Time installing the Profiles: Just a few minutes with our MetaTrader Pro setup
What does it do?
These profiles are setup to display correlated and inverse-correlated instruments in pairs horizontally and vertically on your screen – to help you gain an overview of each market.
You can then look for correlated price-action confirmation and find the best value spreads, stops and targets to choose which instrument to trade.
You can quickly re-set their alignment to fill the screen using the menu option Window > Tile Vertically – this is something you will most likely need to do for all profiles, after your first installation and upgrades, to match your monitor resolution.
What is it for?
Apart from the Major Forex pairs, the next most commonly traded instruments, and hence highest liquidity, are the major commodities and indices. And, because we are primarily technical traders, we will also monitor the most commonly traded stocks & shares for significant price-action patterns.
How do we use it?
We monitor these instruments almost as often as we do currency pairs. They do tend to have different decimal values from forex from broker to broker, so do be careful to check the value of pips and lot size before trading them.
We look for correlated moves in related instruments like Gold & Silver, Oil/Natural Gas & AUD/CAD, S&P 500 & The Dow Jones, JPY & The Nikkei Average, EUR & The DAX, plus commonly traded shares like Microsoft, Barclays, American Airlines, IBM, Caterpillar etc.
The best way to understand how they move, and their relative volatility, is to spend some chart-watching time with them. Luckily for you there are lots of ready-made profiles setup to quickly switch between views, and compare how these various instruments move in comparison to the forex instruments you may be more familiar with.