol
The names and inversion for the other possible symbols are set similar to SYM_NAME, SYM_INVERSE
By default, XAUUSD (gold against dollar), XAGUSD (silver against dollar), _DJI (DowJones index), _NQ100 (Nasdaq 100 index) , _SP500 (S&P 500 index) are displayed. If these quotes are not supported by your terminal or have different names, simple specify different values.
The line colors and styles are specified in the "Colors" tab