FWS Pair Correlation Rolling Heatmap

🔗 FWS Pair Correlation - Rolling Heatmap & Duplicate-Risk Detector

Stop doubling up on correlated trades. See which pairs really move together.

Pair Correlation computes a rolling Pearson correlation matrix across your watchlist of FX pairs, indices, gold, and crypto - so you can instantly spot pairs moving in lockstep (duplicate risk) and pairs that hedge each other (negative correlation). Compact on-chart panel anchored to your chart symbol, plus a stunning full N×N heatmap in the browser dashboard.

Part of the Forex Weather Station suite.

🧠 Why You Need This

Many traders unknowingly take the same bet twice. Long EURUSD + long GBPUSD isn't a diversified position - it's double exposure to USD weakness. When the correlation between two pairs spikes above +0.70, opening trades in the same direction just doubles your risk without doubling your edge. Pair Correlation flags those situations before you click Buy.

📊 What It Shows

• Anchor pair - Defaults to your current chart symbol; updates automatically when you switch charts
• Sorted correlation list - All pairs in your watchlist ranked by absolute correlation against the anchor
• Bidirectional bars - Centered on zero; positive correlation fills right, negative fills left
• Threshold ticks - Faint vertical marks at ±0.70 so you can see at a glance which pairs cross the danger line
• Status labels - STRONG+, MOD+, WEAK+, NEUTRAL, WEAK-, MOD-, STRONG-
• Duplicate-risk warning card - Counts strong-positive and strong-negative pairs vs the anchor
• Color-coded - Green strong positive, soft green moderate, amber neutral, soft red moderate, red strong negative

🌐 Stunning HTML Web Dashboard

Click "Open Heatmap Dashboard" for a full-screen browser dashboard featuring:

• Full N×N heatmap matrix - Every pair vs every other pair, opacity-graded by correlation strength
• Anchor correlation grid - Two-column sorted list with bidirectional bars
• Stats cards - Anchor symbol, pairs tracked, strong-positive count, strong-negative count
• Glassmorphism dark theme matching the Forex Weather Station design
• LIVE connection - updates every 5 seconds from MT5 data
• Bookmark the URL once, access with one click forever

🧮 The Math

Pair Correlation uses standard Pearson correlation on log returns:

r_i = ln(C_i / C_{i-1}) ρ(X,Y) = Σ((x - μx)(y - μy)) / sqrt(Σ(x - μx)² · Σ(y - μy)²)

Log returns are the right choice for correlated price series - they're stationary, scale- invariant, and produce comparable values whether you're correlating EURUSD against XAUUSD or USDJPY against BTCUSD. Sample window is configurable (default 50 bars).

⚙️ Fully Configurable Pair Universe

Unlike most correlation indicators, Pair Correlation lets you set your exact watchlist via a single comma-separated input:

InpPairList = "EURUSD,GBPUSD,USDJPY,USDCHF,AUDUSD,USDCAD,NZDUSD,
                EURJPY,GBPJPY,EURGBP,AUDJPY,EURAUD,XAUUSD,BTCUSD"

Drop in NAS100, US500, ETHUSD, EURUSDm, or any broker-specific symbol. Missing symbols are silently skipped - no errors, no nags. The default list covers 14 popular FX/cross/CFD symbols and works on virtually every broker out of the box.

✨ Key Features

• Up to 20 pairs - 14 default majors + crosses + gold + bitcoin (extendable to your liking)
• Pearson on log returns - Mathematically correct for price-series correlation
• 5 selectable timeframes - M5, M15, H1, H4, D1
• Configurable lookback - 20, 50, 100, 200 bars (or any value)
• Configurable strong/moderate thresholds - Default 0.70 / 0.40
• Auto-anchor mode - Anchor follows the chart symbol; switch charts and the panel re-anchors
• Custom anchor mode - Pin the anchor to a specific pair regardless of chart
• Symbol suffix support - Works on brokers using ".raw", "m", etc.
• Silent missing-symbol handling - Pairs not on your broker are quietly skipped (no log spam)
• Duplicate-risk warning - Instant visual flag when you have correlated positions
• Draggable panel - Click the border and drag anywhere on your chart
• Minimise button - Collapse to a compact title bar with [-]
• Fully customisable colours
• JSON data bridge - Full matrix exported every 5 seconds for integration
• No DLL required - Pure MQL5, marketplace-compliant
• No external API - All calculations from MT5 data

📋 Input Parameters

📦 What's Included

1. MQL5 Indicator - Compact 380px on-chart panel with sorted correlation list, threshold ticks, duplicate-risk warning
2. HTML Web Dashboard - Auto-generated to MQL5/Files/FWS/correlation.html with full N×N heatmap
3. JSON Data Bridge - Anchor row + full matrix written every 5 seconds for external integration

🔧 Quick Start

1. Attach the indicator to any chart (any symbol, any timeframe)
2. The panel anchors to your chart's symbol and ranks all watchlist pairs by correlation
3. Click "Open Heatmap Dashboard" for the full N×N browser view
4. Bookmark the URL for instant one-click access in the future
5. Switch your chart to a different pair - the panel re-anchors automatically
6. If your broker uses a suffix (e.g. EURUSD.raw), set InpSymbolSuffix
7. Add or remove pairs by editing InpPairList (comma-separated, no spaces needed)

🔌 Part of the Forex Weather Station Suite

Module 5 of the Forex Weather Station - a suite of 7 specialised trading tools that each work standalone or combine into a unified premium dashboard:

Each module writes data to a shared JSON bridge. The premium Weather Station bundle combines everything into one stunning real-time dashboard.

⚠️ Requirements

• MetaTrader 5 (build 3000+)
• FX pairs in your watchlist available on your broker (missing symbols are silently skipped)
• Web dashboard requires a modern browser (Chrome, Edge, Firefox)
• No DLL imports required
• No external API or API key required

💡 Tips

• Use H1 for day trading, H4/D1 for swing trading. Lower timeframes correlate noisier; higher timeframes reveal structural relationships.
• Anchor follows your chart - Just switch to USDCHF and the panel instantly shows USDCHF's correlations. No re-attaching needed.
• Watch the threshold ticks - The faint vertical marks at ±0.70 help you spot pairs crossing the duplicate-risk line at a glance.
• Negative correlation = hedge - A pair with -0.85 correlation moves opposite to your anchor. Useful for hedging or pairs trading.
• Add CFDs to the watchlist - Drop NAS100, US500, US30, GER40, ETHUSD, etc. into InpPairList . Correlation works on any tradable symbol.
• 50-bar default is a sweet spot - long enough to be statistically meaningful, short enough to react to regime changes. Increase to 100/200 for more stable values.
• The JSON file at Files/FWS/correlation.json contains the full matrix - your EAs can read it to filter trade signals based on portfolio correlation.

By Trading Edge - tradingedge.online