Multi Symbol Price Divergence
The analysis of combined movement of multiple instruments on the same period of time in a convenient visual way with quotes displayed in one and the same chart with a common price scale. This is the purpose of the multicurrency indicator for analysis of the price divergence Multi Symbol Price Divergence developed for MetaTrader 5.
In the input parameters, you can specify up to 5 symbols to be analyzed. Including the current symbol you can analyze up to 6 symbols in total at the same time. The indicator detects whether the specified symbols are available on the server and adds them to Market Watch. If you need less symbols, just leave empty values. If you need to enable some symbols from time to time, you can put a space before the symbol names. Thus the indicator will not be able to find them on the server.
For the prices of a symbol, you can turn on the inversion. In other words, if the inversion is turned on for a symbol, its price will be flipped. This can be useful, when the list of the symbols analyzed includes currency pairs based on, for example, USD (US dollar). USD can be either the underlying currency or the quoted currency. For example, in EURUSD pair, USD is the quoted currency, and in USDCHF, it is the underlying currency. If the current symbol on the chart is EURUSD, then you can turn on the inversion for USDCHF, what will make the representation of the prices more convenient for the analysis.
In addition to the symbol and inversion parameters, the indicator includes parameters for choosing the mode of representation of data. Below you can find the full list of the input parameters of the indicator:
- Draw Type - type of graphical representation. You can select one of three available types: LINES, BARS or CANDLES.
- Start Price Divergence - in this parameter, you can choose a mode of representation of data. In other words, you can choose a point/points where the prices of all symbols will converge. It allows tracking the divergence of prices during a certain period that ends at the next point. In the dropdown list you can selected one of five available modes: Vertical Line, Month, Week, Day, Hour.
- Two Colored Bars/Candles - if the BARS or CANDLES mode of graphical representation is selected, then by enabling this option you will turn on the two-color mode of displaying the data. In other words, the up bars/candlestick will have a lighter color than that of the down bars/candlesticks.
- Symbol 02 - second symbol. On default, it is GBPUSD.
- Inverse Symbol 02 - inversion of the second symbol.
- Symbol 03 - third symbol. On default it is AUDUSD.
- Inverse Symbol 03 - inversion of the third symbol.
- Symbol 04 - fourth symbol. On default, it is NZDUSD.
- Inverse Symbol 04 - inversion of the fourth symbol.
- Symbol 05 - fifth symbol. On default it is USDCAD.
- Inverse Symbol 05 - inversion of the fifth symbol.
- Symbol 06 - sixth symbol. On default, it is USDCHF.
- Inverse Symbol 06 - inversion of the sixth symbol.
If the Vertical Line mode is selected in the Start Price Divergence parameter, a green line will be drawn on the chart. By moving it, you can select a point where the prices of all symbols will converge.
You can find a more detailed description at my website: Multicurrency Indicator Multi Symbol Price Divergence.