Correlation Tracker Installation
To download the Correlation Tracker, click here. Then, open the Configure Add-ons window by clicking on the corresponding icon in the horizontal toolbar and Add the downloaded file. Tick the name of the file and click on the Load button.
Once loaded, you will see the configuration window opened that you can always reopen by clicking on the Configure Add-ons icon.
Correlation Tracker Settings
Users can set the Correlation Tracker to reference mid-price or last trade and control the time resets for the overlaid instruments’ lines. Users can also set colour and line shape for the overlaid instruments.
To do so, open the Configure Add-ons window by clicking on the corresponding icon in the horizontal toolbar to see the relevant settings.
Correlation Tracker Application
Using the Correlation Tracker, traders can overlay several instruments on a single chart view to gauge the correlation between them.
To open the Correlation Tracker, click the studies icon above the chart and check the Correlation Tracker check box. Then, tick the Enable for current instrument check box and select the instrument(s) to be overlaid on the chart.
Once loaded, you will see the Configuration window opened.
Correlation Tracker Interpretation
Traders can assess the correlation between two or more instruments and look for trading opportunities when instruments deviate from expected correlation.
Correlation Tracker Limitations
The overlaid instrument must be added to be available for correlation display.