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Published by:: Mladen Rakic
Views:: 11651
Rating:: (32)
Published:: 2016.10.20 13:37
Updated:: 2016.11.22 07:32

Rank_sautopcorrelation.mq5 (10.55 KB) view

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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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Rank AutoCorrelation - indicator for MetaTrader 5