Two Periods Price Correlation MT5
The indicator displays mutual arrangement of two price data periods of the chart's currency pair (7 standard price types are available). Correlation is calculated "by Spearman" or "by Pearson". Places, where indicator's lines are crossed above the specified level (probable trade entry), are indicated by arrows which can be repeated on the price chart.
When located on the price chart, the arrow is moved one bar forward, is fixed and appears on a new bar opening to avoid data redrawing (at that, located in the footer, the arrow is fixed only after closing the current bar). There is also the second level of tracking correlations crossing (indicated by special symbol) for probable trade exit. It can be repeated on the price chart similarly to opening arrows.
There are 4 standard methods of smoothing (which can be disabled) to filter market noises.
- FirstCorrelationMode — mode of calculating price correlation (first line);
- FirstPeriod — first period of the first line calculation;
- FirstPrice — applied price for the first line;
- FirstSmoothingPeriod — first line smoothing period (set to 1 to disable smoothing);
- FirstSmoothingMethod — first line smoothing method;
- SecondCorrelationMode — mode of calculating price correlation (second line);
- SecondPeriod — first period of the second line calculation;
- SecondPrice — applied price for the second line;
- SecondSmoothingPeriod — second line smoothing period (set to 1 to disable smoothing);
- SecondSmoothingMethod — second line smoothing method;
- LevelOpen — value of crossing level for trade opening;
- ArrowOpenBuyCode — arrow code for buy trade opening;
- ArrowOpenSellCode — arrow code for sell trade opening;
- LevelClose — value of crossing level for trade closing;
- ArrowCloseBuyCode — arrow code for buy trade closing;
- ArrowCloseSellCode — arrow code for sell trade closing;
- ShowOpenArrowsOnChart — enable/disable repetition of arrows on the price chart for trade entry;
- ShowCloseArrowsOnChart — enable/disable repetition of arrows on the price chart for trade exit;
- ChartArrowsSize — size of arrows on the price chart.