If you're looking to enhance your trading strategy, the Rank AutoCorrelation Indicator for MetaTrader 5 could be just what you need. This powerful tool includes:
- Spearman Rank Correlation
- Pearson Correlation
One of the standout features of this indicator is its flexibility. You can choose from 22 different price types and decide whether to use floating or fixed levels for identifying overbought and oversold conditions.
When it comes to Spearman and Pearson correlations, here’s the lowdown. The correlation values range from 1 to -1, and they tell you a lot about how different assets move in relation to each other:
- 1 indicates a perfect positive correlation — this means the two assets move in lockstep.
- 0 signifies no correlation — the assets' movements are completely independent.
- -1 indicates a perfect negative correlation — when one asset moves up, the other moves down in exact opposition.
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