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Rank AutoCorrelation - indicator for MetaTrader 5

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Published by:
Mladen Rakic
votes: 16
2016.10.20 13:37
2016.11.22 07:32

Rank (auto)correlation indicator that includes:

  • Spearman rank correlation
  • Pearson correlation

It can also use 22 types of prices, and user has a choice of using floating levels or fixed levels (for determining the over-bought and over-sold levels).

Both for Spearman and Pearson correlation the same rule applies. Correlation can range from 1 to -1 and they are usually referred to as:

  • 1 is perfect positive correlation — when the changes are exactly the same
  • 0 is the no correlation state
  • -1 is the perfect negative correlation — when the changes are exactly the opposite

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