• The indicator is developed for currency traders that use multicurrency market analysis; it allows reacting quickly to trend changes;
• Works on all timeframes;
• Doesn't redraw history values;
• Works with all markets and instruments due to using normalization methods.

Purpose

The main purpose of the indicator is to simplify multi-currency analysis based on a large number of different charts, and to displaying several correlated instruments in a convenient manner and on one chart.

Of all the possible instruments (20), the indicator selects instruments that correlate best with the current chart symbol using a correlation coefficient. Then, after the last breaking point, it draws dynamics of correlated symbols as three beams of different colors.

Operation Principle

The indicator operates in the tick mode.

It draws a trend pattern (a red line) of the symbol that a trader wants to trade. Further, 4 beams are drawn from the last discrete point (breakpoint) :

• The red beam is a beam of the traded instrument. He is always drawn horizontally until the next breakpoint is formed.
• The orange beam is the best correlated symbol.
• The golden beam is a symbol with the correlation coefficient less than "orange".
• The white beam is a symbol with the correlation coefficient less than "golden".

Basic Parameters

• LengthSample, bars - the length of historical data in bars.
• Threshold, pips - the pattern dynamics (threshold) in points.

Note

• The correlation coefficient is taken modulo. I.e. it selects charts both with a positive correlation coefficient and with a negative one.
• Symbols analyzed: EURUSD, GBPUSD, EURGBP, EURAUD, EURJPY, EURCAD, USDCHF, EURNZD, AUDUSD, USDJPY, NZDUSD, GBPJPY, GBPAUD, GBPCHF, GBPCAD, GBPNZD, AUDJPY, AUDCAD, AUDNZD, NZDJPY, CADJPY.