From this lesson you will learn:
The easiest way to analyse correlations of two or more markets is to compare charts in one chart window. For instance, if you want to compare the US500 (based on underlying S&P500) to gold, you can view both on the same chart and analyse how strongly those two markets are correlated.
With xStation 5, you can put up to 5 markets on one chart. This is easily done by the ‘Compare charts’ icon in the toolbar:
If you don’t see the ’Compare charts’ icon in your toolbar, simply right-click on any chart and select Customise toolbar.
And check ‘Compare charts’:
Once you’ve checked it, the Compare charts icon will be in your toolbar. As you can see we have the gold chart and want to add US500 to it. Left-click on the Compare charts icon, and a new window will appear:
Start typing US500 and click the ’Add’ button:
Once you’ve done so, the US500 chart will appear:
To add another market - Brent oil for example - repeat the same steps:
Now you can see if gold prices move with any correlation to the S&P 500 index and oil brent price.
To change the colour of any chart, right-click on the chart and choose ‘Personalise chart view’:
The new window will appear. Select the ‘Comparison’ tab and customise the chart colours to your preference.
To remove additional charts, simply click the ‘x’ button on the right-bottom chart window:
With xStation 5, you can analyse correlations quickly and comfortably like never before.
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.