When it comes to trading, understanding the correlation between currency pairs can give you a significant edge. This indicator helps you calculate how closely related two currency pairs are, allowing you to make more informed trading decisions.
Input Parameters:
- OtherChart: Specify the currency pair you want to compare (e.g.,
"EURUSD"). - n: Set the period for calculation (default is
20). - UseOpen: Choose whether to use the opening price (
trueorfalse). - UseClose: Decide if you want to use the closing price (
falseis default). - UseHigh: Option to include the high price (
falseby default). - UseLow: Option to include the low price (
falseby default). - CalcBars: Number of bars for calculation (default is
400).
Example with USDCHF and EURUSD:
Correlation
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