Introduction to the Two Symbols on Chart iSymbol Indicator
One of the distinctive features of the forex market is that traders exchange money for money, although in different currencies. These currencies have variable momentum, which is influenced by their respective home economies and other reasons. Traders who can recognize which currencies are weak and which are strong and can pair these currencies in a transaction have a high chance of making the appropriate trade. This may be seen using correlations, as shown by the Two Symbols on Chart iSymbols Indicator.
What is the Two Symbols on Chart iSymbol Indicator?
The Two Symbols on Chart iSymbol Indicator is a price chart overlay of another forex currency pair on your current price chart. The second currency pair is shown as a bar chart. It also allows users to flip the second currency pair, freeze it, or scale its range with the range of your current price chart.
How the Two Symbols on Chart iSymbol Indicator Works?
The Two Symbols on Chart iSymbol Indicator employs a straightforward technique to acquire the price feed of another currency pair from your broker’s computer. The price stream is then superimposed on your existing price chart. When enabled, it also contains an algorithm that adapts the price range of the second currency pair to match that of your primary currency pair. Another approach is that it inverts the display whenever the “Invert” option is enabled.
How to use the Two Symbols on Chart iSymbol Indicator for MT5
Within the inputs settings of the Two Symbols on Chart iSymbol Indicator, there are three significant options.
The “Symbol” option allows users to select which currency pair will be superimposed on the price chart. Users only need to key in the symbol of the currency pair they wish to see. The symbol entered should be identical to the symbol used by the broker.
“Invert” flips the currency pair superimposed upside down. This is beneficial for currency pairs in which we are seeking for inverse correlations between currencies. This is true if one currency pair’s common currency is a term currency and the other is a commodity currency. For example, the EURUSD and USDCHF are inversely connected due to their shared currency, the USD.
The chart below depicts the superimposed currency, the EURUSD, in a non-inverted fashion.
The identical currency pairings, but with the EURUSD price bars reversed, demonstrate a discernible link between price movements.
“Scale fix” adapts the range of the superimposed currency pair to the primary currency pair’s current price range. It is critical that customers enable this since currency pairings rarely have identical regular price ranges. Users may not notice the superimposed currency pair if this is not toggled on since it is plotted well beyond the price range of the primary currency pair.
Although the aforementioned choices may be toggled and updated under the “Inputs” page of the indicator’s settings, there are additional tabs at the bottom left of the price chart that enable users to easily modify these settings without having to go into the settings window.
This indicator does not give trading signals or trend or momentum direction recommendations. Instead, it enables traders to readily examine currency pair correlations and judge which currency is strong, which currency is weak, and which currency is driving the market to move.