Explore OANDA’s Correlation Trader: setup, currency correlation strength, and one-click trading tips on MT4.
Introducing the OANDA Correlation Trader
The OANDA Correlation Trader is a tool that enables you to place trades while monitoring the relationship between two currency pairs on MetaTrader 4 (MT4).
Setting up the Correlation Trader
The Correlation Trader is an Expert Advisor (EA) type of tool.
On the settings screen, ensure that both “Allow live trading” and “Allow DLL imports” are selected, then click “OK”.
The correlation between currency pairs is displayed in the centre of the Correlation Trader interface.
The strength of the correlation is colour-coded as follows:
- Green: Little to no correlation (0 to ±25)
- Blue: Weak correlation (±25 to ±50)
- Orange: Moderate correlation (±50 to ±75)
- Red: Strong correlation (±75 to ±100)
You can choose which currency pairs and time frame to display in the central section.
To place a trade, click on the “New order” tab at the top of the screen or on the square icons located on either side of the chart to open the order screen.
If you have any open positions, the number of positions and their unrealised profit or loss will be shown on the sides of the chart.
On the order screen, you can enter the currency pair, trade volume, stop loss (S/L), and take profit (T/P).
Ticking the “Non-Hedging Mode” option disables hedging, meaning any opposite trade will close the existing position.
This setting is useful for quick one-click execution in discretionary short-term trading.
While holding a position, you can close it by clicking the “Close” button at the top of the screen.
