Correl8 is an Correlation Pairs Indicator for MetaTrader 4. This indicator is useful for determining the strength of the currency pair. With these indicators you can easily choose which currency can be beneficial in your forex trading business.
Here's a screenshot of the default display and settings correl8 :
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Default Display Correl8[/caption][caption id="attachment_2246" align="aligncenter" width="400"]
Default Setup Correl8[/caption]How to select a currency pair to be traded?
1. Open one currency chart in MT4 (ex. AUDNZD)
2. Set your indicators correl8 like the screenshot below
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Correl8 Setup For Time Frame 240[/caption](For example, I use the H4 time frame to determine the strength of the trend)
2. Search currency has the opposite trend strength
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Select Pairs[/caption]- Find cross pair on Chart
- Select two currencies with the opposite trend strength, for example in the image above is USD (green line) and AUD (brown line).
3. Open charts for AUDUSD (Time Frame H1)
- Set Correl8 indicators like the screeshot below
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Correl8 AUDUSD Setup[/caption][caption id="attachment_2251" align="aligncenter" width="600"]
Correl8 Screenshot AUDUSD[/caption]- You can add custom indicators to determine when to good open order (ex. Heiken Ashi)
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Correl8 With Heiken Ashi[/caption]- If you want a scalping trading, you just change the time frame, such as TF5 or TF15
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Correl8 With Heiken Ashi For Scalping[/caption]Free Download Correl8 Correlation Pairs Indicator :
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