Spearman’s Rank Correlation Indicator is a useful and popular free Forex indicator for MT4 platforms. It is used to measure the strength of a correlation between two financial assets over a certain period of time. The indicator is based on Spearman’s rank correlation coefficient, which is a nonparametric measure of correlation that does not assume a linear relationship between the two assets. The indicator plots a line on the chart that reflects the correlation between the two assets and can range from -1 to +1. A reading of -1 indicates a perfect negative correlation, while a reading of +1 indicates a perfect positive correlation. A reading of 0 indicates no correlation between the assets. The indicator can be used to detect relationships between two assets that may not be obvious from the price chart alone. This can be useful for traders looking to identify potential trading opportunities. The indicator is also useful for investors who want to diversify their portfolio by finding assets that are not highly correlated. The Spearman’s Rank Correlation Indicator is a versatile and easy-to-use tool that can be used to identify correlations between financial assets.
MT4
Spearmans Rank Correlation
Spearman’s Rank Correlation Indicator is a useful and popular free Forex indicator for MT4 platforms. The indicator plots a line on the chart that reflects the correlation between the two assets and can range from -1 to +1. A reading of -1 indicates a perfect negative correlation, while a reading of +1 indicates a perfect positive correlation. The Spearman’s Rank Correlation Indicator is a versatile and easy-to-use tool that can be used to identify correlations between financial assets.
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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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