Description
MT5 Pearson Correlation shows the correlation between symbols. This can be used by traders to identify when symbols that are usually correlated step away from each other. When this happens it often precedes a correction to one or both of the symbols.
Input parameters:
- Symbol – Name of the second symbol, used for calculation of correlation;
- Period – Period;
- Price – Applied price;
- Min correlation – Gradient color for weak correlation;
- Max correlation – Gradient color for strong correlation.
Formula:
where:
- xi and yi – time series;
- n – number of data;
- σx and σy – standard deviations.
Guide to Installing indicators on MT5
Installing indicators on MT5 comes down to:
- Downloading the files (.ex5 and .mq5 formats)
- Placing them in the MT5 “Indicators” Data Folder
- Closing and re-starting your MT5 terminal
- Dragging you indicator from the Navigator to the Forex Chart
Downloading the indicator.
Download and prepare the MT5 indicator file(s) so they are ready to go on your computer. (Please note that some custom indicators will come in a .rar file, so make sure to extract the .ex5 and .mq5 files).
Go back to your Metatrader 5 platform, click the File Tab and select “Open Data Folder” to get access to the system folders for the MT5 program:
Placing them in the MT5 “Indicators” Data Folder.
Go to the “MQL5” folder and the “Indicator” subfolder and open the folder.
Drag or copy and paste the custom indicators files to the “Indicators” subfolder.
Restart the MT5 program. When MT5 loads again, you should see your custom indicator added to the directory in the navigation window.
Go to the navigation window and scroll down the menu to “Indicators”, pick the one you want to use and drag it to your chart.
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