rank auto correlation
Info
The rank auto correlation is a Indicator for MetaTrader 5 that rank (auto)correlation indicator that includes:spearman rank correlationpearson correlationit can also use 22 types of prices, and user has a choice of using floating levels or fixed levels (for determining the over-bought and over-sold levels). both for spearman and pearson correlation the same rule applies.
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 rank auto correlation
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
rank (auto)correlation indicator that includes:spearman rank correlationpearson correlationit can also use 22 types of prices, and user has a choice of using floating levels or fixed levels (for determining the over-bought and over-sold levels).
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: ATR Ranked Support and Resistance Zones - another powerful indicator for MetaTrader 5 traders.
rank (auto)correlation indicator that includes:
Also recommended: fair value gap auto-detector for smart money concepts trading - similar indicator with strong performance on MetaTrader 5.
spearman rank correlation
pearson correlation
it can also use 22 types of prices, and user has a choice of using floating levels or fixed levels (for determining the over-bought and over-sold levels).
both for spearman and pearson correlation the same rule applies. correlation can range from 1 to -1 and they are usually referred to as:
1 is perfect positive correlation — when the changes are exactly the same
0 is the no correlation state
-1 is the perfect negative correlation — when the changes are exactly the opposite
You may also like: Spearman's Rank Correlation Indicator - excellent alternative for indicator users on MetaTrader 5.
Source Code
#property copyright "robotfx"
#property link "https://robotfx.org"
#property indicator_separate_window
#property indicator_buffers 6
#property indicator_plots 5
#property indicator_label1 "spearman levels"
#property indicator_type1 draw_filling
#property indicator_color1 clrlimegreen,clrpalevioletred
#property indicator_label2 "spearman level up"
#property indicator_type2 draw_line.......
⚠ 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.