This time we are going to present a very widely used indicator, which is the Forex Correlation Indicator. With this indicator, you can understand the relationship between currency pairs and have more trading opportunities in front of you. For friends who are not completely familiar with Forex correlation, we give a brief explanation below.
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What is Forex Correlation?
Correlation in financial markets is a method of measuring the relationship between two assets. Correlation in the Forex market also deals with the relationship between currency pairs. The correlation coefficient or numerical correlation coefficient is in the range of -1 to +1. Correlation + represents the perfect relationship between two currency pairs. In other words, these two currency pairs move exactly the same way. The more this number moves towards -1, the less similarity there is between the movements of the two currency pairs, until correlation-1 indicates that the two currency pairs are moving completely opposite to each other. Correlation 0 also means that the relationship between the two currency pairs is completely random.
Introduction of correlation indicator
Using this correlation indicator, you will be able to easily find pairs of currencies that are more correlated in the Forex market and implement your trades in pairs of currencies prone to big moves. No special adjustments are required. Just place this Forex correlation indicator on MetaTrader and check the correlations as shown below.
As explained in the paragraph above, if the currency pair has a correlation of 0.8 and above, it can be seen that they have very similar movements, and if the correlation number is less than -0.8, it can be seen that they move in quite the opposite direction. کردن.
Forex Correlation Indicator
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