It is often useful to compare multiple instruments on the same chart. For example, to compare different forex instruments such as EUR/USD, AUD/USD and GBP/USD together. Using MarketScope’s “overlay” feature is one option, but it is limited to a single instrument, and not particularly flexible.
The Multi-Instrument Compare indicator (Multi-Compare) allows up to 10 instruments to be compared together on the same chart in a simple and unified manner. The results are plotted as % change since some reference datum.
The indicator can also compute and display the RSI, SMA and MACD of all the selected instruments, as well as displaying a correlation matrix (which shows the correlation for every pair of instruments).
The Multi-Compare indicator can be used to compare any instruments subscribed to the Trading Station platform. It works on any timeframe, for example from daily bar charts right down to 1 minute bar charts.
The following are inputs available in the application:
- Reference date mode: This can be “Chart”, “Specified date”, “N-bars back”, “N-hours back”, “N-days back” or “N-weeks back”. When set to “Chart” the start of the chart is used as the reference. When set to “Specified date” the date (and optional time) should be entered into the “Reference date” field. When the other options are used, the reference date is set to “N” bars/hours/days/weeks back from the current date & time, where “N” is specified in the “Number of bars/hours/days/weeks back” field.
- Reference date: This is the reference date (and optional time) use when the mode is “Specified date”. NOTE: The format is YYYY/MM/DD hh:mm. The time part (hh:mm) is optional, but should be 24hour clock notation if used.
- Number of bars/hours/days/weeks back: This is the value of “N” used when the mode is “N-bars back”, “N-hours back”, “N-days back” or “N-weeks back”.
- RSI length: The length of the RSI indicator used in the “Display mode” option.
- SMA length: The length of the Simple Moving Average in the “Display mode” option.
- MACD length 1: The length of the “fast” MACD moving average used in the “Display mode”option.
- MACD length 2: The length of the “slow” MACD moving average used in the “Display mode” option.
- Correlation length: The length of the correlation study, i.e. how many bars back should the correlation be calculated.
- Instrument [1..10]: Select the symbol to compare. You can select any of the symbols subscribed to your Trading Station platform.
- Mode [1..10]: The “mode” can be “Normal”, “Invert” or “Off”. Use “Off” if you don’t want to include this instrument in the comparison. Use “Invert” to compare the inverted instrument, or “Normal” for non-inverted.
- Display mode: This can be Normal, RSI, SMA or MACD. The Normal setting just displays the usual comparison. The other modes perform some post-processing on the ‘raw’ data by feeding it through another indicator (i.e. an RSI, SMA or MACD indicator). The lengths for these indicators are set via input parameters in the Calculation Parameters section.
- Label mode: This can be Off, Label, Value or Label and Value. This mode controls the text which can be displayed as a label next to the plotted line.
- Show correlation: This can be set to “Off”, “On (top-left)” or “On (bottom-left)”. The correlation is calculated over the number of bars given by the “Correlation length” input parameter. The correlation values are displayed as a triangular matrix in the corner of the chart (either top-left or bottom-left corner).
- Colour [1..10]: The colour for the instrument’s line.
- Line width: This is the width of the line
- Zero line style: This controls the line style for the zero level line.
- Zero line colour: This controls the line colour for the zero level line.
- Overbought line style: This controls the line style for the overbought level line.
- Overbought colour: This controls the line colour for overbought zero level line.
- Oversold line style: This controls the line style for the oversold level line.
- Oversold colour: This controls the line colour for oversold zero level line.
- Font size: This is the font size used for the correlation value matrix.
The application displayed on this page does not take in to consideration your individual personal circumstances and trading objectives. Therefore it should not be considered as a personal recommendation or investment advice. Past performance is not indicative of future results. There is no guarantee that the systems, trading techniques, trading methods, and/or indicators will result in profits or not result in losses.
This indicator is only compatible with FXCM Trading Station Desktop software. Additionally, an FXCM
account is required (including free FXCM demo accounts).
Links to third-party sites are provided for your convenience and for informational purposes only. FXCM bears no liability for the accuracy, content, or any other matter related to the external site or for that of subsequent links, and accepts no liability whatsoever for any loss or damage arising from the use of this or any other content. Such sites are not within our control and may not follow the same privacy, security, or accessibility standards as ours. Please read the linked websites’ terms and conditions.
FXCM is an independent legal entity and is not affiliated with robocod.blogspot.co.uk. robocod.blogspot.co.uk is not owned, controlled, or operated by FXCM. or any other content. Such sites are not within our control and may not follow the same privacy, security, or accessibility standards as ours. Please read the linked websites’ terms and conditions. Steven Dickinson is not an employee, agent or affiliate of FXCM.
We can customize any app to meet your trading needs. All you need to do is tell us what you’re looking for and we'll help you build the perfect trading app.