Netsrac Correlation Trade Indicator Free
Netsrac Correlation Trade Indicator (NCTI) is a very powerful tool to trade positive and negative correlated currency pairs and a perfect addition to the Netsrac Correlation Trader (NCT).
NCTI can do the following things:
- Shows the correlation between two assets
- Shows the value of -disbalance- between these assets
- Gives an alert, if configured thresholds for -disbalance- are broken
- Gives you a suggestion for trade directions
- Can be used to calibrate the NCT-EA
You can use the indicator with every timeframe. Higher timeframes give fewer but better signals.
If you have some questions or suggestions - please feel free to contact me. To better understand the principle behind the indicator, please read the blog entry at https://www.mql5.com/en/blogs/post/726798. While this blog refers to my Correlation Trader EA, the principle is of course the same.
This is the free version of the NCT
Indicator. It can be used with NZDCHF or AUDNZD as second asset only!
For NZDCHF you can use the following correlated assets: AUDJPY, AUDUSD, CADJPY, EURJPY, GBPCHF, NZDCAD (all positive) and EURNZD (negative)
If you want to have a overview to all correlations, look at my Correlation Dashboard.
How to use the indicator (Short explainer)
1. Search for correlated pairs (you can do that easily with my Correlation
Dashboard or with some Internet correlation tools (eg myFXbook) - see some examples for correlations below
2. Install the indicator on the chart of the first correlated pair
3. Add the second correlated pair in the options of the indicator (Option "2nd Symbol to calculate correlation ...")
4. Configure Alerts
5. Wait for signals from the indicator - if the indicator suggest a trade, look for good entrys and do the trade ...
Examples for positive correlated pairs: AUDCAD-AUDJPY, AUDJPY-EURJPY, GBPCAD-GBPJPY, NZDCAD-NZDJPY, XAUUSD-XAGUSD [for use with the free
version: AUDJPY-NZDCHF, NZDCAD-NZDCHF]
Examples for negative correlated pairs: AUDJPY-EURAUD, EURGBP-GBPJPY, EURNZD-NZDUSD [for use with the free version: EURNZD-NZDCHF]