Correlation Power Meter Forex

Title: Correlation & Power Meter

Short description:
Pearson correlation matrix for up to 10 symbols plus a Currency Power Meter that ranks the 8 major currencies, side by side in one window.

Full description:

Correlation & Power Meter combines two analysis tables in a single indicator window.

Left table: Correlation Matrix
Shows the Pearson correlation coefficient between up to 10 symbols at once. Correlation measures how closely two symbols move together:

• Close to +1.00: they tend to move in the same direction
• Close to -1.00: they tend to move in opposite directions
• Close to 0: little or no relationship

Cells are color-coded for quick reading: green for strong positive correlation, red for strong negative correlation, gold for moderate, and dark gray for weak. By default, the matrix uses returns (price changes) rather than raw close prices, which avoids the inflated “false” correlation that shared trends can create. You can switch to close-price correlation if you prefer.

Right table: Currency Power Meter
Ranks the 8 major currencies (USD, EUR, GBP, JPY, AUD, CAD, CHF, NZD) from strongest to weakest, with the strongest always at the top. Strength is calculated from 28 currency pairs: for each currency, the indicator averages the percentage change of every pair it belongs to (positive when the currency is the base, negative when it is the quote). The table shows the rank, the currency, a 0–10 score, the average % change, and a strength bar.

Features

• Correlation matrix for up to 10 symbols (default: the 7 forex majors plus AUDJPY, CADJPY, GBPCAD)
• Leave any symbol slot empty and the table resizes automatically
• Currency Power Meter for 8 major currencies, sorted automatically from strongest to weakest
• Independent timeframe and lookback settings for the matrix and for the Power Meter
• Automatic detection of broker symbol names: prefixes and suffixes such as “m”, “.pro”, “#” are handled without editing the symbol list
• Adjustable strong/weak correlation thresholds
• Auto-refresh at a configurable interval
• Works on any chart and timeframe: calculations do not depend on the chart the indicator is attached to
• Hover over a symbol header to see the real broker symbol name

Inputs
Correlation matrix

• Symbol 1–10: symbols to include (leave empty to hide)
• Correlation timeframe
• Correlation window (bars)
• Use returns: true = correlation of returns (recommended), false = close prices
• Strong correlation threshold (default 0.70)
• Weak correlation threshold (default 0.30)

Currency Power Meter

• Show Currency Power Meter: on/off
• Power meter timeframe
• Power meter lookback (bars)

General

• Auto-detect broker symbol names
• Manual suffix override (optional)
• Refresh interval in seconds
• Font size

How to read the tables

• Correlation values show direction and consistency of movement, not the size of the move.
• The Power Meter score is relative: 5 is neutral, and the strongest or weakest currency on screen is scaled toward 10 or 0. To see the actual size of the move, use the “Chg %” column and the strength bar.
• Comparing a lower and a higher timeframe (for example H1 and H4) helps to confirm whether a relationship is stable.

Installation

1. Copy the .ex5 file to MQL5\Indicators (or install it from the Market).
2. Attach it to any chart from the Navigator.
3. Adjust the symbols and settings in the Inputs tab if needed.

Notes

• If a cell shows “n/a”, the symbol’s history has not loaded yet. Open that symbol’s chart on the same timeframe and wait a few seconds.
• The Power Meter adds the required symbols to Market Watch so their data can be read. If your broker does not offer some of the 28 pairs, the calculation uses the pairs that are available, and the table title shows how many were found.
• Symbol names written with separators inside (for example “EUR/USD” or “EUR_USD”) are not detected automatically.
• This indicator does not open or close trades and does not generate buy/sell signals. It is an analytical tool for assessing relationships between pairs and the relative strength of currencies. Trading involves risk, and past behavior does not guarantee future results.