Second Chart Indicator

Second Chart Indicator

Second Chart Indicator For MT4 helps forex traders to display the price chart of another currency pair below the current price chart.

The second chart indicator for MT4 adds an additional price chart of a desired currency pair below the current price chart. This indicator helps forex traders to compare the price movement of two different currency pairs on a single price chart. As a result traders can use the price correlation between the pairs and trade them accordingly.

The indicator is simple to apply and can be used by new and advanced forex traders. However, traders should note that it is not possible to add any indicators to the second price chart.

Second Chart Indicator For MT4 Trading Setup

The above GBPUSD H1 price chart shows the second chart indicator for MT4 in action. The indicator has added the EURUSD H1 chart which is shown below the GBPUSD chart.

While trading currency correlation, traders should understand the strength and weakness of the common currency in two different currency pairs. For example the weakness or strength of USD will reflect on both GBPUSD and EURUSD.

If both the GBPUSD and EURUSD are moving lower then it shows the overall strength of USD. This helps forex traders to identify the weakness or strength of a particular currency. Furthermore, forex traders can apply technical analysis on one chart and identify the trend direction or momentum of the other pair.

Generally, technical traders tend to look for similarities in currency pair movements to compare the momentum and trend direction.

Conclusion
In summary, the second chart indicator for MT4 helps forex traders to understand and trade using the price correlation between two currency pairs.