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Simple Correlation Indicator System

  • #281
  • Aug 24, 2016 1:56am Aug 24, 2016 1:56am
Quoting redwed
{quote} Â How the icorrel8 calculates it's data? Does it call for all related 7 pairs to the currency?
Great question but I have no answer for you, sorry...you would have to ask the developer, who is some anonymous person at mql5.com. I have only studied the indicator in great depth, so I understand how it "behaves" in different market conditions and what to look for in terms of entry and exit etc. I really have no idea what makes it "tick", but I am sure glad I found it!
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  • #282
  • Aug 24, 2016 8:09am Aug 24, 2016 8:09am
Quoting kirkleaforex
{quote} Great question but I have no answer for you, sorry...you would have to ask the developer, who is some anonymous person at mql5.com. I have only studied the indicator in great depth, so I understand how it "behaves" in different market conditions and what to look for in terms of entry and exit etc. I really have no idea what makes it "tick", but I am sure glad I found it!
I've come to this thread mainly because of the pdf in my post earlier.

I want to learn more: When does a currency (or currencies) move?

I've tried CCFp, CC, derivatives of them like CCFp Cvert CCFp-Diff and quite few others. I've also tried CSDash, MADDash, FFx USM, PSA for quite awhile.

I've also made some custom indicator based on my understanding, but unfortunately i'm not using it currently because the data is redundant (at least for me).

The latest attempt was: combining CCI of 28 pairs, and make them as a new 'currency strength meter'. It failed miserably as i see my excel sheet giving buy and sell signal every time candle closes.

I jumped from one indicator to another.

Here is my post on CCFp-Diff.

And this is my trades based on PSA.

The PSA is on real account.

But, one way or another: I'm searching for better currency strength meter. That's why i have sooo many question about this iCorrel8.

And when i put them in the chart, i know something that maybe worth to mention. It is quite different from CCFp or CC completely.
  • #283
  • Edited 8:43am Aug 24, 2016 8:33am | Edited 8:43am
Quoting redwed
{quote} I've come to this thread mainly because of the pdf in my post earlier. I want to learn more: When does a currency (or currencies) move? I've tried CCFp, CC, derivatives of them like CCFp Cvert CCFp-Diff and quite few others. I've also tried CSDash, MADDash, FFx USM, PSA for quite awhile....
Hehe you seem as hungry about this as i have been. I started this thread initially as a simple shout out to attract someone to code a comprehensive alert for it. I have since become obsessed and am having great success with it.

Like anything in this game, once you stick to one thing and stop bouncing from one thing to another you achieve a greater level of success. And if you spend enough time analysing how an indicator "behaves" in different market conditions you become better at reading market sentiment just through understanding the subtlest of indicator nuances.

I am not saying that this is all you need in your toolkit, but it is a damn fine tool to keep in your arsenal.

When do currencies move? When my alert tells me they are. Simple. I don't wait at the screen anymore - i wait for my phone to ping and then i enter. I get rewarded with pips for waiting for the signals. This is so simple i wish i had discovered it 10 years ago and not waste tons of time and money up to this point.

I am using the correl8 indi in conjunction with pivots in particular, just to ensure I don't enter a buy when price is just below a PP, or the daily open etc. And i like using multiple TF analysis as a way of filtering out noise. I am scalping M1 using the M5 as a directional cue, and also keeping a watch on the M15 for an overall directional bias. I like Bollinger Bands as a measure of the volatility of a move also.

This indicator excites the heck out of me and i have major plans in place to have it further developed and refined in a way that makes trading very visual and rewarding. If writing some code can make something that is visually easy to read and interpret and follow, then i am getting that code written.

Try this as an idea: overlay two Correl8's, one with a 21 period iPRI and the other with an 89 iPRI. As long as there is a cross of the 89, trade a separation of 52 or greater on the 21 period in that same direction. Head for the nearest PP or psych level etc with a really tight stop. Trade during periods of higher liquidity. You won't be sorry!

More to come very soon. Don't forget to subscribe to ensure you receive any updates I send out.
When do currencies move? When my alert tells me that they are. Simple. I don't wait at the screen anymore i wait for my phone to ping and then i enter. I get rewarded with pips for waiting for the signals. This is so simple i wish i had discovered it 10 years ago and not waste tons of time and money up to this point.
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  • #284
  • Aug 24, 2016 8:53am Aug 24, 2016 8:53am
Quoting kirkleaforex
{quote}More to come very soon. Don't forget to subscribe to ensure you receive any updates I send out.
Yes you got my attention. And now i'm glued to this thread.

The reason behind jumping from one indicator/system is i'm doing some soul-searching. I believe that we're not the same.

We're learning same trading system, but later we interpret it on our own. We put this indicator. We put another rules to ourself. That's why innovation born. George C lane with his stochastics in 1950s, Welles Wilder with his Parabolic SAR, RSI, ATR and ADX in 1978.

So keep them coming.

I hope i'm not interrupting this thread.

I have no earlier info about this indicator called iCorrelate8.

This is how i see them.

Attached Image (click to enlarge)
Click to Enlarge Name: the first one.png Size: 62 KB


The first thing i saw was: the value of JPY in GJ and UJ is the same!

I've answered my own question:

Attached Image


Hehehe. I will further explain this wonderful indicator. And maybe you can comment more as we moving on? Maybe create a new thread if you think it is disturbance in this thread?
  • #285
  • Aug 24, 2016 11:00am Aug 24, 2016 11:00am
A few weeks ago I discovered the iCorrel8 in this thread and I am obsessed, too!

I use it for selection of the pair to trade: looking at the 1H iCorrel with all curr to see the strong and weak and the coming crosses of the lines (here it would be nice if the curr were listed on the right side from strong to weak and if there would be a second timeframe to show longer/shorter term numbers). I think it's the best strenght meter I've seen!

I trade on renko charts, see pic. If price is under pink line I look for iCorrel8 iPRI 5 to come above 26 and place sell stop below last candle low. If price is above pink line vice versa. I use pivots for targets or I use the TMA-channel (repaints) for quick scalps. Works with every candle size (with renko there is no timeframe). With longer term iPRI I'm testing.

Thanks Kirk for this thread!
Attached Image (click to enlarge)
Click to Enlarge Name: EURUSDM25744.png Size: 40 KB
  • #286
  • Aug 24, 2016 2:33pm Aug 24, 2016 2:33pm
Quoting illiquid
A few weeks ago I discovered the iCorrel8 in this thread and I am obsessed, too! I use it for selection of the pair to trade: looking at the 1H iCorrel with all curr to see the strong and weak and the coming crosses of the lines (here it would be nice if the curr were listed on the right side from strong to weak and if there would be a second timeframe to show longer/shorter term numbers). I think it's the best strenght meter I've seen! I trade on renko charts, see pic. If price is under pink line I look for iCorrel8 iPRI 5 to come above 26 and...
This is exciting to me. Knowing how this indicator can be utilised as an integral part of ANY strategy. That looks like a really strong strategy you have developed there! I have always been fascinated by the idea of Renko, but have never taken the time to get renko charts set up. I love your screenshot where the EUR (34) has just "poked its head" above the USD indicating EUR strength and a possible shift to the upside.

Thanks for sharing your ideas here - it is a fresh example of how flexible Correl8 indicator is and how it can be used as a powerful tool in ANY strategy.
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  • #287
  • Aug 24, 2016 2:36pm Aug 24, 2016 2:36pm
Quoting redwed
{quote} Yes you got my attention. And now i'm glued to this thread. The reason behind jumping from one indicator/system is i'm doing some soul-searching. I believe that we're not the same. We're learning same trading system, but later we interpret it on our own. We put this indicator. We put another rules to ourself. That's why innovation born. George C lane with his stochastics in 1950s, Welles Wilder with his Parabolic SAR, RSI, ATR and ADX in 1978. So keep them coming. I hope i'm not interrupting this thread. I have no earlier info about this...
Hehe you are certainly not interrupting this thread. Your ideas and comments are valid and welcome. Keep them coming. I am glad you are showing a keen interest in how Correl8 can assist your trading.
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  • #288
  • Aug 24, 2016 3:10pm Aug 24, 2016 3:10pm
Quoting babasemi
Hi, Like i said earlier....... The Way I See It. 1) The main decider is iCorrel8 ( That is ...i use it as the main Trend) 2) When there is a Cross UP on iCorrel8 3) I then look on QQ if there is .... a) a Cross UP b) both lines Above the Zero line. 4) For Close of the trade a) I use Trailing Stop b) When there is a counter cross on any of the two ( i.e QQE or iCorrel8) which ever comes first. See Pic. I do hope it is clear enough .... rushing out of the house at the moment. Have a great weekend. {image}
Hi. Can you help mi to build iCorel with higher time frame - on your chart H4. Thank you!
  • #289
  • Aug 24, 2016 4:44pm Aug 24, 2016 4:44pm
Quoting ruma29
{quote} Hello Kirkleaforex I might be wrong but I think that strength of currency shouldn't depend on time frame or any other indicator for calculation such as sto, rsi ema cci etc... If it is about time frame then higher TF should be relevant like daily time frame... FeruFx created nice indicator on appearance but based on indicators and I considered it useless... I do not know what should be used to get real strength for currency but I have clear opinion what shouldn't. Reason for me to look such indicator for strength of currency is to chose...
Hi ruma29 thanks for being here.

I particularly like multiple TF analysis. Just as any indicator will show "underlying" conditions on larger TF's, the Correl8 does the same. Because I am a day trader (and a scalper at heart!) then I look for underlying strength on the H1 and M15, and trade the M1 and M5 in between pivot points. I am only after 10 or 20 pips a day so there is no need for me to look at longer TF's for capturing larger swings.

So, to put it all together, and taking EURUSD as the example in the screenshots attached, as the H1 shows a cross, I turn to the M15 and look at the actual strength of the cross there. The lines have a value that is displayed both in the indicator window, and of course in the data window. Based on the separation of these lines, I turn to the M5 and M1 to look for an entry.

The strength of the Correl8 line separation is very similar to a Bollinger Band expansion. If the outside bands of a BB are separating at a wide angle, you know there is volatility in the current move, regardless of the TF.

So,
1) H1 cross (no values required, just eyeball it);
2) M15 cross (same, no values required, just need a visual);
3) M5 cross with combined separation greater than 26, and;
4) M1 separation greater than 52.

I will not sell when price is just below a PP or Daily Open / psych level (and vice-versa). I wait for a break / pull back and enter on next signal.

See screenshots. There are many examples of this happening each day, and if the signals are getting sent to your phone, there is no need to sit at the screen.

EDIT: Please note this is NOT my current strategy...it forms the basis of it, but I have added some refinements which will be revealed in the coming weeks as I release the latest strategy development. The trade example shown in the screenshots are just one example of how using multiple TF analysis can be beneficial using the Correl8 indicator.
Attached Image(s) (click to enlarge)
Click to Enlarge Name: 1 - EURUSD H1 initial cross.png Size: 97 KB
Click to Enlarge Name: 2 - EURUSD M15 confluent bearish cross and following bearish price action indicating EUR weaknes.png Size: 99 KB
Click to Enlarge Name: 3 - EURUSD M5 signal.png Size: 104 KB
Click to Enlarge Name: 4 - EURUSD M1 entry.png Size: 111 KB
Click to Enlarge Name: 5 - outcome.png Size: 128 KB
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  • #290
  • Aug 24, 2016 4:53pm Aug 24, 2016 4:53pm
Quoting kirkleaforex
{quote} Hi ruma29 thanks for being here. I particularly like multiple TF analysis. Just as any indicator will show "underlying" conditions on larger TF's, the Correl8 does the same. Because I am a day trader (and a scalper at heart!) then I look for underlying strength on the H1 and M15, and trade the M1 and M5 in between pivot points. I am only after 10 or 20 pips a day so there is no need for me to look at longer TF's for capturing larger swings. So, to put it all together, and taking EURUSD as the example in the screenshots attached, as the H1...

Kirkleaforex,

Thank you for your effort to respond...I will review it and spend some time on this indicator...
  • #291
  • Aug 24, 2016 5:11pm Aug 24, 2016 5:11pm
Quoting Strom
{quote} Hi. Can you help mi to build iCorel with higher time frame - on your chart H4. Thank you!
Hi Strom...sure I will post a screenshot showing a possible example of a H4 trade on EURUSD. Hopefully this will help, but it is not just the Correl8 I am relying on here.

If I was to blindly follow every Correl8 signal, I would run into trouble. In this example, notice how price has broken outside of the Bollinger Band. It is never a good idea to enter a trade at this point, as price will almost always retrace back to within the bands unless the move is exceptionally strong. Also, price had just run into a Pivot Point, which may have caused price to reverse.

So in the screenshot example I would have waited until price broke above the next PP and retraced and tested the same PP as support before entering long.

End result is 120 pips or so, which is great considering your SL could have been a narrow 15 pips - great R:R. Best advice I can give is to wait patiently for the market to reveal a sweet setup, and not chase trades which may not be there. If you are trading H4 charts, then taking chances on setups that aren't the best really puts your capital at risk.

I hope this example helps...ask any other questions you like, I am here to help if I can.
Attached Image (click to enlarge)
Click to Enlarge Name: 4H example.png Size: 90 KB
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  • #292
  • Aug 24, 2016 5:15pm Aug 24, 2016 5:15pm
Quoting ruma29
{quote} Kirkleaforex, Thank you for your effort to respond...I will review it and spend some time on this indicator...
You are welcome, but at the end of the day, the Correl8 indicator is yours to do with as you please. Everyone will have a different interpretation of how it fits into their personal trading style and strategy. I love how it seems to work for me and how clearly I am able to see and interpret the signals I am given, but others just might not see it how I do...and that's okay.

I hope you find something of value in here to help you.
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  • #293
  • Aug 24, 2016 5:19pm Aug 24, 2016 5:19pm
Guys I am leaving my house today to spend the next 9 days in an Air BnB before I fly out to Thailand on September 4th. The Air BnB place does not offer WiFi so I may be unable to reply to your questions in a timely manner. I apologise for this but I assure you I will answer every question as quickly as I can.

Having said that, I am really enjoying seeing how the Correl8 indicator is working for other people. So please feel free to share your ideas, strategies and screenshots - the more the merrier.
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  • #294
  • Aug 24, 2016 6:47pm Aug 24, 2016 6:47pm
Hi Kirk
This thread is looking good, appreciate the work you are putting in, could you post the Correl indicator that you are using at present.
Thank you
Regards
  • #295
  • Edited Aug 25, 2016 12:17am Aug 24, 2016 10:06pm | Edited Aug 25, 2016 12:17am
Quoting kirkleaforex
{quote} Hehe you are certainly not interrupting this thread. Your ideas and comments are valid and welcome. Keep them coming. I am glad you are showing a keen interest in how Correl8 can assist your trading.
Thank you so much sir for those kind comments!

I'm interested if the indicator/technique able to 'read' all 28 pairs movement as i'm scalping for a few pips here and there.

Quoting MeLe
Hi Kirk This thread is looking good, appreciate the work you are putting in, could you post the Correl indicator that you are using at present. Thank you Regards
Hi MeLe.

I don't know which version did he use. You can see the attachment -paper clip icon above this thread.

Attached Image (click to enlarge)
Click to Enlarge Name: paper clip.png Size: 10 KB


As for me, i use another correl indicator from mladen. It is mtf - multiple time frame. For example, if you're on m15 chart you can see higher tf, such as m30, h1 or h4. It is the same if you're on m1. You can see any correl above m1 like m5, m15 and so on.

It does not repaint - it wait for higher tf to complete its course.

Attached Image (click to enlarge)
Click to Enlarge Name: mtf icorrel.png Size: 43 KB


Please see those 2 green vertical lines carefully.

You can see that to complete 1 hr, we need 4 m15 candles. Started with a straight line, at last 15min the line will sloping up/ down.

Here is the indicator.

Attached File(s)
File Type: mq4 correl8_1.mq4   16 KB | 1,020 downloads
  • #296
  • Aug 24, 2016 10:18pm Aug 24, 2016 10:18pm
Quoting MeLe
Hi Kirk This thread is looking good, appreciate the work you are putting in, could you post the Correl indicator that you are using at present. Thank you Regards
Hey there and thanks for stopping by!

Currently i am testing a new prototype and there are some bugs and omissions that need fixing; stuff i originally requestedfrom the programmer which was not completed. Functionality is almost there but not quite so i will hold off posting an incomplete indi until i am certain it will perform as intended. Hoping to have this within the coming weeks.

Thanks for your interest. Please subscribe to be sure of getting update notifications.
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  • #297
  • Aug 24, 2016 10:29pm Aug 24, 2016 10:29pm
Quoting redwed
{quote} Thank you so much sir for those kind comments! I'm interested if the indicator/technique able to 'read' all 28 pairs movement as i'm scalping for a few pips here and there. {quote} Hi MeLe. I don't know which version did he use. You can see the attachment -paper clip icon above this thread. {image} As for me, i use another correl indicator from mladen. It is mtf - multiple time frame. For example, if you're on m15 chart you can see higher tf, such as m30, h1 or h4. It is the same if you're on m1. You can see any correl above m1 like m5,...
Hi again...i am using this only on the majors as i like to limit my spread to 2 pips or so. But in the settings you can turn individual currencies on and off so you get every combination available.

One idea i am investigating is creating a matrix style indicator which shows the previous candle separation value for ALL 28 pairs, for ALL time frames, with user input to select specific pairs / TFs to be shown. I expect this to visually look like a kind of "heat map" with colour-coded variables depending on the volatility of the separation. This could then be an immediate visual MTF reference for whatever pairs you are interested in.

But, all this takes time and money. For now it is just an idea worth pondering...

Last point i will make though is in relation to my re-working of the existing Correl8. It now shows the individual line values of the previous candle and not the "repainting" values of current candle, which i think is a welcome change.
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  • #298
  • Aug 24, 2016 10:54pm Aug 24, 2016 10:54pm
Quoting kirkleaforex
{quote} Hi again...i am using this only on the majors as i like to limit my spread to 2 pips or so. But in the settings you can turn individual currencies on and off so you get every combination available. One idea i am investigating is creating a matrix style indicator which shows the previous candle separation value for ALL 28 pairs, for ALL time frames, with user input to select specific pairs / TFs to be shown. I expect this to visually look like a kind of "heat map" with colour-coded variables depending on the volatility of the separation....
It reminding me to one of the long-known system here in ff back in 2008. Trading system using relative strength.

The rules were pretty simple:

Quote
I have been testing out a simple system almost exclusively looking at price action with fairely good results.This is how it is done:
1.Open any chart with 4 hr bar
2.add CCfp Indicator.
3. look for differences of each currency on the data menu of the LAST TWO 4hr bar.
4 Open the postion 5-10 minutes after the new bar has opened
The account has grown pretty good with alsmost no loss so far in the last one month.

I learned a lot about CCFp, CC from there.

Correl8 is much better in some aspect than CCFp. CCFp only calculates 7 pairs - all is USD pairs. But Correl8 calculates all 28 pairs.

If somebody using a br0ker without 28 pairs, you can't use Correl8. Instead, use CCFp.

But, COrrel8 lack some customization. Being said, CCFp can be edited on many ways. It can be faster, it can be slower. It can be more inertial if you find your settings correctly.

About the last line: It now shows the individual line values of the previous candle and not the "repainting" values of current candle, which i think is a welcome change.

In other words, are you using difference value of 2 closed reading before this?

Something like this?
Attached Image
  • #299
  • Aug 24, 2016 11:33pm Aug 24, 2016 11:33pm
Quoting kirkleaforex
{quote} Hi again...i am using this only on the majors as i like to limit my spread to 2 pips or so. But in the settings you can turn individual currencies on and off so you get every combination available. One idea i am investigating is creating a matrix style indicator which shows the previous candle separation value for ALL 28 pairs, for ALL time frames, with user input to select specific pairs / TFs to be shown. I expect this to visually look like a kind of "heat map" with colour-coded variables depending on the volatility of the separation....
Take your time. Current indicator is good and more than enough. It depends on how people interpret the data.
  • #300
  • Aug 24, 2016 11:56pm Aug 24, 2016 11:56pm
Quoting kirkleaforex
{quote} Hey there and thanks for stopping by! Currently i am testing a new prototype and there are some bugs and omissions that need fixing; stuff i originally requestedfrom the programmer which was not completed. Functionality is almost there but not quite so i will hold off posting an incomplete indi until i am certain it will perform as intended. Hoping to have this within the coming weeks. Thanks for your interest. Please subscribe to be sure of getting update notifications.
Thank you, will wait for your final system completed, Regards
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