PropCorrelation
Shows whether your open positions are really one single bet.
Three index shorts feel like three trades. On most days they are one bet in triple size. PropCorrelation writes the correlation between all open positions on the chart, signed by direction, next to the money at risk to the stop, and adds up what belongs together. Free.
Free
Download from the MQL5 Market.
What it looks like on the chart
Three shorts, one bet
Nasdaq, Dow and DAX short move together, the values sit between +0.55 and +0.62. The headline therefore counts them as one bet with 0.12 percent combined risk. That is the number your daily loss rule sees when all three run against you.
Above your limit
With a cluster limit of 0.10 percent the headline turns red and an alert fires, as a popup or push to your phone. You set the limit yourself.
A hedge stays a hedge
A long and a short in EURUSD show −1.00. Direction is part of the number, so a hedge reads as a hedge and not as one more position in the same cluster.
Watchlist before the trade
With nothing open the panel shows your watchlist. You see how your markets move together before you open the second or third trade in the same direction.
What it does differently
What belongs together is added up
Positions above your threshold (default 0.70) form a cluster and the headline states their combined risk.
A position without a stop turns red
Its risk is not a number, so it says NO STOP.
What it does not do
- Correlation is a snapshot. In a sell-off the values move towards +1.
- Not a signal and no hedge guarantee. It never places an order.
What you need
- MetaTrader 5
- No DLL, no web requests
PropCorrelation · Free
Download from the MQL5 Market.
You have your own strategy and want it as an EA? I build it for you, tested on real ticks, with full source code.
From the same family
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- PropMirror · 59 USDOne trade on the master, the same position on each of your accounts.
- ForcedFlow · 149 USDTrades two flows in which someone has to buy or sell at a fixed time.
- PropSizer · freeDrag two lines, read the right lot size.