Why are some boxes empty or showing "..."?

This happens if the symbol name in the list does not match your broker's symbol exactly (e.g., "EURUSD" vs "EURUSD.pro"). Check your Market Watch and update the symbol list in the settings.

Can I change the lookback period?

Yes. The default is 50 bars. Increasing it (e.g., to 100 or 200) will give you a smoother, longer-term correlation view. Decreasing it (e.g., to 20) shows short-term relationships.

Does it work on all timeframes?

Yes. The indicator uses the current chart's timeframe for calculation. If you switch from H1 to D1, the correlation values will update to reflect the daily relationship.

How do I add indices like US30?

Enable the "Custom Pairs" block (Show_Others = true) and add your index symbols (e.g., "US30,SPX500,GER30") to the "Def_Others" input field.

What is forex correlation and why does it matter?

Forex correlation measures how two currency pairs move in relation to each other. A correlation of +1.00 means they move identically; -1.00 means they move in exact opposite directions. It matters because trading correlated pairs in the same direction multiplies your risk without you realizing it.

Is this indicator free to download?

Yes — the TCL Correlation Matrix is completely free. Create a free account, download the .ex4 file, and install it on MetaTrader 4. No trial limitations, no premium unlock required.

Free Correlation Matrix Indicator MT4 — Forex, Crypto & Commodities

TCL CORRELATION MATRIX

Avoid over-exposure risk by instantly visualizing positive and negative correlations between major Forex, Crypto, and Commodity assets in real-time.

FREE

Multi-Asset Scanner

Color-Coded Strength

Dynamic Symbol Lists

Real-Time Dashboard

Create a free account to access.

The Silent Risk Killer

Many traders unknowingly stack risk by trading pairs that move identically. If you buy EURUSD and sell USDCHF, you are effectively doubling your bet on a weak Dollar. The TCL Correlation Matrix makes these invisible relationships visible. It calculates the statistical correlation between the current chart symbol and a basket of other assets over a customizable lookback period.

Understanding the Values

The matrix displays a coefficient value for each symbol, ranging from -1.00 to +1.00:

Strong Positive (> 0.70): Green. The assets move together strongly. Buying both doubles your risk. Ideally, you should trade one or the other, but not both in the same direction.
Strong Negative (< -0.70): Orange. The assets move in opposite directions strongly. Buying one acts as a hedge for the other.
Moderate Positive( +0.15 to +0.7): Blue. The assets move together moderately. Buying both doubles your risk. Ideally, you should trade one or the other, but not both in the same direction.
Moderate Negative( -0.15 to -0.7): Blue. The assets move in opposite directions moderately. Buying one acts as a hedge for the other.
Weak / None (-0.15 to 0.15): Grey. The assets are uncorrelated. This is ideal for diversification as their price movements are independent.

Full Market Coverage

Unlike simple Forex scanners, this tool is built for the modern multi-asset trader. It supports 6 distinct blocks of assets: Majors, Crosses, Exotics, Commodities (Gold/Oil), Crypto (BTC/ETH), and a Custom “Others” block. You can toggle each block on or off to keep your dashboard clean and focused on the markets you actually trade.

How to Use the Correlation Matrix in Your Trading

Strategy 1: Avoid Doubling Risk

Before opening a new trade, check the correlation matrix. If your new pair is strongly correlated (> 0.70) with an open position in the same direction, you’re effectively doubling your exposure. Example: Going long EUR/USD and long GBP/USD simultaneously — these pairs often correlate at 0.80+.

Strategy 2: Find Hedging Opportunities

Look for pairs with strong negative correlation (< -0.70). If you’re long EUR/USD and want partial protection, consider a smaller long position on USD/CHF, these pairs typically show strong inverse correlation.

Strategy 3: Diversify Your Portfolio

For genuine diversification, trade pairs with weak or no correlation (-0.15 to +0.15). This means your trades move independently a loss on one doesn’t guarantee a loss on the other.

Strategy 4: Cross-Asset Analysis

Use the Commodities and Crypto blocks to spot inter-market relationships. Gold/USD, Oil/CAD, and BTC/Risk-on pairs often show meaningful correlations that give you an edge if you track them.

Related Tools

TCL Power Meter — Pair the correlation matrix with currency strength analysis
TCL Trend Radar — Check trend direction before trading correlated pairs
Online Correlation Matrix — Browser-based version (no MT4 needed)
Currency Heat Map — See which currencies are strongest right now

Parameter	Default	Description
Panel Position on Chart	TL	Corner to display the dashboard (TL, TR, BL, BR).
Enable Major Pairs	true	Toggle visibility of Major Forex pairs.
Enable Cross Pairs	true	Toggle visibility of Cross pairs.
Enable Exotic Pairs	false	Toggle visibility of Exotic pairs.
Enable Commodity Pairs	true	Toggle visibility of Commodities (Gold, Oil).
Enable Crypto Pairs	false	Toggle visibility of Crypto assets.
Enable Custom Pairs	false	Toggle visibility of the custom list.
Majors (comma-separated)	"EURUSD,GBPUSD..."	List of symbols for the Majors block.
Crosses (comma-separated)	"EURGBP,EURJPY..."	List of symbols for the Crosses block.
Exotics (comma-separated)	"USDSEK,USDNOK..."	List of symbols for the Exotics block.
Commodities (comma-separated)	"XAUUSD,XAGUSD..."	List of symbols for the Commodities block.
Crypto (comma-separated)	"BTCUSD,ETHUSD..."	List of symbols for the Crypto block.
Custom (comma-separated)	""	User-defined list of symbols.
Lookback Bars	50	Number of candles used to calculate correlation.