Overlay Chart Modified to not repaint on each bar – indicator for MetaTrader 4

  • Platform: Metatrader4
  • Currency pairs: Any pairs, indices and metals
  • Trading Time: Around the clock
  • Recommended broker: icmarkets, XM
  • Modified Overlay Chart USDJPY vs USDCHF

    image: Modified Overlay Chart USDJPY vs USDCHF (4hr chart)

    Function

    The Original Overlay Chart is used to have two currencies or 2 assets on 1 chart.

    The relative price of the one currency can be seen in terms on the other currency.
    For example, on the EURUSD chart, using
    this indicator, The USDCHF could be added and the USDCHF price will be shown in terms of EURUSD price.

    Use

    This could be useful for strategies that depend on the convergence or divergence of 2 currencies or assets. Some people informally refer to
    this as ‘correlation’ or ‘arbitrage’ or more formally ‘co-integration’ strategies or ‘relative value’.

    Changes/updates/improvements

    The Original indicator will re-center its calculation on every bar, and hence the price will keep shifting up and down and so the historical
    relative values do not remain constant. This indicator was modified so that the ‘center’ or initial relative reference point stays fixed
    and does not update each bar. It will only update the initial center point (Re-initialize) when the indicator is reloaded or settings are
    changed. (The indicator does however show the changes of the current prices on the same chart, just to clarify).

    This indicator also paints for history far back, while the original does not. I may have also changed one or two other things in the original
    code, you can find the

    original code here.

    Inputs
    The SET CENTER input is which bar back in the history the indicator should use to be the fixed initial point to compare the 2
    currencies or assets.

    • How to install MT4 indicator?
    • 1. On the desktop, double-click to open the MT4 trading platform software you installed.
    • 2. Click on “File” – “Open Data Folder” in the upper left corner, double-click the MQL4 folder, and double-click the Indicators folder
    • 3. Copy the metrics you need to install to the Indicators folder
    • 4. Open MT4, find “Navigator” in the display menu, then click “Technical Indicators” of “Navigator” and right click to refresh, you will see the indicator just copied.
    • 5. In the “Technical Indicators” of “Navigator”, find the indicator file just installed, double click or click manually to the chart window