Correlations revisited ... - page 11

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mladen:

I threw together quickly a couple of built in indcators in this version (you shall see that it is very easy to extend the used indicator in the code)

ATTENTION: Video should be reuploaded
PS: just to remind : if both symbols are the same, then the correlation will always yield a perfect positive correlation and the result will always be 1. To have valid comparison, the symbols must be different

Can it be with multiple symbols (not just 2)?
 
sebastianK:
Can it be with multiple symbols (not just 2)?
Will make one version that does that too
 

This is a mt4 version of the correlation candles.

 

 

Files:
Correlation candles.mq4  8 kb
 
mladen:

It is almost that : it can show you if the "other" symbol is following the same direction as the symbol on chart.

Here is an example :


Judging from the values, EURAUD is not following the same trend as EURUSD currently (I have chosen EURAUD since I had no idea what is the price trend of it now). And when you switch to EURAUD you shall see that it is in a short term down trend while EURUSD is in a sort of a short term up trend

Now, since it is expected that thy are in a sort of an "agreement", we have to decide which one is "off the course" and, since the correlation is almost at "no correlation" levels, soon we can decide which one is the dominant trend and which one is good for entries (the one that will correct it's lack of correlation)

Quite interesting, this stuff.

Since I mainly trade EUR USD, I never searched for the pairs that are most correlated. Do you happen to know which pairs (mostly) are ? 

 

Hey Krelian,

Thanks for the link and the info !

 
Wulong10:

Hey Krelian,

Thanks for the link and the info !

Not bad. But more important is IMO the visual correlation, e.g PA patterns and S/R of both pairs. We started to discus that here.

 
Wulong10:

Quite interesting, this stuff.

Since I mainly trade EUR USD, I never searched for the pairs that are most correlated. Do you happen to know which pairs (mostly) are ? 

Look on https://www.mataf.net/en/forex/tools/correlation and for stable correlation over all tfs.

examples:

EURAUD - EURCAD

GBPAUD - GBPNZD

CADCHF - AUDCHF

reverse correlation: EURCAD - CADCHF

 

Hello,

Is it possible to have the correlation between FR40EUR (Cac 40 french CFD) and DE30EUR (dax CFD) ?


and is it possible to have on the same chart these 2 stock index ?

Green pips to you

 

New version of (metatrader 5) Rank (auto)correlation posted here : https://www.mql5.com/en/forum/179671/page10


 
mladen:

New version of (metatrader 5) Rank (auto)correlation posted here : https://www.mql5.com/en/forum/179671/page10


Thanks :)
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