While this page contains a lot of information that is also on the sales page, it contains more details about each part of the indicator.
CORRELATION INDICATOR INSTALLATION:
Copy and paste the Indicator EX4 file to the Indicators folder in MT4 under MQL4/Indicators. To locate the MQL4 folder, click File/Open Data Folder in your MT4 menu. Then open your Navigator in MT4, place your cursor over the Indicators folder, right-click and select "Refresh". The indicator will appear in a few seconds.
To get you off to a running start (and to save you a lot of time), I am including most of the settings used on this webpage. The following Preset files are included with your purchase.
PRESET FILES INSTALLATION:
To make it easy to locate these indicator presets, save the entire folder named "Multi-Pair Indicator Presets" in your MT4 presets folder under MQL4/Presets. To locate the MQL4 folder, click File/Open Data Folder in your MT4 menu.
IMPORTANT TIP: Before attaching the indicator to your TradePair chart, load the charts of the other pairs you intend to reference in the indicator and scroll the charts back to the date you want the correlations to begin on so the data is already stored in MT4. If you don't, the indicator will give you an error message stating you do not have enough data for the correlation. You do not need to keep these other charts open to run the indicator in real time. The indicator instructs MT4 to load the data internally but I like to keep the correlation charts open so I know for certain they are updating in real time.
Create a Mini EURO Index with EUR/USD, EUR/GBP and EUR/CHF.
The Histogram & CMA show the Combined Moving Average of the 3 pairs
Correlation Required for Histogram
During a Down-Trend (Correlation NOT Required for Histogram)
By mere accident, I discovered that this indicator is an excellent tool to identify scalping opportunities during correlations that should not really occur. When these correlations do occur, there is usually an exaggerated move on the TradePair followed by a quick correction the other direction. Simply exploit these exaggerated moves in the direction of the current trend for an additional edge.
IMPORTANT: This strategy works best during trends so it would be wise to disable it during sideways or choppy conditions and limit the entries to prime trading hours only unless GBP/JPY is in an aggressive trend.
Scalping Strategy: Trade against very short-term correlations in the direction of the underlying trend. The Scalping EA (coming soon) will be the easiest way to trade this strategy but it could also be done manually with the indicator.
GBP/JPY Scalping Strategy: Open a GBP/JPY 15-Min chart with SMA 117 (to determine trend direction). Attach the correlation indicator and load the GBPJPY Scalping preset file (included with your purchase). The indicator will compare GBP/USD and USD/JPY and look for correlations, which cause exaggerated moves on GBP/JPY.
Buy Signals: Enter Buys on a red histogram bar with a CMA strength of -3 to -12 when price is above SMA 117 (enters buys on correlated pullbacks). Close your buy on a green histogram bar of 7+ on the CMA Strength Scale (closes on a correlated bullish move) or a CMA spike of 12+ on the CMA scale (another chance to get out with a nice profit).
Sell signals: Sell on a green histogram bar with a strength of 3-12 (Sells against a bullish correlation). Close the sell on a bearish correlation with a minmum CMA strength of -7.
Profit Target: Set a profit target of 60 pips.
Stop Loss: Set a 30 pip hard stop.
Trailing Stops: At +25 pips, move the stop-loss to -15. At +50 pips, move your stop to +25.
Usually, you will get an exit signal before your profit target is hit but sometimes a valid exit signal doesn't come in a timely manner when volatility drops so the trailing stops give you another chance to get out of the trade with a profit or a small loss.
The Correlation Scalping EA will be available soon to automate this strategy for you. Here's live trades using the EA on a test account Dec 5-6, 2017...
This strategy works best during trends so it would be wise to disable it during sideways or choppy conditions and limit the entries to prime trading hours only unless GBP/CHF is in an aggressive trend.
The Strategy: Trade against correlations that occur against the trend (BUY on a Red Histogram in an uptrend, Sell on a Green Histogram in a down-trend) and exit on correlations in the direction of the trend or at large spikes into profit or at your profit target, whichever occurs first. Sometimes you catch a whopper!
To scalp GBP/CHF, you would look for correlations between GBP/USD and USD/CHF, which normally move in opposite directions due to USD being inversed in each pair. When they correlate, you get an exaggerated move on GBP/CHF. The preset file for this GBP/CHF scalping is included in your purchase.
Here's 2 days of scalping GBP/CHF with the Correlation Scalping EA using the settings displayed by the indicator. These are real trades on a real account. The scalping EA will be available soon.
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