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Correlation Statistics offers a fast and accurate way of monitoring price correlations between instruments, live!
Just drop it on a chart and the analyzer will present you with a panel displaying the correlations between the instrument you placed it upon and either your selection of instruments on your "Market Watch" tab, or ALL of the instruments offered by your broker on your terminal.
Correlation Statistics runs as an EA. You will find it under Expert Advisors named PSCorrelationStatistics.
This analyzer has been optimized for speed, and is very light on resources.
Strong correlations appear larger and they are colored either Green for positive ones, or Red for negative ones. The stronger correlations are, the larger they appear.
Weak correlations appear smaller and gray.
- ShowOnlyMarketWatchSymbols=True (True: Show Only your selection of symbols, False: Show ALL of the instruments offered by your broker).
- StrongCorrelationAbove=80 (the threshold that marks what constitutes a strong or weak correlation. Correlations greater or equal to this threshold are colored either Green for positive or Red for negative ones).
- Periods=20 (the number of periods you want to base the coefficient calculations on).
- Shift=0 (how many bars back you want to go in order to ignore recent developments if you are working on lower timeframes).
- UpdateEveryXNumOfSecs=5 (since ticks are randomly updating the indicator every number of seconds, the parameter not only increases its performance, but it also helps to remove any noise and synchronize price movements by taking timed snapshot).
I hope you will enjoy this FREE indicator and find it useful. If you need any help or have any constructive comments for its improvement, please do send me a message on my profile page: https://www.mql5.com/en/users/fxcoder