Pearson Correlation Indicator
Info
The Pearson Correlation Indicator is a Indicator for MetaTrader 5 that the pearson correlation indicator displays the correlation between symbols, offering a valuable tool for traders to analyze market relationships. Input Parameters:Symbol- Name of the second symbol used for correlation calculation.
Usage
This tool is typically used for enhancing chart analysis and decision making.
Platform
This Indicator works exclusively on MetaTrader 5 (both build 600+ and newer versions).
Setup
Place the downloaded file in MQL5/Indicators folder via File ? Open Data Folder in MetaTrader 5.
How to Install and Use Pearson Correlation Indicator
1. Installation: Place your file in the MQL/Indicators folder via "Open Data Folder" and restart your terminal.
2. Loading: Find the indicator in the Navigator, drag it onto your chart, and configure the input parameters in the popup window.
3. Customization: Press Ctrl+I to open the indicator list, select your tool, and click "Properties" to change colors, levels, or visual styles.
4. Updating: Replace the old file in the Indicators folder with the new version and restart the platform to apply changes.
Frequently Asked Questions
Q: Why is my indicator not showing? A: Verify the file is in the MQL/Indicators folder, or try right-clicking the "Indicators" tree in the Navigator and clicking "Refresh."
Q: Do custom indicators slow down the platform? A: Too many complex indicators can impact performance; remove unused ones via the "Indicator List" (Ctrl+I).
Q: Can I use MT4 indicators on MT5? A: No, MQL4 and MQL5 are distinct languages; ensure the indicator is compiled specifically for your platform version.
What this tool does
The Pearson Correlation Indicator displays the correlation between symbols, offering a valuable tool for traders to analyze market relationships.
Typical Use Case
This Indicator excels in automated trading and technical analysis on MetaTrader 5.
Compatible Platform & Setup
This Indicator works on MetaTrader 5. Place the file in the MQL5/Indicators folder and restart the terminal.
Description & Settings
Related: Portfolio Correlation and Margin Risk Calculator - another powerful indicator for MetaTrader 5 traders.
The Pearson Correlation Indicator displays the correlation between symbols, offering a valuable tool for traders to analyze market relationships.Also recommended: interactive correlation matrix heatmap for mt5 - similar indicator with strong performance on MetaTrader 5.
Input Parameters:
Symbol
- Name of the second symbol used for correlation calculation.
Period
- The period for data collection.
Price
- Applied price for the calculation.
Min Correlation
- Gradient color representing weak correlation.
Max Correlation
- Gradient color indicating strong correlation.
Formula:
Where:
xi and yi - Time series data points.
n - Number of data points.
σx and σy - Standard deviations of the time series.
You may also like: institutional dxy overlay and correlation divergence indicator - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property version "1.2"
#property indicator_separate_window
#property indicator_minimum -1
#property indicator_maximum 1
#property indicator_buffers 5
#property indicator_plots 2
#property indicator_type1 draw_color_line
#property indicator_width1 2.......
⚠ Limitations & Risk Warning
- This tool is provided for educational and testing purposes only.
- Past performance does not guarantee future results.
- Trading involves substantial risk of loss. Use on a demo account first.
- Results may vary depending on market conditions, broker, and settings.
- We recommend thorough backtesting and forward testing before using with real funds.