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AFX Correlation Plus

The "AFX Correlation Plus" provides a set of necessary Indicators to explore correlation (Positive or Negative) between two or more instruments based on one or multi indicators.

Indicators that is available in this version: (Will be added in later updates)

  1. Moving Average
  2. MACD
  3. Parabolic SAR
  4. ADX
  5. CCI
  6. RSI
  7. RVI
  8. Momentum
  9. Stochastic


Input Parameters

  • Symbols - The Pairs to analyse their correlations. Separate with comma ( , ).
  • Correlations - Type 1 for positive and -1 for negative correlation in order to above symbols. Separate with comma ( , ).
  • noncolor - Not UP / Not DOWN
  • sellcolor - DOWN
  • buycolor - UP
  • _Bars - The number of bars to show
  • UseMA - ON/OFF Correlation based on Moving average
  • UseMACD - ON/OFF Correlation based on MACD
  • UsePSAR - ON/OFF Correlation based on Parabolic SAR
  • UseADX - ON/OFF Correlation based on ADX
  • UseCCI - ON/OFF Correlation based on CCI
  • UseRSI - ON/OFF Correlation based on RSI
  • UseRVI - ON/OFF Correlation based on RVI
  • UseMomentum - ON/OFF Correlation based on Momentum
  • UseSTOCH - ON/OFF Correlation based on Stochastic

Read following details carefully, please.


HOW it works:

---Some examples---

Example No. 1: -- Screenshot is available below

You want to set the “AFX Correlation PLUS” to explore positive correlations between EURUSD and GBPUSD based on Exponential Moving Average (x).

So,

  • Set the "Symbols = EURUSD,GBPUSD"
  • Set the "Correlations = 1,1"
  • Set the "UseMA = true"
  • Specify the Moving Average Settings.
  • And Set the other Options to false.

Then,

IF EURUSD > MA(x) and GBPUSD > MA(x) ====> BLUE BAR

Means, whenever both of pairs go upper the MA, the histogram bar, shows the blue bar and is fixed after the close of candle/bar.

IF EURUSD < MA(x) and GBPUSD < MA(x) ====> RED BAR

Means, whenever both of pairs go lower the MA, the histogram bar, shows the red bar and is fixed after the close of candle/bar.

Finally, if none of the above conditions are established, the histogram bar, shows the white bar and is fixed after the close of candle/bar.


Example No. 2: -- Screenshot is available below

You want to set the "AFX Correlation PLUS" to explore negative correlations between EURUSD and GBPUSD based on Exponential Moving Average (x).

So,

  • Set the "Symbols = EURUSD,GBPUSD"
  • Set the "Correlations = 1,-1"
  • Set the "UseMA = true"
  • Specify the Moving Average Settings.
  • And Set the other Options to false.

Then,

IF EURUSD > MA(x) and GBPUSD < MA(x) ====> BLUE BAR

Means, whenever EURUSD goes upper the MA and GBPUSD goes lower the MA, the histogram bar, shows the blue bar and is fixed after the close of candle/bar.

IF EURUSD < MA(x) and GBPUSD > MA(x) ====> RED BAR

Means. whenever EURUSD goes lower the MA and GBPUSD goes upper the MA, the histogram bar, shows the red bar and is fixed after the close of candle/bar.

If none of the above conditions are established, the histogram bar, shows the white bar and is fixed after the close of candle/bar.


Example No. 3: -- Screenshot is available below

You want to set the “AFX Correlation PLUS” to explore positive correlations between EURUSD and EURJPY and negative correlation with USDCHF on Exponential Moving Average (x) and MACD.

So,

  • Set the "Symbols = EURUSD,EURJPY,USDCHF"
  • Set the "Correlations = 1,1,-1"
  • Set the "UseMA = true"
  • And specify the Moving Average Settings.
  • Set the "UseMACD = true"
  • Specify the MACD Settings.
  • And Set the other Options to false.

Then,

IF EURUSD > MA(x) and MACD > 0 and EURJPY > MA(x) and MACD > 0 and USDCHF < MA(x) and MACD < 0 ====> BLUE BAR

Means, whenever EURUSD and EURJPY go upper the MA and their MACD go upper zero level and USDCHF goes lower the MA and it’s MACD goes lower zero level, the histogram bar, shows the blue bar and is fixed after the close of candle/bar.

IF EURUSD < MA(x) and MACD < 0 and EURJPY < MA(x) and MACD < 0 and USDCHF > MA(x) and MACD > 0 ====> Red BAR

whenever EURUSD and EURJPY go lower the MA and their MACD go lower zero level and USDCHF goes upper the MA and it’s MACD goes upper zero level, the histogram bar, shows the red bar and is fixed after the close of candle/bar.

If none of the above conditions are established, the histogram bar, shows the white bar and is fixed after the close of candle/bar.

Dear traders, I hope you enjoy this indicator and find it useful. If you need any help or have any constructive comments, please send me a message.

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