Correlation Statistics Pro
A 3-Indicators in one solution, providing a set of tools to explore correlations between instruments, each indicator can be displayed on its own sub-window.
- The Correlation Over Time (COT) indicator, shows you the change of correlation over time.
Moreover it displays the historical correlation tendency of two instruments, as a clear threshold line, so you can take advantage of even unorthodox changes on correlation.
- The Percentages Panel.
An improvement over the free version, it runs as an indicator and displays the correlation percentage between the chart instrument and either all of the instruments or only theones you have selected on your "Market Watch". It can hide correlations below or above a certain threshold, and each percentage changes color and size, so you can spot correlation opportunities.
- The Secondary Chart (SC).
Last but not least, you now have the ability to open other instruments on the same window to be displayed as candlestick chart indicators.
You actually get 3 separate indicators, on one file. You control which type of indicator you want to see using the indicators properties (Indicator Type).
- CompareTo: (COT, or SC) Type the name of the instrument you want to see a correlation through time graph, or chart.
- IndicatorType: Which Indicator you want to display.
- StrongCorrelationThreshold: (COT, or Panel) The percentage that defines what a strong correlation is.
- Periods: (COT, or Panel) How far back should the indicator look for calculating the correlation.
- HistoricalThresholdPeriods: (COT only) This feature could be useful on certain instruments for short term traders, where they want to test if there are historical correlations repeated through time. The statistical threshold is calculated based on the periods you enter and is displayed as a red dashed line and represents the tendency of an instrument to hover around a correlation percentage area.
- PanelDisplayedInstuments: (Panel Only) Display all correlations or just the ones either above or below the threshold.
- PanelInstrumentsVisibility : (Panel Only) Show either the Market Watch symbols or all of the available symbols on your terminal.
Dear traders, I hope you will enjoy this 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