The Spearman Correlation Indicator is a useful Forex tool for MT4 traders. It is a popular free indicator that helps traders to compare the strength of two different currency pairs. This indicator is especially useful for traders who want to identify correlations between different currency pairs. The Spearman Correlation Indicator is based on the Spearman Rank Correlation Coefficient, which measures the linear relationship between two sets of data. The indicator will calculate the correlation between two currency pairs and display it in a graphical format. It also shows the direction and strength of the correlation. This helps traders to quickly identify which currency pairs are most strongly correlated and which ones are not. The Spearman Correlation Indicator is easy to use and can be installed on any MT4 platform. Once installed, traders can select the currency pairs they want to compare and the indicator will display the correlation between them. The indicator can also be used to compare different time frames, such as hourly, daily, weekly, and monthly. This makes it a popular choice among traders who want to identify correlations between different currency pairs.
MT4
Spearman Correlation
The Spearman Correlation Indicator is a useful and popular free MT4 Forex indicator. The indicator works by comparing the price movements of both pairs over a given period of time and then calculating the correlation coefficient. It is a valuable tool for Forex traders and can be used to help make more informed trading decisions.
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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.
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