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used to se wich currency is stronger than other also usefull to se if currencie pair moves in same direction or not... Here is a web page with an excel based correlation spreadsheet also nice and may explain correlation better than i can do :-) http://www.mataf.net/en/analysis-correlation_id.htm Enjoy and happy trading
add a GBP/USD chart. add the indicator to the chart and in properties u notice its set for usd so it will show usd data. now add another instance of the indicator to the same window and change properties to GBP and change the color if you like and then it will show USD and GBP's data on the same window
Here at these charts eur is red gbp is yellow usd blue.... i see usd as strongest then gbp and last euro but this is a 60 min chart so the picture may not be the same in higher timeframes like every other indicators have good sites and bad sites... but i like the crosses, i have put it in with some examples (shapes). On the higher timeframes i use it as a leading indicator also and consider which currencie are strongest against other hopefully deciding which way to go :-)
if you move the chart to the right or to the left side you can see that the three indexes change the places where they cross. Look the pictures i attached to see what I mean. How can you be sure it is the right cross?
BTW if you speak german better you could write in german.
Linear Mode
