Spearman Rank Auto Correlation Indicator
Spearman Rank Auto Correlation Indicator for MT5. Trend reversal indicator for MT5. Overbought/oversold MT5 indicator. Free technical indicators.
The Spearman Rank Auto Correlation Indicator for MetaTrader is the best trend reversal tool that accurately highlights extreme zones where the price of an asset can change direction.
What is the Spearman indicator?
The Spearman indicator is a technical tool developed on the basis of the Spearman correlation principle. The indicator evaluates the strength and possible trend reversal zones by determining the previous levels of correlation of the highs/lows of the asset.
The indicator has one line that fluctuate between different zones (overbought/oversold levels) on the chart. It also comes with price bars and signal zones to mark a potential price reversal point and BUY/SELL entry points.
Spearman’s correlation indicator is very sensitive and almost never lags. The indicator is recommended to be used in a trending market for greater accuracy and more profitable trading setups.
In addition, the indicator is recommended for both beginners and experienced traders. It is also suitable for various trading styles such as scalping, day/intraday trading and swing trading.
Spearman buy/sell correlation signals
The screenshot above shows how the indicator will look on your MT5 platform. It also illustrates how to identify high probability setups and entries.
The dotted line indicates the overbought and oversold zones.
BUY signal. First, make sure the market is moving up (bullish trend), and then wait for the indicator line to interact with the oversold level, and then move higher and paint the zone GREEN.
Under the above conditions, you can open a BUY/LONG position. You can refer to the screenshot above for more clarity.
Sell signal: first, make sure the market is trending down (bearish), and then wait for the indicator line to interact with the overbought level, and then go lower and turn the area PINK.
Under the above conditions, you can open a SELL/SHORT position.
Conclusion
The Spearman Rank Auto Correlation Indicator for MT5 is an indicator that will help you trade more accurately on price reversals. Moreover, the indicator is free to download.
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