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2011.10.24 17:57
Indicators

MFCS Currency Correlation Chart - indicator for MetaTrader 5

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Published by:
Mansukh Patidar
Views:
5165
Rating:
votes: 17

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:

  1. Find currency correlation and make list of pairs of your interest. e.g. EURUSD, GBPUSD, USDCHF, EURJPY
  2. Select a primary currency. e.g. EURUSD
  3. For each pair, drag and drop the indicator on a currency chart.
  4. Configure the parameters for each currency pair. For example, USDCHF is inverted with respected to EURUSD
  5. Your chart should be ready to use.
Input parameters:

MFCS Currency Correlation Chart

Image for example chart setup:

MFCS Currency Correlation Chart

Important Things:

  1. 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.
  2. In inverted currencies, the price show is indicative only. It is derived by 1/PRICE
  3. Bid and Ask in inverted pairs is swapped
  4. The refresh of rates happens only with primary pair ticks.
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