- The indicator is developed for currency traders that use multicurrency market analysis; it allows reacting quickly to trend changes;
- Works on all timeframes;
- Doesn't redraw history values;
- Works with all markets and instruments due to using normalization methods.
The main purpose of the indicator is to simplify multi-currency analysis based on a large number of different charts, and to displaying several correlated instruments in a convenient manner and on one chart.
Of all the possible instruments (20), the indicator selects instruments that correlate best with the current chart symbol using a correlation coefficient. Then, after the last breaking point, it draws dynamics of correlated symbols as three beams of different colors.
The indicator operates in the tick mode.
It draws a trend pattern (a red line) of the symbol that a trader wants to trade. Further, 4 beams are drawn from the last discrete point (breakpoint) :
- The red beam is a beam of the traded instrument. He is always drawn horizontally until the next breakpoint is formed.
- The orange beam is the best correlated symbol.
- The golden beam is a symbol with the correlation coefficient less than "orange".
- The white beam is a symbol with the correlation coefficient less than "golden".
- LengthSample, bars - the length of historical data in bars.
- Threshold, pips - the pattern dynamics (threshold) in points.
- The correlation coefficient is taken modulo. I.e. it selects charts both with a positive correlation coefficient and with a negative one.
- Symbols analyzed: EURUSD, GBPUSD, EURGBP, EURAUD, EURJPY, EURCAD, USDCHF, EURNZD, AUDUSD, USDJPY, NZDUSD, GBPJPY, GBPAUD, GBPCHF, GBPCAD, GBPNZD, AUDJPY, AUDCAD, AUDNZD, NZDJPY, CADJPY.
- Improved algorithm for modeling trends.