Spearman correlation is a useful Forex indicator that is popular among MT4 users for its ability to measure the strength of a relationship between two variables. Unlike other correlation indicators, Spearman correlation does not require the variables to be normally distributed, making it a versatile tool for traders. The indicator calculates the Spearman correlation coefficient, which ranges from -1 to +1. A value close to +1 indicates a strong positive correlation, while a value close to -1 indicates a strong negative correlation. Traders can use this information to identify potential trading opportunities based on the relationship between different currency pairs or assets. Spearman correlation is free to use and easy to implement in your MT4 platform. By understanding the relationship between different variables, traders can make more informed decisions and improve their overall trading strategy.
MT4
![](https://www.mt4collection.com/wp-content/uploads/2024/04/Spearman-Correlation-screenshot-1-230x144.png)
![](https://www.mt4collection.com/wp-content/uploads/2024/04/Spearman-Correlation-screenshot-2-230x144.png)
![](https://www.mt4collection.com/wp-content/uploads/2024/04/Spearman-Correlation-screenshot-4-230x144.png)
![](https://www.mt4collection.com/wp-content/uploads/2024/04/Spearman-Correlation-screenshot-3-230x144.png)
Spearman Correlation
The Spearman Correlation indicator is a popular and useful tool for forex traders using MT4. This free indicator measures the strength of the relationship between two currency pairs. It works by calculating the correlation coefficient, indicating whether pairs move in the same direction or opposite directions. Traders can use this information to make more informed trading decisions.
Indicator Type | , |
---|---|
Trading Style | , |
Timeframe | , |
Platform |
0
People watching this product now!
Categories: Stochastic, Support & Resistance
Downloads - 12
Description
Reviews (0)
Be the first to review “Spearman Correlation” Cancel reply
How to Install
How install MT4/5 indicator in the terminal?
To install an MT4/5 indicator in the terminal, follow these steps:
Download the indicator file (.ex4 or .mq4/.ex5 or .mq5) to your computer.
Open the MT4/5 terminal and click on “File” in the top left corner.
Select “Open Data Folder” from the dropdown menu.
In the window that opens, double-click on the “MQL4/5” folder.
Double-click on the “Indicators” folder.
Drag and drop the indicator file from your computer into the “Indicators” folder.
Close the data folder window and restart the MT4/5 terminal.
The indicator should now be available in the “Navigator” window on the left-hand side of the terminal. Simply double-click on the indicator to add it to a chart.
Note: If the indicator is in a .zip file, you will need to extract it first before following the above steps.
And if asks to confirm DLL?
If the indicator you are installing requires access to external Dynamic Link Libraries (DLLs), you may see a pop-up message asking you to confirm the use of DLLs.
DLLs are external libraries that contain code that can be used by other programs. In the case of MT4/5 indicators, they are often used to perform complex calculations or connect to external data sources.
If you trust the source of the indicator and want to use it, click “Yes” to confirm the use of DLLs. If you are not sure or do not trust the source, click “No” to cancel the installation.
It’s worth noting that some indicators may not work properly without access to their required DLLs. If you choose not to allow access to DLLs and the indicator does not work as expected, you may need to reinstall the indicator and confirm the use of DLLs to get it to work properly.
Related products
MACD Divergence
The MACD Divergence Indicator is a powerful tool that helps traders identify trend reversal points in the market. It is a popular and free indicator that is compatible with the MT4 platform. This new indicator plots divergences between the MACD indicator and the price on your chart, making it easy to spot potential trend reversals. It works by measuring the difference between two moving averages, and traders can use it to identify bullish or bearish divergences. With its ability to identify trend reversal points, this indicator is useful for both beginner and advanced traders.
FX5 MACD Divergence
The MACD FX5 Divergence Indicator is a new and popular forex indicator that runs on the MT4 platform. This is a free indicator that traders can use to identify potential trend reversals and momentum shifts. The indicator is based on the Moving Average Convergence-Divergence (MACD) indicator, which measures the distance between two moving averages. It analyzes the divergence between the MACD indicator and price action and then generates buy or sell signals. Use this indicator to better understand market trends and take advantage of potential profit opportunities.
Pullback Factor
Pullback Factor Indicator is a popular and new trend-following indicator designed for use in the forex market. It helps you to identify the end of a trend retracement and the resumption of the trend. With its unique algorithm, the indicator predicts the extent of a trend pullback, enabling traders to enter the market with precision and accuracy.
3 Color MACD
The 3 Color MACD Indicator is a useful forex trading tool that is available for free on MT4. This popular indicator uses Moving Average Convergence Divergence (MACD) to help traders identify market trends and potential entry/exit points. The indicator is easy to use and can be applied to any currency pair or timeframe. It is ideal for both novice and experienced traders who want to enhance their trading strategy with a reliable technical indicator.
MACD True
The MACD True Indicator is a popular and useful MT4 forex indicator that helps traders identify trends and momentum in the market. It is a modified version of the traditional MACD indicator that incorporates a color-coded histogram to provide more visual cues for traders. This indicator works by measuring the difference between two moving averages, and it is often used in conjunction with other technical indicators to confirm trading signals. Traders of all levels can benefit from using the MACD True Indicator in their trading strategies.
AO Divergence
The AO Divergence Indicator is a useful BE4 tool for forex traders who want to identify divergence patterns in the market. This new MT4 indicator is popular with traders due to its effectiveness in spotting divergence patterns and predicting potential price reversals. It works by analyzing the Awesome Oscillator (AO) and highlighting divergence patterns that may indicate possible trend changes. The AO Divergence Indicator is easy to use and can be a valuable addition to any trader's toolbox.
Reviews
There are no reviews yet.