This indicator compares the performance of multiple symbols in terms of percentage return, it plots the performance of each symbol in a separate line and you will be able to find out the correlation between each symbol and measure the strength of one symbol in compare to another symbol(s).
When you trade Forex it’s very important to know the correlation between each FX pair and avoid opening positions on those pairs which are very correlated to each other.
Another way to use this indicator information is to buy oversold pairs and sell overbought pairs if you are a long-term reversal trader, to find which pair is in the overbought or oversold condition you just need to see how bad or good is the performance of a pair in comparison with other FX pairs.
The current version of indicator allows you to compare up to 11 symbols so you have the performance of 11 different symbols on a same cTrader line chart indicator window.
- Three different versions for different types of comparison: periods based, time-based, and bar based
- Chart legend for simplifying the identification of each symbol line (in beta)
- Getting a big picture of whole FX market just with one line chart
- Comparing the performance of symbols on your main trading time frame