The Currency Pairs Correlation Indicator MT4 is an informational indicator for MetaTrader 4 and is designed to help traders analyze the correlation between two currency pairs. It measures how closely both pairs move together and shows the results as a histogram in a separate indicator window. The calculation uses a moving average for each pair, which smooths price action and reduces short-term noise. The histogram displays green bars for positive correlation and red bars for negative correlation. When both pairs move in the same direction, green bars rise above the zero line. When they move in opposite directions, red bars fall below. If there is no clear connection, the bars stay close to zero.
This format offers a simple but effective way to visualize pair relationships. It helps traders confirm trends or detect divergence across related markets. Unlike table-based correlation tools, this version runs live and updates with every price tick. As a result, it provides fast, actionable insights. Additionally, the indicator is customizable. Traders can adjust the moving average settings to suit different timeframes or correlation strategies.
This indicator is suitable for traders of all skill levels and across all time frames. It is designed for use with any currency pair and integrates into any forex trading system or strategy, to analyze the correlation between two currency pairs.
Indicator Settings
How to Install Currency Pairs Correlation Indicator MT4
Download and extract files in the MetaTrader “Indicators” Data Folder found in the Main Menu File section:
The “Indicators” folder is located in the “MQL4” folder.
Restart MetaTrader Platform.
