Correlation Monitor MT4
- Indicators
- Konstantin Chechnev
- Version: 1.0
Correlation Monitor is an indicator for quickly detecting relationships between instruments: it helps you find pairs with strong positive/negative correlation, spot divergences, and make better‑informed decisions for hedging, pair and basket trading.
Key features
• Correlation matrix and compact list: instantly shows the strength of relationships between selected symbols; color coding makes it easy to read.
• Mini‑chart of the correlated instrument synchronized with the visible area of the main chart for a clear, side‑by‑side comparison of movements.
• Top‑5 mode: highlights the strongest positive and negative links for quick focus.
• Multi‑timeframe: evaluation across different periods with a configurable calculation window (number of bars).
• Supports any symbols from Market Watch, including non‑standard ones.
• Resource‑optimized: careful updates with minimal overhead even with large symbol lists.
• Multilingual interface for 50+ languages with automatic detection of the terminal language to localize messages and headings.
• Fast data refresh when the chart changes.
Correlation Monitor saves time on routine instrument comparison by offering an all‑in‑one solution and helps you act faster: avoid duplicate exposure, find potential hedge pairs, and spot trend divergences across timeframes.
Inputs
Correlation pair symbol — the symbol against which the current instrument is compared to calculate correlation (the second symbol, e.g. GBPUSD). You can switch it directly in the indicator panel: click the instrument name in the panel header and choose another symbol from the Market Watch list.
Number of bars to analyze — how many bars are used to calculate correlation on the selected timeframes.
Important notes
The indicator does not trade by itself and does not guarantee profit — it provides clear, visual information about relationships between instruments for you to use within your own trading system.
