This code is for a MetaTrader 5 (MT5) indicator called Visual Correlation. This indicator calculates the correlation coefficient between different currency pairs and displays it as overlay bars on the chart. The correlation coefficient measures the strength and direction of the linear relationship between two variables. In the context of forex trading, it can help traders identify currency pairs that have a similar or opposite price movement.
- period (default: 20): The period for calculating the correlation coefficient.
- overlayBars (default: 20): The number of bars to overlay on the chart.
- positiveColor (default: Green): The color for positive correlation bars.
- negativeColor (default: Red): The color for negative correlation bars.
- neutralColor (default: Gray): The color for neutral correlation bars.
- correlation: An array to store the correlation values between currency pairs.
- barColors: An array to store the color of each overlay bar.
The indicator initializes by setting the indicator buffers for the correlation values and bar colors. It also sets the indicator label as 'Visual Correlation MT5'.
The function CalculateCorrelation() calculates the correlation coefficient for each currency pair. It iterates through all the currency pairs and uses the Corr() function to calculate the correlation coefficient between the price series of each pair. The correlation coefficient is then stored in the correlation array, and the color of the overlay bar is determined based on the correlation value.
The function DrawOverlayBars() draws the overlay bars on the chart. It iterates through the overlay bars and currency pairs, retrieves the correlation value and bar color from the arrays, and then uses the ChartScreenShot() function to draw the overlay bar on the chart.
The OnStart() function is the entry point of the program. It calls the CalculateCorrelation() function to calculate the correlation values and then calls the DrawOverlayBars() function to draw the overlay bars on the chart.
Forex Robot Easy Team presents Visual Correlation MT5, an indicator for MetaTrader 5 that enhances forex trading strategy by providing visual representation of correlation coefficients between currency pairs. This indicator helps traders identify currency pairs that have a similar or opposite price movement, enabling them to make more informed trading decisions.
With Visual Correlation MT5, traders can easily see the correlation between currency pairs by overlaying bars on the chart. Positive correlation is represented by green bars, negative correlation by red bars, and neutral correlation by gray bars. By visually analyzing the correlation between currency pairs, traders can identify potential trading opportunities and adjust their strategies accordingly.
Please note that Forex Robot Easy is not the official developer of Visual Correlation MT5. We provide this sample code to demonstrate how the indicator works, but for the official developer and more detailed information about the product, please visit forexroboteasy.com. To download and use the indicator, please use the MQL5 platform.