The dashboard helps to get a quick overview of the correlations of different underlyings to each other. For this, the value series are compared according to the Pearson method. The result is the value of the correlation (in percent).
There are different methods for the correlation. In the so-called carry trade, an underlying is bought. A highly negatively correlated pair is sold. The respective swaps play an essential role in this method.
Another method is to hedge positions. A position should be hedged by buying or selling a correlated pair.
Display of the indicator
The calculated values of the correlation are displayed in the matrix. Values from -100% (absolutely negative correlation) to 100% (absolutely positive correlation) can be displayed.
If a (!) Is displayed after the value, the number of bars is smaller than the set number of periods.
If there are less than three bars for the underlying, no correlation is calculated. Then an "X" is displayed.
A list of underlyings separated by commas. Please note that all selected UL are also marked as active in MT4. Otherwise, the Dashboard will not return values for this UL.
(11) use chart timeframe for calculation
If set to true here, the timeframe of the chart is used for the calculation. This setting is suitable for quick switching between the timeframes.
(12) choose actual correlation time period (option 11 false)
If false was set for "use chart timeframe", a timeframe can be specified here. This does not change if you change the chart timeframe.
(13) counting periods
Here you set how many periods of the respective timeframe are used for the calculation.
(14) coloring field greater than x
Set here the threshold from which a positively correlated pair is marked with a color.
(15) coloring field at less than x
Set here the threshold from which a negatively correlated pair is marked with a color.
(21-28) Fonts and colors (appearance)
Configure the dashboard the way you want it to be and how it fits on the screen.
(29) vertical offset
Move the dashboard vertically to another position
(30) horizontal offset
Move the dashboard horizontally to another position
Note: This indicator can not be used in the Strategy Tester. So the demo version here from the market does not work. Please use the free version of the indicator for testing: https://www.mql5.com/de/market/product/33914