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Logic for Indicator on MT4.
Indicator name: Synchronicity.
Nature of Indicator: Multi Currency and Correlation.
Indicator is based on SMA (Simple Moving Average) on the close of a candle.
Indicator need only to calculate from previous candle close to current candle close to minimize CPU usage. However, insert setting/ input to show more history signals for manual back checks and signal accuracy.
The LIVE SMA movement can also be used, so it is not necessary for it to be from candle close to candle close. It can be from candle close to current (LIVE) price/position as well. This means ‘repainting’ is ok.
Nature of indicator, there will be Multi-Currencies (Many Currencies) involved to do Correlation checks between MANY currencies. Ideally it must be MTF (Multi- Timeframe) as well but for now do not attempt making it MTF.
Rules for Correlation signals:
The 3 pairs involved. AUDCAD, AUDCHF and CADCHF. (This is example)
Generally, when SMA show up movement then we can assume SMA line colour will be blue or green. When SMA is showing downwards angle then we can assume red or orange. (But blue and red is fine).
The ‘signal arrow’ I want to see:
If AUDCAD and AUDCHF is blue and CADCHF is red, then I want to short AUDCAD.
If AUDCHF and CADCHF is blue and AUDCAD is red, then short CADCHF
If all of the 3 pairs are blue, then short AUDCHF.
If you change all the colours to the opposite colours then the short must change to long trades and vice versa.
In the above example all 3 pairs can be traded but not at once. Only one pair can be traded at any given moment. There can’t be 2,3,4,5,6 or 7 signals at once. (Just ONE trade in ONE direction!) Very seldom, there will be a no trade. (Like when AUDCAD and CADCHF is blue and AUDCHF is red, then it is a no trade. Also when the colours are vice versa)
The way to set up indicator:
Assuming AUDCAD is loaded on chart. Then load the Synchronicity indicator. Input must have 2 spaces where AUDCHF and CADCHF can be inserted. If AUDCAD is blue, AUDCHF is blue and CADCHF is red then AUDCAD must give signal (short) as mentioned in previous examples above. The trick is that CADCHF is the opposite colour of the other 2 pairs. This means we must add a function of ‘reverse polarity’!!
AND as you already saw, sometimes all 3 must be same colour in order to trade one of them. So ‘polarity reverse’ option must be available with every pair input.
This is the first set of pairs for AUDCAD. There are 6 sets. Six sets means there have to be 12 open spaces where currency pairs must be inserted. Otherwise I have to load 6 indicators on AUDCAD chart. I want this indi to be able to handle contain 6 sets because if one of the sets gives signal (arrow), then I want a #1 drawn on chart (above or below candle) AND if 2 sets gives signal then I want indi to draw a #2 at candle.(3 sets signaling means #3 must be drawn…etc)
I will load all the pairs myself and save the template.
Pic above: As you can see there are 1600 ways to do correlation.
The same goes for all 60 pairs (up to 300 pairs on some broker MT4’s) on my MT4. Each one on my chart will have indicator with ability to ‘cross-check’ 12 pairs (or 6 sets). BUT I will not load 60 pairs obviously.
No Alert needed at this stage.
Numbers that the indi draws must be custom colour, size and distance. (The distance can be at the highest or lowest of a candle.)
This will be all! More stages to do on other day with this indi.
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Stage 2 of this indi is to go a level deeper into this indi and find a way to match potent and high probability trades with other correlated pairs.
Stage 3 of this indicator is where a ‘Currency strength meter’ can be added to this indi to filter out some signals or help with calculations.
Stage 3 MTF.
Thank You
PS. Please remember to send me the mql file when all is done and paid!