Ever wondered how to take your trading game to the next level? Enter the MFCS Currency Correlation Chart, a powerful tool designed for MetaTrader 5 that helps you visualize correlated currency pairs right on your main chart. With customizable color modes and the ability to handle currency inversions, it’s a must-have for any serious trader.
How to Use the MFCS Currency Correlation Chart
Here’s a quick guide on how to make the most of this indicator:
- Identify the currency correlations that interest you. Popular pairs include EURUSD, GBPUSD, USDCHF, and EURJPY.
- Choose your primary currency pair (for example, EURUSD).
- For each pair you’ve selected, simply drag and drop the MFCS indicator onto your chart.
- Adjust the settings for each currency pair. If you’re working with USDCHF, remember it’s inverted in relation to EURUSD.
- And just like that, your chart is ready to roll!
Example Chart Setup
Important Considerations
- The first time you load the indicator, it may take a bit longer as the candles are rendered one by one. This is to ensure that any missing candles don’t mess with your time series.
- For inverted currencies, the displayed price is for reference only, calculated as 1/PRICE.
- In inverted pairs, the Bid and Ask prices are swapped, so keep that in mind while trading.
- Rate updates occur only with ticks from your primary currency pair.
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