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
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.
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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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