The IzaCorr Indicator
The IzaCorr indicator (for Correlation) has been developed as traders assistant. It is common knowledge that every currency has its allies and at least one opponent. If you place charts of allies on the trading currency chart, you will get a real complex image of the market situation. If you place an inversed opponent currency chart on the trading currency chart, you could compare and assess current potential weakness/strength and divergence of one of currencies on the chart.
The IzaCorr indicator can be used both as a separate indicator which assists in making trading decisions and as an essential enhancement of the trading system.
Display of calculated data for recommended position volume inclusive of the deposit and stop loss size, as well as spread size indication are also useful features of the EA.
Simultaneous application of up to 7 instruments on the chart is provided in the IzaCorr indicator.
The indicator can be tested in the Strategy Tester, which was impossible for the MT4 version (https://www.mql5.com/en/market/product/5666). This is another evidence proving the distinct advantages of MetaTrader 5.
- MA period — number of bars used for calculation of the indicator. Appropriate value is 1, but you can set any value if necessary;
- MA method — recommended value is Simple, but if desired you can use standard values of the standard Moving Averages indicator;
- Apply to — recommended value is Close price, but if desired you can use standard values of the standard Moving Averages indicator;
- Shift — starting point at the given number of bars ago;
- ResetSettings — automatic chart refresh based on the number of bars;
- Instrument 1..7 — instrument or currency pair to be applied on the existing chart. The name of an instrument or a currency pair should correspond to names in the list of symbols in the Market Watch tab;
- Instrument 1..7. Coefficient for small TF — timeframe coefficient is lower or equal to H1; when 0.0 is set, the EA automatically selects the most suitable coefficient subject to the current price of an instrument/currency pair;
- Instrument 1..7. Coefficient for large TF — timeframe coefficient is higher than H1; when 0.0 is set, the EA automatically selects the most suitable coefficient subject to the current price of an instrument/currency pair;
- Instrument 1..7. Inversion — Inversion of the indicator's values for the applied instrument/currency pair. For example, we add lines of USD/CAD on the opened AUD/USD chart. If we set True for the Inversion variable, we will get lines made for CAD/USD;
Section of IzaLots variables is used for calculation and display of trading currency recommended volume size subject to preferred deposit load of every deal and usual Stop Loss size.