Mirror Chart MT5
- Indicators
- Version: 1.54
The Mirror Chart MT5 is a overlay indicator specifically designed to project a second financial instrument directly onto the main chart window. This tool is invaluable for traders who rely on correlation analysis, as it visualizes the price movements of two different instruments in real time. Unlike traditional overlays, this indicator utilizes intelligent, dynamic centering and scaling logic. It continuously analyzes the visible price range in the current window for both symbols and calculates an optimal ratio. This ensures that the overlay symbol is always centered and displayed proportionally, even when the price levels differ significantly.
A standout feature is the integrated mirroring function. This option allows you to vertically mirror the selected overlay symbol. This is particularly useful when analyzing currency pairs with negative correlation, such as EUR/USD and USD/CHF. Inverting the indicator visually aligns opposing trends, significantly simplifying the detection of divergences and relative strength. This allows for the immediate identification of premature breakouts or trend exhaustion in either market.
In terms of user-friendliness, the indicator shines with its automatic chart type detection. It dynamically adapts its display—whether as colored candlesticks, bars, or lines—to the style of the main chart. For line mode, a separate parameter for line width is available, while the colors for bullish and bearish phases can be individually defined using "BullColor" and "BearColor," respectively. Technically, the MT5 version has been optimized for maximum precision. Through the use of time series arrays and the iBarShift function, the temporal synchronization of both symbols is maintained even in the event of missing ticks or differing trading hours.
Another highlight is the dynamic price grid. It automatically calculates horizontal lines based on the set pip spacing (GridPips), displaying the exact price levels of the overlay symbol in the background. In summary, the Mirror Chart MT5 is a professional analysis tool for spread traders and strategists who want to gain a deep understanding of intermarket relationships.
A standout feature is the integrated mirroring function. This option allows you to vertically mirror the selected overlay symbol. This is particularly useful when analyzing currency pairs with negative correlation, such as EUR/USD and USD/CHF. Inverting the indicator visually aligns opposing trends, significantly simplifying the detection of divergences and relative strength. This allows for the immediate identification of premature breakouts or trend exhaustion in either market.
In terms of user-friendliness, the indicator shines with its automatic chart type detection. It dynamically adapts its display—whether as colored candlesticks, bars, or lines—to the style of the main chart. For line mode, a separate parameter for line width is available, while the colors for bullish and bearish phases can be individually defined using "BullColor" and "BearColor," respectively. Technically, the MT5 version has been optimized for maximum precision. Through the use of time series arrays and the iBarShift function, the temporal synchronization of both symbols is maintained even in the event of missing ticks or differing trading hours.
Another highlight is the dynamic price grid. It automatically calculates horizontal lines based on the set pip spacing (GridPips), displaying the exact price levels of the overlay symbol in the background. In summary, the Mirror Chart MT5 is a professional analysis tool for spread traders and strategists who want to gain a deep understanding of intermarket relationships.
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