Arbitrage Scanner Indicator
Arbitrage Scanner Indicator For MT4 searches for correlated forex currency pairs of leading pair. Best technical analysis tool to identify trading direction.
Description
The Arbitrage Scanner indicator for MT4 looks for correlation between other currency pairs with reference to a leading pair. Currency pairs with a high correlation shows in the chart comments area. Furthermore, it calculates the volatility, swap, and pip value and lot size for every correlated currency pairs. As a result, it is very useful to forex traders using currency correlation for technical analysis and trading strategies.
The indicator is easy to use for new and advanced forex traders. However, new forex traders should educate themselves with currency correlation and arbitrage trading strategies. Though the default settings are on the daily time frame, it works on lower time frames too.
Arbitrage Scanner Indicator For MT4 Trading Signals
The indicator plots the output on the right top corner of the price chart. Once the indicator identifies a correlation it shows the leading pair and the correlated pairs on the comments area. By default the minimum currency correlation is set to 0.9, however traders can reduce it to identify and explore currency pairs with lower correlation.
Traders should place buy or sell trade in correlated currencies in the same direction of the leading pair. In simple terms traders should follow the direction of leading pair as the correlated pairs are anticipated to follow the leading pair.
Conclusion
In summary, the Arbitrage Scanner indicator for MT4 is a currency correlation indicator. Additionally, it is free to download and easy to install.
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