LineSyncMirrorChart is a specific way of currency correlation representation tool designed for the MetaTrader 4 charts. The initial version is published in May 2016 by Vitaly Muzichenko from Ukraine, finalizing with the version 16.10 updated in October 2017. Updates added more features such as the ability to disable synchronization of all charts and Heikin Ashi chart type implementation. This tool is aimed towards Price Action trading strategies using the Support and Resistance, divergence, and reversals. LineSyncMirrorChart belongs to the paid products category on the MQL5 market and hasn’t received much attention.
By mirroring it is meant that the tool can plot multiple currency pair price charts into a single one. This correlation provides signals on many levels and interpretations, most of them are subjective. Price Action levels are not always clear, two traders can plot different Support or Resistance levels and see different Price Action patterns on the same chart. Comparing two or more price charts makes these patterns even more subjective thus making this tool very hard to measure or put it to the performance test. The MT4 Strategy Tester module is completely useless here.
According to the author, two strategies are recommended. The first one is the divergence detection after news events and their impact on the market or once a trading session starts. After such movements, the market will calm and the delta will converge. Support and Resistance levels have to be preset to avoid trading near them when the signal is pointing towards the Support/Resistance line. Traders can also detect false breakouts by comparing Price Action and currency correlations. Given all of the above, the tool is only for traders that make decisions on subjective technical analysis, not the one calculated and absolutely defined by indicators.
Some of the features include currency pair inversion. This feature can be used in many ways although it requires some creativity from traders. Many of the features mentioned in the Overview page require visual analysis such as detect history regularities, determine the strength of a currency, and reversal patterns. The developer recommends combining this tool with the “CorrelatePairs” indicator, which also belongs to the paid indicators category. In the video, the EA used is developed for this tool and is attached to the comments page.
There are many settings for Line Sync Mirror Chart although just a few are related to how the indicator behaves. First, you can select what markets are you trading, Forex, CFD, Futures, or Indices. Then, how to calculate lots for trades. The rest of the settings are visual, about the line colors, the number of buttons in the columns (for pair switching and similar), line style or width, line dragging support, font settings, and so on. Based on the screenshots, the tool is also showing the Pivot, Support and Resistance levels, symbols switcher, and more.
The price for the Line Sync Mirror Chart is $32 to buy with 25 activations and $16 to rent for one month. The demo is available and free to include once you register on the MQL5 market. There are many other currency correlation tools published by others not giving this one a chance since it is probably badly presented and executed, making the tool a bit complicated, not beginner-friendly, and focused only on a narrow group of strategies.
The video supplemented on the presentation page is not showing all that this tool can do. Most of the pointers and the logic are missing, viewers may be confused about what is the purpose of many buttons and features. This is probably the reason why the tool is not popular with only one perfect review that does not tell much. The Comments page is mostly in Russian therefore not useful for others not speaking this language.
This Forex service can be found at the following web address: https://www.mql5.com/en/market/product/14719