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Forex Indicator

FX Indicator - Hydra Trend Rider

FX Indicator - FX Currency Correlation Dashboard

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Video Guide

Indicator Details

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Multiple-Frame Multi-Currency Dashboard:

Displays 10 multiple currency pairs with positive and negative correlation percentages simultaneously. Highlights the most positive and negative correlation percentages.

5 PC Activation for Multiple Brokers:

Enjoy the flexibility of using the Correlation Matrix on up to 5 different PCs across various brokers, ensuring seamless integration with your preferred trading platforms.

Eye-Pleasing Aesthetic Design:

Immerse yourself in a visually appealing dashboard that not only delivers crucial information but also enhances your overall trading environment.

User Convenience:

Experience ease of use with the ability to drag, move, and minimize the dashboard effortlessly. Change symbols and timeframes directly from convenient drop-down lists.

Adaptable Dashboard Sizes:

Tailor the dashboard to your preferences with multiple size options, ensuring compatibility with various monitor sizes, including HD and 4K monitors.

Correlation Period: 20 (Default) (max 50 & min 20)

Change Indicator Size:

  • Default (SD)
  • 125% (HD)
  • 150% (Full HD)
  • 200% (4K)

Indicator shows how currencies are related to each other.

A positive currency correlation means two currencies move in the same direction. For example, if EURUSD and GBPUSD have an 80% positive correlation, and EURUSD goes bearish, GBPUSD will have a probability of going bearish 80% of the time.

How can you benefit from that?
In the above example, if a trader places a sell order for EURUSD and finds out using our indicator that GBPUSD is 80% positively correlated to EURUSD, then he/she can also place a sell order for GBPUSD and get simultaneous profits from the same trend (bearish).

A negative currency correlation means two currencies move in opposite directions. For example, if EURUSD and USDJPY have an 80% negative correlation, and EURUSD goes bullish, USDJPY will have a probability of going bearish 80% of the time.

How can you benefit from that?
In the above example, if a trader places a buy order for EURUSD and finds out using our indicator that USDJPY is 80% negatively correlated to EURUSD, then he/she can also place a sell order for USDJPY and get simultaneous profits from the opposite trends (bullish for EURUSD and bearish for USDJPY).
A correlation strategy is quite well-known within traders and they use it as a powerful tool to bag simultaneous profits while trading.

An issue with symbol order:

Symbols are displayed in reverse order and not starting from the first ten of the market list.

Solution: 

This issue can differ from one broker to another. To address this, prioritize the symbols you frequently use for trading by placing them at the top of the Market Watch section. Conceal any unnecessary symbols to enhance indicator performance.

Loading data correctly on Indicator:

  • Load all desired symbols in your market watch before applying the indicator.
  • Ensure MetaTrader historical data is loaded for the chosen symbols in the chart.
  • If encountering “Data not synchronized” issues, allow 5-10 minutes for your terminal to load, ensuring a seamless experience.

How to Do a Visual Backtest with Our Indicator:

Step 1: Download the entire history center database first. Press the shortcut key F2 to access the History Center.

Step 2: Click on the download button.

Step 3: After the download completes, close, and restart the MetaTrader.

Possible Issues with Backtesting:

Problem 1:

You see a message that says “Waiting for update” on the chart while backtesting.

Solution:

This means that you don’t have enough data or a poor internet connection. To avoid this, download the full History Center data as explained above.

Problem 2:

Metatrader freezes during backtest.

Solution:

This also happens because of insufficient data or a bad internet connection. Fix the internet connection before starting and follow the steps again.

FAQ

Is it necessary to use multiple dashboards to track different currency pairs?

No, it’s not required. Our advanced indicator displays the correlation values for 10 currency pairs simultaneously, providing comprehensive coverage in a single view. Additionally, users have the flexibility to modify the symbols via the drop-down list directly on the live indicator, ensuring a customizable and efficient experience

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