Another Symbol Daily
AnotherSymbol displays the relative movement of another symbol on the current chart as candlesticks, High/Low or Close lines. The plotted chart is aligned to the selected Moving Average and scaled by the standard deviation. When sing this data representation the trader should focus not on the absolute values, but on the behavior of the price relative to the Bollinger bands. Another Symbol provides additional opportunities in the pair strategies and cross rates trading.
This is the demo version of the indicator meant only for D1 timeframe and higher.
Full version of the "AnotherSymbol" indicator is also available: https://www.mql5.com/en/market/product/14872
- SYMBOL - name of the symbol to display on the current chart;
- period, applied price, method - parameters of the Moving Average selected as the base line;
- mirror - mirror display. Useful if the instruments are anticorrelated.
For the convenience of the trader and to "unload" the chart, it is possible to enable/disable different components of the indicator:
- candles - draw candles;
- high/low lines - draw envelopes by high/low;
- close line - draw line by the close value;
- basis line - draw basis line. The line will be painted according to the increase/decrease of the similar SYMBOL line;
- scale lines - draw scale lines (Bollinger bands). The lines will be painted according to the increase/decrease of the similar SYMBOL line.
Other parameters allows you to set the color scheme of the indicator.