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Simple Correlation Indicator System

  • #21
  • Jun 5, 2016 5:23am Jun 5, 2016 5:23am
Quoting babasemi
Yes i got the same error. It wasn't showing properly on the chart. Probably it is a broker issue. But will see when market opens. Cheers. {image}
Just checking you have made sure in the settings that Auto is set to true and all other currencies are set to false?

If that fails, then set Auto to false and then both the XAU and USD to true. Hope this works for now!
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  • #22
  • Edited 10:43am Jun 5, 2016 7:27am | Edited 10:43am
My questions are for understanding, not argument.
Please do not take them the wrong way.

At any point in time, the price is THE PRICE, regardless of the chart time period.
Mark the price at time t0, wait, then mark the price at time t1.
The difference in price from t0 to t1 will be the same regardless of chart time period.

Shouldn't the indicator show the same display regardless of time period?
Where is the flaw in the logic?

Thank you.

EDIT:

It appears as though the correlations would be the same regardless of chart time period IF the indicator started at the same time in its calculations.
The indicator give a false impression the correlations are different for different chart periods when, in reality, it is the start time that is different.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #23
  • Jun 5, 2016 9:44am Jun 5, 2016 9:44am
This post might be of interest to you: http://www.forexfactory.com/showthread.php?t=299520

Good Luck.
  • #24
  • Jun 5, 2016 10:14am Jun 5, 2016 10:14am
Quoting babasemi
Yes i got the same error. It wasn't showing properly on the chart. Probably it is a broker issue. But will see when market opens. Cheers. {image}
so far as i can see in your picture, your broker is using a different suffix (XAUUSD+)and maybe this is the reason that it doesn´t work properly.
(.)(.) think first ...
  • #25
  • Jun 5, 2016 10:23am Jun 5, 2016 10:23am
Quoting kirkleaforex
{quote} OK good luck with it then...maybe open a demo with Pepperstone if you are keen to try it out and it doesn't work with your broker for whatever reason? At least that way you will get the signals and indi displayed correctly and can trade from them with your Broker. Definitely worth demo'ing IMO. I have been trading for nearly 10 years with mixed success and have made about every mistake there is to make; battled the psychology demons and so on, but this indicator and method seems so damn clear to me, I just have to share it with people in...
Great Idea. I was also thinking about that. But I'll wait till tomorrow. Once again, thanks for the indicator and appreciate your desire to help others.
  • #26
  • Jun 5, 2016 10:57am Jun 5, 2016 10:57am
Quoting maximumguita
{quote} so far as i can see in your picture, your broker is using a different suffix (XAUUSD+)and maybe this is the reason that it doesnt work properly.
You're most probably correct. Do you know of way we can get around this? There is no setting for this, but maybe something can be done in the code. Thanks.
  • #27
  • Jun 5, 2016 11:05am Jun 5, 2016 11:05am
Quoting bhanugopal
{quote} You're most probably correct. Do you know of way we can get around this? There is no setting for this, but maybe something can be done in the code. Thanks.
i´m not a coder but you can try to open the indy in the meta editor (by just double click the indicators mq file) and change the name of all pairs to the right suffix or you ask here:

http://www.forexfactory.com/showthread.php?t=166758
(.)(.) think first ...
  • #28
  • Jun 5, 2016 2:41pm Jun 5, 2016 2:41pm
Quoting kirkleaforex
Not to try and confuse matters, as I like to keep this as simple as possible (for myself mainly!), but if I was to add another indicator for further confluence of direction then I like to look at the Synergy suite of indis, or "Synergy Pro"...available here on the Forex Factory Forum. When combined with the correl8 5M TF, it eliminates most of the noise of the 1 minute chart for a nice 25 pip profit as shown here at the end of Friday's trading session. Confluence here between the correl8 5M TF EUR crossing the 0 line (USD was already showing weakness,...



could you give the link to Synergy Pro indicators?
  • #29
  • Jun 5, 2016 3:41pm Jun 5, 2016 3:41pm
Quoting hadi_20
{quote} could you give the link to Synergy Pro indicators?
http://forexwinners.ru/forex/synergy-pro/
  • #30
  • Jun 5, 2016 5:37pm Jun 5, 2016 5:37pm
Have you tried this indicator with commodity currencies?
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  • #31
  • Jun 5, 2016 7:31pm Jun 5, 2016 7:31pm
Quoting aroxalot
Have you tried this indicator with commodity currencies?
Hi there, no the coding doesn't include commodity symbols. I am sure they could be coded in but I don't have any coding skills.

The currencies available are listed in the settings, i.e. AUD, CAD, CHF, EUR, GBP, JPY, NZD, USD and it offers the inclusion of XAU which I really enjoy trading so I glad this is included in there.
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  • #32
  • Jun 5, 2016 7:33pm Jun 5, 2016 7:33pm
Quoting maximumguita
{quote} im not a coder but you can try to open the indy in the meta editor (by just double click the indicators mq file) and change the name of all pairs to the right suffix or you ask here: http://www.forexfactory.com/showthread.php?t=166758
Just did that. Doesn't work on some brokers, I suppose. No change in live market either. On Pepperstone it works perfectly.
  • #33
  • Edited 7:54pm Jun 5, 2016 7:38pm | Edited 7:54pm
Have just noticed a bug which I need to bring to people's attention.

The currency pair that is displayed in the top left of the indicator display window seems to be showing all currencies other than the USD as the leading currency, i.e. for all those currencies where USD is the leading currency, (USDCHF, USDJPY etc) the display shows the USD ALWAYS as the secondary currency in the pair.

Example: JPYUSD is displayed rather than USDJPY.

This could lead to confusion for new traders to the market, especially as I have been suggesting to always trade in the direction of the leading pair.

When the leading pair should be USD but the indicator display shows the USD as the secondary pair, someone might place a trade in the opposite direction of the signal if they didn't already know how currency pairs are typically shown.

One way around this is to ALWAYS trade in the opposite direction of the GREEN (USD) line. As the USD line colour is always green, trade in the direction of the other coloured line to ensure you are trading in the direction the signal is indicating.

If anyone knows how to correct this in the coding, please let me know. Thanks.
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  • #34
  • Jun 5, 2016 8:13pm Jun 5, 2016 8:13pm
Just picked up around 40pips on XAUUSD trading off the 1Minute chart...see screenshot.

Traded the signal shown down to the Daily Open. Notice how sharply the currency lines diverge away from each other.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot2.png Size: 68 KB
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  • #35
  • Jun 5, 2016 8:38pm Jun 5, 2016 8:38pm
Quoting kirkleaforex
Have just noticed a bug which I need to bring to people's attention. The currency pair that is displayed in the top left of the indicator display window seems to be showing all currencies other than the USD as the leading currency, i.e. for all those currencies where USD is the leading currency, (USDCHF, USDJPY etc) the display shows the USD ALWAYS as the secondary currency in the pair. Example: JPYUSD is displayed rather than USDJPY. This could lead to confusion for new traders to the market, especially as I have been suggesting to always trade...
It is not a bug per se.
Switch to show all and it will display all of the currencies.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #36
  • Jun 5, 2016 8:47pm Jun 5, 2016 8:47pm
Quoting TooSlow
{quote} It is not a bug per se. Switch to show all and it will display all of the currencies.
Thanks for this clarification. I hadn't thought of trying this out to check...it obviously displays them in order.

With respect to your earlier question, I just don't know how to respond to be honest. All I know is that the indicators display differently on each TF, and I have taken countless trades on most TF's based on nothing but the signals, and I am have ended up mostly in profit from these trades.

I expect it is similar to taking trades on different TF's based on a MACD indicator or any other. The signals occur differently on each TF - I expect that is how the indicator has been coded, but not being a coder I just don't know how it actually works "under the hood".

Or perhaps I am not following your original question well enough to reply correctly?
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  • #37
  • Jun 5, 2016 8:53pm Jun 5, 2016 8:53pm
Quoting kirkleaforex
{quote} Or perhaps I am not following your original question well enough to reply correctly?
My question is one of logic and technical.
Probably out of place in your thread.
My apologies to you.
My Threads: Trading is as simple as 1-2-3, Highest Open / Lowest Open Trade
  • #38
  • Edited 10:13pm Jun 5, 2016 9:02pm | Edited 10:13pm
Live trade in progress. 5M chart showed a decisive divergence just as a 5M candle closed after breaking through Daily Open line.

SELL XAUUSD 0.1 lots, SL 1243.70 (recent high) and TP 1240.00 just above next Pivot Point (which is showing as Monthly Pivot at 1239.60).

Have posted additional indicators that I used for this decision.

UPDATE: Moved SL to BE.
Attached Image (click to enlarge)
Click to Enlarge Name: Screenshot1.png Size: 46 KB
Attached File(s)
File Type: mq4 Auto Pivot.mq4   15 KB | 881 downloads
File Type: ex4 Daily Open Line.ex4   8 KB | 916 downloads
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  • #39
  • Jun 5, 2016 11:12pm Jun 5, 2016 11:12pm
Quoting kirkleaforex
{quote} Hi there, no the coding doesn't include commodity symbols. I am sure they could be coded in but I don't have any coding skills. The currencies available are listed in the settings, i.e. AUD, CAD, CHF, EUR, GBP, JPY, NZD, USD and it offers the inclusion of XAU which I really enjoy trading so I glad this is included in there.
Ahh when I say commodity currencies I mean currencies that are from countries vvery dependent on commodities for their exports. CAD AUD NZD are all commodity currencies.
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  • #40
  • Jun 5, 2016 11:32pm Jun 5, 2016 11:32pm
Quoting aroxalot
{quote} Ahh when I say commodity currencies I mean currencies that are from countries vvery dependent on commodities for their exports. CAD AUD NZD are all commodity currencies.
Thanks for the update...it's obvious that I don't come from a financial background, huh!? Even though I have been trading almost a decade, I rarely venture out of my comfort zone - I like to keep things simple - brain can't handle anything more complicated!

But yes, I have tried it on AUDUSD with success on the longer term TF's, 4H, D1 and W1. Haven't attempted it with NZDUSD or USDCAD at all.
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