Traders, let’s dive into the Spearman Rank Correlation Histogram indicator. This nifty tool not only analyzes market trends but also sends alerts, emails, and push notifications whenever trading signals pop up. Here are some key signals to watch for:
- Zero breakthrough by the histogram;
- Breakthrough of overbought or oversold levels;
- Exiting from overbought or oversold areas.
Input Parameters for Activating Signals:
input uint NumberofBar=1; // Bar number for the signal activation input bool SoundON=true; // Enable alerts input uint NumberofAlerts=2; // Number of alerts input bool EMailON=false; // Enable mailing the signal input bool PushON=false; // Enable sending the signal to mobile devices
This indicator taps into the SmoothAlgorithms.mqh library classes (just copy them to your terminal's data folder at MQL5\Include). For a deeper understanding of how these classes work, check out the article "Averaging Price Series for Intermediate Calculations Without Using Additional Buffers".
Fig.1. Spearman Rank Correlation Histogram Alerts - Zero breakout on the first bar.
Fig.2. Spearman Rank Correlation Histogram Alerts - Alert.
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