PropCorrelation
- Utilities
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Timon-pascal Krueger
Systematic index trader and MT5 developer from Germany.
I trade my own capital and funded accounts, including a live FTMO account, with time anchored breakout strategies on DAX, FTSE, Dow and Nasdaq. - Version: 1.2
PropCorrelation shows whether your open positions are really different trades. Three index shorts feel like three trades; most days they are one bet, sized three times. The panel puts the number on your chart: the correlation between every pair of open positions, signed by direction, next to the money each of them risks to its stop. Free.
Setup takes a minute: attach it to one chart, and the matrix appears for whatever is open on the account. No inputs are required to start.
Try it first
It is free. With no position open the panel shows a watchlist (default EURUSD, GBPUSD, USDJPY, XAUUSD), so you can see the matrix at work before you open anything. In the strategy tester the same watchlist mode runs.
Questions
Use the Comments tab of this product or send me a message. A setup guide with screenshots follows on my blog.
What PropCorrelation does for you
It adds up what belongs together. All positions linked above your threshold (default 0.70) are grouped into one cluster, and the headline tells you what they risk together: "ONE BET: NAS100 S + US30 S + GER40 S = 0.12% at risk". That is the number your daily loss rule will see if the cluster goes against you.
Direction is part of the number. +1.00 means two positions win and lose together, -1.00 means one hedges the other. A long and a short in the same market show -1.00, not +1.00, so a hedge reads as a hedge.
Risk to the stop for every row. In percent of equity or balance, calculated with your broker's contract data. A position without a stop is marked NO STOP in red, because its risk is not a number.
One alert when the cluster is too big. Set a limit for the largest cluster and get a popup, a push notification to your phone, or both, when it is exceeded. Nothing is closed and nothing is sized; you decide.
Plan before you click. Two chart buttons test the chart symbol, long or short, against your open book and show what the cluster would become with that trade in it.
How it is calculated
Returns of closed bars on the timeframe you choose (default H1, last 240 bars, about two weeks), paired by timestamp, so markets with different trading hours only contribute the bars they share. Pairs with fewer than 30 shared returns show n/a instead of a number built on nothing. Recalculated every 30 seconds and on every trade event.
Where it fits
- One instance per account, on any chart. It reads positions and price history, nothing else: no orders, no DLLs, no web requests, no files.
- Any symbols with bar history on the chosen timeframe: indices, FX, metals, crypto.
- A correlation over two weeks is a snapshot. In a sell-off the correlations between indices move towards +1, exactly when it matters. It is a risk mirror, not a signal, and a negative number is not a guaranteed hedge.
- Panel colours adapt to light and dark charts; corner, offsets and font size are inputs.
Feature list
- Signed correlation matrix of all open positions
- Risk to the stop per position, in percent of equity or balance
- NO STOP marking for positions without a stop
- Largest cluster above a threshold, with its combined risk in the headline
- Cluster risk limit with popup and push alert
- Plan LONG and Plan SHORT buttons for the chart symbol
- Watchlist mode when flat and in the strategy tester
- Timeframe, bar count, minimum shared returns, threshold and refresh interval as inputs
- Recalculation on every trade event
- Panel corner, position, font size and colours as inputs
Quick start
- Attach PropCorrelation to one chart.
- Read the headline: ONE BET with the combined risk, or "the open positions are separate bets".
- Optional: set the cluster limit in percent and switch on the push notification.
Support and reviews
If a number looks wrong for your broker or symbol, write to me through the Comments tab or a direct message, and I will look at it. If the panel has stopped you from sizing one trade three times, a review on this page helps other traders find it. My other tools for prop firm accounts are PropGuardian (account protection), PropSizer (free lot calculator) and PropMirror (trade copier between your own accounts): all my products.
