Daily Correlated Pairs
The popular saying in forex "The Trend is your friend" has always stood the test of time because it is valid statement for every generation of traders and in every market. Most successful traders do not fight against the trend but lend to flow with it.
Sometimes finding the best pair to trade can be a daunting task even when you have a good strategy . Some strategies works well with trending markets and some don't . So the question is how can you easily spot trending pairs without any hassle.
Daily Correlated Pairs is an indicator with many uses for a trader with the right discretion but we are just going highlight on a few uses here.
The indicator scans all pairs that carries one of the symbol of the current chart pair and show their strength and weakness in relation to each other so that you can make the right and informed pick when trading that pair or its correlated pairs.
The indicator in a sense lays out the correlation between different pairs in one dashboard view.
To make this indicator , we added an ADX filter to the dashboard . ADX has always been used by many professional forex traders to define a trending and non-trending market . When ever the ADX arrow appears , it means the ADX is trending and when ever it doesn't it means the market might be in a range.