Discussing the article: "MQL5 Trading Tools (Part 20): Canvas Graphing with Statistical Correlation and Regression Analysis"
You are missing trading opportunities:
- Free trading apps
- Over 8,000 signals for copying
- Economic news for exploring financial markets
Registration
Log in
You agree to website policy and terms of use
If you do not have an account, please register
Check out the new article: MQL5 Trading Tools (Part 20): Canvas Graphing with Statistical Correlation and Regression Analysis.
In this article, we create a canvas-based graphing tool in MQL5 for statistical correlation and linear regression analysis between two symbols, with draggable and resizable features. We incorporate ALGLIB for regression calculations, dynamic tick labels, data points, and a stats panel displaying slope, intercept, correlation, and R-squared. This interactive visualization aids in pair trading insights, supporting customizable themes, borders, and real-time updates on new bars.
Statistical correlation measures the strength and direction of the relationship between two variables, such as symbol prices, using metrics like Pearson's coefficient, ranging from -1 (inverse) to 1 (direct), while linear regression fits a line to data points to predict trends via slope and intercept. In canvas graphs, these are visualized with scatter points for correlations and regression lines for predictions, enhanced by R-squared to indicate fit quality, aiding us in identifying pair dependencies or divergences. This graphical representation on draggable canvases allows interactive exploration of market relationships, with statistics panels for quick insights. Our plan is to load symbol data, compute regression using ALGLIB, render plots with dynamic ticks and anti-aliased points/lines, and display stats like slope and R-squared on overlays. In brief, here is a visual representation of our objectives.
Author: Allan Munene Mutiiria