The Currency Pairs Correlation Indicator is an advanced MT5 analysis tool that measures the correlation between various currency pairs and the active symbol on your chart. By tracking pair behavior simultaneously, it helps traders avoid taking trades that move in opposite directions.
You can download it from this link:
https://cdn.tradingfinder.com/file/5...5-by-tflab.zip
You can also access the MetaTrader 4 version of this Indicator through this page:
https://www.metalsmine.com/thread/13...r-metatrader-4
For instructions on how to install:
https://www.forexfactory.com/thread/...-in-metatrader
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How the Indicator Works
Once applied, the indicator compares the selected currency pairs in its settings with the current symbol.
Correlation values are displayed on the chart in two timeframes: H1 and Daily, giving traders both short-term and long-term correlation insights.
Indicator Specifications
Category: Trading Assist MT5 Indicators
Platform: MetaTrader 5
Skill Level: Elementary
Type: Reversal Indicator, Multi-Timeframe
Trading Styles: Swing Trading, Scalping, Day Trading
Markets: Forex, Crypto, Commodities, Stocks, Indices, Shares
Quick Overview
The default Correlation Limit is set to 70:
You can download it from this link:https://cdn.tradingfinder.com/file/5...5-by-tflab.zip
You can also access the MetaTrader 4 version of this Indicator through this page:https://www.metalsmine.com/thread/13...r-metatrader-4
For instructions on how to install:https://www.forexfactory.com/thread/...-in-metatrader
Inserted Video
Prop Firm DrawDown Protector : Prop Firm Capital Protection Expert MT5 |Forex Money Management: Forex Trade Management Expert MT5 | ICT Concepts Indicator MT5 |Smart Money Concepts Expert MT5 | Smart Money Trap Scanner | Get a free Expert Advisor license via Telegram and WhatsApp
How the Indicator Works
Once applied, the indicator compares the selected currency pairs in its settings with the current symbol.
Correlation values are displayed on the chart in two timeframes: H1 and Daily, giving traders both short-term and long-term correlation insights.
Indicator Specifications
Category: Trading Assist MT5 Indicators
Platform: MetaTrader 5
Skill Level: Elementary
Type: Reversal Indicator, Multi-Timeframe
Trading Styles: Swing Trading, Scalping, Day Trading
Markets: Forex, Crypto, Commodities, Stocks, Indices, Shares
Quick Overview
The default Correlation Limit is set to 70:
- Correlation above 70 → red (high correlation)
- Correlation below 70 → green (low correlation)
Strong correlations suggest similar movement. Opening multiple positions on highly correlated pairs may increase your overall risk.
Settings Breakdown
- PairList1: First list of pairs for comparison
- PairList2: Second list of pairs
- PairList3: Third list of pairs
- Length_Calculation: Number of candles used for analysis
- Calculation_Interval: Frequency of new calculations
- Correlation_Limit: Sensitivity level for identifying strong correlations
These options allow full customization based on your trading strategy.
Conclusion
While the Currency Pairs Correlation Indicator does not deliver buy or sell signals, it is a powerful analytical tool for understanding market relationships, avoiding duplicate risk, and improving decision-making.
You can also check the online currency correlation tool available on the Trading Finder website for quick correlation analysis.
