The Correlation Calculator Panel is a powerful tool designed to help you thrive as a trader. This enhanced version of the correlation calculator from Investing provides a user-friendly table layout that allows you to pinpoint optimal entry points even without relying on additional indicators. It's especially beneficial for trading cross pairs.
For instance, if we attach the panel to the EurJpy chart, we can observe how it correlates with EurUsd and UsdJpy. If EurUsd is at the top of the table, the cross pair tends to follow its movement. Conversely, if UsdJpy takes the lead, the cross will likely mimic that pair. All you need to do is wait for the major pairs to swap places and seize the opportunity to trade the cross pair. The recommended timeframe for analysis is H4, analyzing 10 bars.
Some of the best cross pairs for this strategy include:
- GBPCHF
- EURCHF
- GBPCAD
- EURCAD
- AUDCHF
- AUDJPY
- EURJPY
- GBPJPY
- NZDJPY
- NZDCHF
These cross pairs are formed from combinations of currencies with both direct and inverse quotes, making them reliable mirrors of one of the major pairs.
Related Posts
- Unlocking MetaCOT 2: Your Ultimate CFTC Indicator Toolkit for MT4
- Unlocking the Power of Master Tools for MetaTrader 4
- Mastering the Open Range Breakout Indicator for MetaTrader 5
- Visualize Current Trends Across All Time Frames with This MetaTrader 4 Indicator
- Unlock Trading Efficiency with the Multi Forex Scanner for MT4