How to use Currency Correlation in your trading?
To be an good trader, understanding your entire portfolio's sensitivity to market volatility is important. This is particularly so when trading forex. Because currencies are priced in pairs, no single pair trades completely independent of the others. Once you are aware of these correlations and how they change, you can use them control your overall portfolio's exposure. Explain the example:
Forex = math. At the same time.
EURUSD=1.09162 , GBPUSD=1.42511, USDJPY= 116.969
GBPUSD*USDJPY= GBPJPY (166.693)
Indicator help us understand and see a correlation. Second chart makes it easy to analyze and trade multiple currencies. On the chart you can post multiple pairs. Type in the selected currency pair in the settings and add to the chart.
If you want to have a another tool, see another product: https://www.mql5.com/en/market/product/13392
- One indicator on chart=True / two or more=False
- Color scheme Black on White[Background]
- To add a second pair, simply enter the symbol
- Body color of a bull candlestick
- Body color of a bear candlestick
- Shadow color and color of "Doji" Japanese candlestick
- Analyzer: see screenshot. Only demo and real not tester.