Second Chart Indicator

The indicator adds the price chart of any selected forex pair underneath the main chart window. For example, if your primary chart is GBPUSD, you can add EURUSD below it. This lets you observe how USD strength or weakness affects both pairs at the same time.

Because most forex currency pairs share at least one common currency, comparing their movements can reveal important market dynamics, such as:

Whether a trend is broad-based or pair-specific

If one pair is leading or lagging

Whether momentum is aligned or diverging

Focused on Price Movement Only

One essential thing to note is that you cannot add additional indicators to the second chart. It remains a clean, indicator-free price display. The benefit is clarity—traders can compare raw price movement without distractions.

Second Chart Indicator for MT4 Trading Setup

Consider the example of a GBPUSD H1 chart where the trader loads EURUSD H1 as the secondary chart. If both pairs move downward, it suggests USD strength across the board. On the other hand, if GBPUSD falls while EURUSD rises, it may signal differing strength between GBP and EUR.

Understanding Currency Strength and Weakness

When trading correlations, traders must focus on the shared currency between pairs. For example:

GBPUSD and EURUSD share USD

EURJPY and GBPJPY share JPY

AUDUSD and NZDUSD share USD

By comparing movement in two pairs with a common currency, traders can identify whether that shared currency is strong or weak at the moment.

Applying Technical Analysis More Effectively

Although indicators cannot be added to the second chart, you can still apply full technical analysis tools to the main chart, and use the second chart for confirmation. Traders often:

Draw trendlines on the primary pair

Confirm trend strength via the second pair

Compare breakouts or reversals

Identify momentum similarities

This approach helps validate trade entries and avoid false signals.

Why Traders Use the Second Chart Indicator for MT4

 Correlation-Based Trading Strategies

Many traders rely on correlation to:

Confirm trend direction

Spot divergence between two pairs

Identify leading indicators

Hedge their positions

Improved Market Outlook

Seeing two pairs at once provides clearer insight into broader currency momentum, helping traders make better trading decisions.

 Ideal for Beginner and Advanced Traders

The indicator is easy to use, making it ideal for new traders learning about correlation, while still providing value for experienced traders performing multi-pair analysis.

Conclusion

The Second Chart Indicator for MT4 is a valuable tool for traders who want to enhance their understanding of forex pair correlation. By allowing two charts to be viewed simultaneously, it helps traders spot market strength, confirm trends, and compare momentum effortlessly. Whether you trade manually or with expert advisors, this indicator can strengthen your market analysis.

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