PipTick Correlation shows the actual correlation between the selected instruments. The default setting is set to 28 currency pairs, gold and silver, but the indicator can compare any other symbols.

Interpretation of the indicator

• Positive correlation (corellation is above 80 %)
• Negative correlation (corellation is below -80 %)
• Weak or no correlation (corellation is between -80 and 80 %)

Main features

• The indicator shows actual correlation between the selected instruments
• Simple comparison of one symbol against another
• Works on every timeframe (M1, M5, M15, M30, H1, H4, D1, W1, MN)
• Customizable parameters (Colors, Correlation Period, Symbols...)
• Very fast calculation
• Indicator works with prefix and suffix of symbols as well (EURUSD.m, EURUSD-pro...)
• Available for MT4 and MT5

Input parameters

• Correlation_Period - Period of correlation calculation
• Color_Symbol - Color of symbols labels
• Color_Strong_Positive_Corr - Color of strong positive correlations
• Color_Strong_Negative_Corr - Color of strong negative correlations
• Color_Weak_Corr - Color of weak correlations
• Symbol_1_Name ... Symbol_30_Name - Names of symbols (pairs)
• Output_1..8 - The output values of correlation calculation. For example Symbol_1_2 means correlation calculation of Symbol_1_Name and Symbol_2_Name

Note

In case of using iCustom function, the Output_1..8 parameters are simply numbers of symbols.

Examples:

Symbol_1_2 as output 1 will be Output_1 = 12

Symbol_7_14 as output 2 will be Output_2 = 714

Outputs parameters

• PipTick Correlation Output 1..8 - Outputs by input parameters (Output_1..8)

For more information, visit the PipTick Correlation product page.