8 correlation coefficient calculations with the chart symbol. The limitation is due to MQL4’forex pairs correlation table nmr indicator buffer model – but any more than 8 lines on a chart is starting to get hard to read anyway.
It has a legend display on the upper right hand side of the chart that prints the most recent correlation values for the selected symbols. The list of symbols is passed to the indicator as a delimited string in symbols parameter. The period can be any positive integer value but note that the bigger it is the more computation that will be required e. 8 calculations on each new bar. This shouldn’t be a problem for most modern computers but MT4 is single thread so you will likely notice a slow down.
You determine the value to be passed to the correlation function call via the price_mode parameter. The price_mode parameter accepts an integer value. You can consult the MT4 help to learn what each of the values are. The correlation coefficient lies in the interval . Buy default the value will be scaled by a factor of 100.
0, adjusting the interval from . This was added at the request of some user who where more comfortable with the large values. You can set the scale factor through the scale_factor parameter. It will accept any floating point value – so if you want to scale by Pi to 10 decimal places knock yourself out. The line colours and styles are set just like any other MT4 indicator. The legend display the most recent correlation value for each symbol the indicator is correlating. If you find the legend annoying you can simply turn it off by setting the legend_show parameter to false.
The legend is drawn by default. Have fiddle with these if you don’t like the defaults. This indicator only reports the latest value of the correlation between the chart symbol and any number of chosen symbols on the user selected time frames. The available time frames include all the MT4 defaults – M1 through to Monthly bars. You may notice the MT4 molasses feature even if you have good hardware. Like the Correlation Oscillator you supply a delimited string of symbols via the symbols parameter. The delimiter can also be changed to your through the symbol_sep parameter.