Chart Overlay 4.0
Metatrader Indicator (MT4/MT5)
The Chart Overlay indicator displays the price action of several instruments on the same chart, allowing you to evaluate how different symbols fluctuate relative to each other. Its main usage is to find correlated symbols which are temporarily out of whack.
- Find overbought or oversold currency pairs easily
- Plot up to 6 currency pairs overlayed on the same chart
- Display inverted symbols -if you want to-
- Adapts to chart size, zoom and timeframe
- Symbols can be plotted as bars or line charts
- The size of the overlay chart is customizable
- Absolute gain or loss calculations
- Automatic price level calculation
- Customizable price level density
- Customizable colors and sizes
Boost your trading activity with the most flexible, powerful and stable chart overlay indicator ever created for the Metatrader platform.
When loading the expert to any chart, you will be presented with a set of options as input parameters. Don't despair if you think they are too many, because parameters are grouped into self-explanatory blocks.
- Symbol Settings
- Type the names of the currency pais or symbols you want to display on the overlay chart. You need to enter at least one of them in order for the overlay chart to have two currency pairs -one native and one foreign-. If a symbol is left blank or does not exist on the platform, it will be ignored.
- Invert Settings
- In this block you can decide to invert the chart -and the name- of any currency pair entered above. For example, you can decide to display USDJPY as JPYUSD, which would cause the indicator to invert the price chart, calculate the inverse exchange rate and display it accordingly on the overlay chart.
- Chart Settings
- In this block you can decide the kind of chart you want to display -bar or line chart-, the size of the overlay chart relative to the background chart and the location of the price labels.
- Visual Settings
- Customize colors for text labels and price lines, the style of the price lines, the amount of price lines displayed on the overlay chart and select the colors for text labels.
- Does the indicator repaint?
- Yes, the indicator redraws at bar closing. As new bars appear on the chart, old bars are pushed off the chart to the left, and the indicator must redraw to account the new prices into the overlay.
- Can I choose period and timeframe to apply?
- Yes, you can! Just switch the timeframe and the overlay will adapt to your screen size, amount of bars in the chart and timeframe.
- Can I select the currency pairs to display?
- Yes, you can display up to 6 currency pairs on the overlay chart. 5 of them are input parameters, and the other is the native symbol of the chart where the indicator is loaded.
- What is inverting a curreny pair?
- Inverting a currency pair means to display the exchange rate between two currencies inverting the main currency of the transaction. For example, USDJPY can also be expressed as JPYUSD in a chart, which price chart would be inverted
- Can I invert a symbol in the overlay chart?
- Yes, you can. For example, if you want to plot EURUSD, GBPUSD and USDJPY into the same overlay chart, it makes sense to invert USDJPY in order for the price to reflect the inverse rate: JPYUSD. This way the JPYUSD price will move in a positive correlation fashion with the other two symbols of the overlay chart, making the chart easier to study.
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