It is with great pride that SoloTrader introduces the Correlation Dashboard feature. This exclusive analysis tool is available in the SoloTrader terminal and is comprehensively explained in the help section at help.solotrader.com.
The SoloTrader Correlation Dashboard is a window that shows the user how different currencies are correlated as they change prices. It is composed of the Correlation Chart and the Correlation Table.
SoloTrader’s Correlation Chart is a trading tool that allows the comparative analysis of two chart symbols. The chart uses various factors to compare the two chart symbols such as the price, timeframe, and the volume. By doing this, traders are able to pinpoint trading opportunities and identify potential bad trades thereby effectively reducing risk. The chart uses the relativity between the two symbols as there is a general pattern between two given symbols. Some pairs move in line with each other while others move against one another.
SoloTrader’s Correlation Table is a trading tool that allows a general comparative analysis of various symbols. This window shows tabulated currencies and the strength of their correlation with another symbol. This value shows data that can be used to formulate trading strategies, anticipate market movements, and mitigate risk. The trader chooses the symbols to tabulate, sets the time frame, and selects how many bars to use.
Knowing the proportionality between two symbols is useful knowledge that traders can use to anticipate price movements. SoloTrader developed the Correlation Dashboard for the advantage of users. Access this amazing feature now on the trading platform or the help section.