Correlation Matrix Dashboard - indicatore per MetaTrader 5

Correlation Matrix Dashboard

The idea behind it

Running three or four "different" pairs at once feels like diversification until you check whether they actually move independently. EURUSD and GBPUSD drift together more often than not, and gold has a habit of syncing up with risk-off FX moves exactly when you'd least expect it. Correlation Matrix Dashboard puts a live cross-pair correlation grid straight on the chart so that question has an answer at a glance, instead of a guess based on how the day "felt."

Each cell is the rolling Pearson correlation coefficient between two symbols in your basket, computed from closed-bar returns over a fixed lookback window. The matrix recalculates once per new bar — not on every tick — so it stays cheap to run and doesn't fight the terminal for CPU on a busy multi-chart setup.

How to interpret it

• Each row and column header is a symbol from your basket, in the order you listed them.
• Each off-diagonal cell holds the correlation coefficient (–1.00 to 1.00) between that row's symbol and that column's symbol over the lookback window.
• The diagonal is always "--" — a symbol against itself is a trivial 1.00 and adds nothing.
• Cell shading grades from gray (near zero, no real relationship) toward green as the pair moves together, and toward red as it moves inversely — the color is a faster read than the number alone.
• The grid is symmetric (row/column swapped gives the same value), which is expected — it's a visual confirmation the math is behaving, not a bug to fix.
• With alerts on, a crossing of your threshold prints to the Experts log and fires a terminal Alert() once, then re-arms only after the pair drops a defined margin back below the threshold — so a reading sitting right on the line doesn't spam you every bar.

External variables (inputs)

Recommended use

• Works on any symbol combination the broker exposes — FX, metals, crypto CFDs, indices — as long as each name resolves via Market Watch.
• Daily or H4 bars give the most stable, meaningful correlation reading; M1/M5 will be noisy and will flip sign more than the underlying relationship actually does.
• Pure visualization — it places no orders and holds no position, so it carries none of its own margin or stop-out risk and runs the same on any account type.
• A basket larger than six or seven symbols gets visually cramped fast — the grid scales as the square of the basket size, so widen InpCellSize or split into two charts rather than one giant matrix.
• Correlation computed from returns, not raw price, so it reads relationship-of-movement, not relative price level — two symbols at very different price scales still compare correctly.

Fig. 1. Correlation Matrix Dashboard panel on an EURUSD chart (shown in black & white per Code Base image guidelines; on a live chart the grid is color-graded red-to-green).