Trading utilities for MetaTrader 4
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MetaTrader 4
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Overview
Currency Pair Correlation Matrix & Alerts Tool
Analyze correlations across major and minor currency pairs in real-time with Alerts for chosen amounts on positive and negative correlations coefficients
where the user can specify the Time Frame and the number of candles to analyze within the Time Frame
This adds an added layer flexibility when calculating the coefficients.
The time frames that you can select are below
| PERIOD_CURRENT | 0 | Current timeframe |
| PERIOD_M1 | 1 | 1 minute |
| PERIOD_M5 | 5 | 5 minutes |
| PERIOD_M15 | 15 | 15 minutes |
| PERIOD_M30 | 30 | 30 minutes |
| PERIOD_H1 | 60 | 1 hour |
| PERIOD_H4 | 240 | 4 hours |
| PERIOD_D1 | 1440 | 1 day |
| PERIOD_W1 | 10080 | 1 week |
| PERIOD_MN1 | 43200 | 1 month |
This advanced tool offers a comprehensive correlation matrix for up to 441 currency pair combinations, allowing traders to monitor and analyze correlations between various forex pairs. It’s designed to simplify the process of spotting correlations, with customizable alert thresholds and real-time updates based on your selected chart timeframe.
Key Features:
Correlation Matrix: View correlations between 21 major and minor currency pairs, displayed as a matrix of 441 combinations. Each pair’s correlation value (positive or negative) is calculated using a user-defined number of historical bars.
Customizable Alerts: Set your own thresholds for positive and negative correlation values (e.g., 0.9 or -0.9). The tool will automatically send alerts when your specified thresholds are met.
Real-Time Updates: The tool runs in real-time on the chart timeframe it’s applied to, providing updated correlation values and alerts on a per-candle basis.
Matrix Display Option: Optionally display the entire correlation matrix on your chart, or hide it for a cleaner interface while keeping alerts active.
Fail-Safe Mechanisms:
The tool ensures that the number of bars selected for analysis does not exceed the available bars on the chart.
Complete Control Over Timeframes: Analyze correlations over different timeframes, depending on the chart you're working with—be it hourly, daily, or any custom timeframe.
Accuracy with Pair Matching: Automatically sets identical currency pairs (e.g., AUDCAD vs. AUDCAD) to a correlation value of 1, ensuring accuracy across the entire matrix.
Currency Pairs Analyzed:
1. AUDCAD
2. AUDCHF
3. AUDJPY
4. AUDNZD
5. AUDUSD
6. CADCHF
7. CADJPY
8. CHFJPY
9. EURNZD
10. EURAUD
11. EURCAD
12. EURCHF
13. EURGBP
14. EURJPY
15. EURUSD
16. GBPAUD
17. GBPCAD
18. GBPCHF
19. GBPJPY
20. GBPUSD
21. NZDUSD
This tool is perfect for traders who want to analyze correlations in-depth and receive timely alerts when key positive or negative correlation thresholds are reached. Whether you're trading manually or using the insights to inform your automated strategies, this tool provides the necessary data in a simple and effective way.
