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Correlation Coefficient (CC)

Forex Correlations HeatmapA utility tool to find linear relationships between major forex pairs and specified symbol. Features 30 well known forex pairs (Pine Script has its limits and incomprehensible "study" errors) Ability to specify any symbol to see correlations Ability to specify a preferred timeframe Ability to specify correlation lookback Ability to specify different sources (standard prices, volumes, true range, double true range) How to interpret The darker the color, the stronger the correlation Green colors mean positive correlations Red colors mean negative correlations Transparent colors mean no correlation or absence of the symbol data How to get access PM me for more details Supported pairs USDCAD USDBRL USDCHF USDRUB USDJPY USDCNY CADCHF CADJPY EURUSD EURCAD EURGBP EURCHF EURRUB EURJPY EURAUD EURNZD CHFJPY GBPUSD GBPCAD GBPCHF GBPJPY GBPAUD GBPNZD AUDUSD AUDCAD AUDCHF AUDJPY AUDNZD NZDUSD NZDJPY Other similar indicators of mine: Crypto Correlations Heatmap Forex Correlations
Pine Script™ indicator
by everget
Crypto Correlations HeatmapA utility tool to find linear relationships between major cryptocurrency pairs and specified symbol. Features 31 well known cryptocurrency pairs (Pine Script has its limits and incomprehensible "study" errors) Ability to specify any symbol to see correlations Ability to specify a preferred timeframe Ability to specify correlation lookback Ability to specify different sources (standard prices, volumes, true range, double true range) How to interpret The darker the color, the stronger the correlation Green colors mean positive correlations Red colors mean negative correlations Transparent colors mean no correlation or absence of the symbol data How to get access PM me for more details Supported pairs BTCUSD ADAUSD BCHUSD DASHUSD EOSUSD ETCUSD ETHUSD LTCUSD NEOUSD TRXUSD USDTUSD XEMUSD XLMUSD XMRUSD XRPUSD ZECUSD ADABTC BCHBTC DASHBTC EOSBTC ETCBTC ETHBTC LTCBTC NEOBTC TRXBTC USDTBTC XEMBTC XLMBTC XMRBTC XRPBTC ZECBTC
Pine Script™ indicator
by everget
8
Asset Correlation Tool v2Correlation amongst assets is the degree to which they move in tandem. This indicator measures correlation between different assets. Why is that important? To any investor diversification is a very important technique for reducing risk. The problem is that most misunderstand it. Most people tend to think diversification is achieved simply by investing in a variety of assets instead of just a few. This is wrong. The whole point of diversification is to be invested in assets with different growth drivers. A portfolio consisting of +20 highly correlated assets (Your cryptobags, probably) is the OPPOSITE of diversification. This is taking on risk without being compensated for it. Which is contradictory to the fundamental reason for why you do invest in assets. Proper diversification is achieved when you reduce the correlation between the assets in your portfolio. HOW TO USE To use this tool, add it to your favorites and then add it to your chart. It will by default only show the correlation between an altcoin index and the current chart symbol. If you go to its settings you can add its correlation to the stock market, gold and you can also easily customize it to any security you want. 0.5 to 1.0: Strong positive correlation Around 0: Little to no correlation -0.5 to -1.0: Strong negative correlation Took a few hours to build this one. It would be super helpful if you can take a look at the index I used - I'm convinced there are better and more accurate methods to this one. But best I could come up with Later I will evolve this one to an oscillator that measures the relation between cross coin correlations and volatility. Inspired by some great work by @cryptorae If you have any requests or ideas please shoot Updates v0.2 - Added altcoin index - Changed some calculations - Restructed code
Pine Script™ indicator
by Supervillain
Asset Correlation ToolCorrelation amongst assets is the degree to which they move in tandem. Diversification is a technique for reducing risk. Most people tend to think this is achieved simply by investing in a variety of assets instead of just a few. This is wrong. Proper diversification is achieved when you reduce the correlation between the assets in your portfolio. 0.5 to 1.0: Strong positive correlation Around 0: Little to no correlation -0.5 to -1.0: Strong negative correlation Took a few hours to build this one. Later I will add an index for crypto (large cap) and I'll play around with different ways of presenting the data. If you have any requests or ideas please shoot
Pine Script™ indicator
by Supervillain
Correlated Market Matrix - Correlation Computer - GyromaticalCorrelated Market Matrix - Correlation Computer Works with up to 7 markets simultaneously to find price divergences. Study Forex pairs, stocks, crypto alt coins. Find potential entries quicker. Short Description: This indicator analyzes 6 markets and one spread (or 7 and no spread) against the currently loaded instrument, with support for complex formulas. This indicator finds positive and negative correlations intrabar and throughout the specified time frame simultaneously. It employs a weighting system and score threshold (everything is user-definable) and signals upon positive or negative score. Alerts are included for intrabar and overall positive and negative correlations. Detailed description: This indicator analyzes 6 different markets and 1 spread (or 7 different markets if no spread) and measures correlations between them. The squares on the background are individual correlations (intrabar) and the circles to the right-hand side depict whether the markets have risen or fallen in price since the start of the specified time frame (red/green or gray for neutral). To the right of the circles you have the instrument numbers. The numbers represent the instruments you have specified, in order. Above these numbers and circles you will find two square icons. You will notice the left-most icon has the caption of "Overall Score +" (or -) and the right-most icon has the caption of "Intrabar Score +" (or -). The overall score measures the correlation score from the start of the time frame to the present time. The intrabar icon measures the correlation score of individual candles. The scoring system implements weighting which uses scores for each individual instrument and all scores are user-definable (positive and negative). There is also a threshold level which is user-definable, if the score reaches or crosses this level it will trigger the aforementioned signal icons. The analyzation time frame is decided by the user. The Correlated Market Matrix can calculate from a given date to present (real-time), or between two specified historic dates. You are able to represent the correlations using the close (price) of the instrument or an EMA (speed is user-adjustable). The spread has the individual option to use EMA or close (price) separately from the other instruments. You have the option to assign the weight of any number (0 to 100) to any instrument if the instrument is bullish. You additionally have the option of subtracting the numbers if it is bearish (-100 to 0). You may assign both bullish and bearish weights to each instrument at the same time to obtain maximum balance. If you do not desire custom weighting, simply leave the weights at 1. The negative vs positive levels are then measured, and whichever score is the strongest determines if the square icon displays "Overall Score +" or "Overall Score -" (same for Intrabar). "Score +" means that the score is equal to or greater than the threshold. "Score -" means that the score is less than the threshold. Additionally you are provided the option of visualizing the actual correlation lines. This is useful in the sense that you may view the direction of that particular secondary instrument without actually opening its chart. The color red implies that the correlation is falling, while green implies it is rising. Please note that due to limitations you cannot see the actual correlation value of these lines, and also this is an experimental feature so lines may not always appear appropriately. In testing a line may vanish momentarily here and there but it is somewhat rare. The background squares will tell you the actual state of the correlation. HOW DO YOU READ IT? The numbers represent the instrument you selected in that number slot. The circles to the left of the numbers indicate if that market is up or down since the beginning of the specified timeframe. Red means price is down, green means price is up, gray is neutral. The icon "Intrabar Score +" or "Intrabar Score -" indicates whether the majority of markets are over their score threshold (negative or positive correlation) for the current candle only. If this is "Neutral" then there is no current score. The icon "Overall Score +" or "Overall Score -" indicated the majority of markets are over their score threshold (negative or positive correlation) for the OVERALL time frame (start to current, or start to finish if you are not using in real-time). If this is "Neutral" then there is no current score. For individual candle correlations, if the secondary instrument is up and the main instrument is down, the boxes are red. If secondary instrument is down and main instrument is up, boxes are green. If correlation lines are red then the correlation is becoming negative, if they're green then they're becoming positive. This does not mean there is a negative or positive correlation, only that the correlation is rising or falling. The background squares will tell you the state of the correlation. PLEASE NOTE: If you are using a white or bright colored chart, click the gear icon next to the indicator name. Select the "Style" tab. The first option "Time frame Background Color" should be adjusted to either black or white with no transparency (take note of the slider underneath the color squares). This will make the matrix appear correctly. INPUT MENU By clicking the gear icon next to the indicator name, you are presented with a host of options. The options are as follows, in order of appearance: - Correlation Length : Amount of bars to look back for the correlation. - Show Correlation Lines : Chose whether to display the correlation lines or not. - Use Rising/Falling Colors : Use rising/falling colors for correlation lines instead of unique colors. - Instrument Source : Chose from 'Price' or process the instrument through EMA instead. - Price Source : This source works for both "Price" source and the EMA source. - EMA Speed : Speed of the EMA if 'Instrument Source' is set to 'EMA'. - Use EMA on Spread 1 : Use EMA on the 'Spread Instrument 1'. If unchecked, close is used by default. - Use EMA on Spread 2 : Use EMA on the 'Spread Instrument 2'. If unchecked, close is used by default. - EMA Speed for Spread 1 : Speed of EMA for Spread 1 if EMA is used instead of 'close'. - EMA Speed for Spread 2 : Speed of EMA for Spread 2 if EMA is used instead of 'close'. - Disable Spread and use Instrument 1 as correlated market instead : By default, the indicator takes both spread instruments and calculates the spread between each (instrument1-instrument2=spread). If this feature is enabled, the indicator will use only the 'Spread Instrument 1' and calculate it in the same manner as the other markets. This is useful if you do not wish to use a spread and would rather have an extra market. - Positive Weight of Instrument (1-7/spread) : Positive weight for the instrument. It is recommended to enter only positive numbers here. If left 0, no weight will be added to the instrument but the indicator will signal "Score -" if all others are also 0. If left at 1, if more markets are positive than negative, the indicator will present "Score +". - Negative Weight of Instrument (1-7/spread) : This works in the same way as positive weight except it is recommended you enter only negative numbers here (example: -1.5, -20). This number is subtracted from the overall score. If left 0, no weight will be added to the instrument but the indicator will signal "Score -" if all others are also 0. If left at 1, if more markets are negative than positive, the indicator will present "Score -". - Threshold for score to be determined : if the weighting score of the instruments is this number or greater then the square signal icon of + (greater) or - (lesser) is triggered. - Instrument (1-6) : This is where you select which instruments/securities you wish to analyze. This input also supports complex formulas, same as you'd enter them on your chart. - Spread Instrument 1 : Instrument of part 1 of spread calculation - Spread Instrument 2 : Instrument of part 2 of spread calculation - From Month/Day/Year/Hour/Minute : Display data beginning at this specified time. - To Month/Day/Year/Hour/Minute : Stop analyzing data at this specified time. To have it calculate indefinitely in real-time, then the "To" settings should be left at Month: 12, Day: 31, Year: 2222, Hour: 23, Minute: 59. STYLE MENU - Time frame background color : The background color of the viewing area, especially helpful for white charts where colors may become faded. - Correlation Line (1-7) : Properties for the displayed lines (if enabled). The first two colors are for rising and falling respectively (if "Use rising/falling colors" is enabled), the last color is the default color of the line. This last color will also be used for neutral if "rising/falling" is enabled. - Instrument Label (1-7,Spread) : Properties for the right-hand numbered column, denoting which line is which instrument. - Separator (1-8) : Solid lines between instruments - Price Circle (1-7) : Circles between labels and background colors, denoting price rise/fall. - Score + or - : Score icon above the instrument numbers - Fill Row (1-6, Spread) : Background colors for the matrix. Default is red and green. Have an idea? Customized logic is available for this framework. This is not financial advice and this indicator system does not guarantee or claim to make profit. The signals and ideas contained within this page and indicator are provided on an as-is basis. Use at your own risk.
Pine Script™ indicator
by gyromatical
8
Volume Share - Bitcoin Retail % [cryptorae] [NeoButane edit]This is originally @cryptorae's script with modifications. A great explanation of function can be found on their Twitter. Original comments: Follow me @cryptorae on twitter H/T @AureliusBTC and @cryptom173 for tweaks and assistance Added three more setups: Correlation oscillator Raw volume Percent change for the two sets of volume ("retail" and "nonretail"), independent of each other The correlation oscillator shows that inverse/lowering correlation can result in price increasing, acting as if oversold; the same can be said when correlation increases. "Raw" volume is the volume tickers without changing anything about them. Percent change is the % difference from the current bar and bar . Color coded the columns based on percent levels; <15%/<25%/<35%/<39%/<55%/>55%. <46% created too much noise for an indicator. 36% - 38.99% is red to alert possible trend changes in the ratio. (Overly) summarized use of the original script: The volume bars up -> Common fiat onramp exchanges have good volume that signal an influx of new investors The volume bars down -> The majority of volume is on big boy exchanges where retail/new investors aren't likely to be trading
Pine Script™ indicator
by NeoButane
2
Correlate 3 - Correlation IndicatorThe code in contains a simple correlation indicator that can be used as an alternative to Tradingview’s built-in “Correlation Coefficient” indicator. The indicator allows users to correlate up to 3 separate instruments on the same subplot. This allows you, for example, to easily see the correlation of your instrument with stocks, bonds and FX. Alternatively, a user can also see the correlation with sector, industry peers or any other data available in Tradingview. Features Level Guides to easily see the key correlation coefficient levels Multi-instrument:
Pine Script™ indicator
by BacktestRookies
2
CorrelationGraph shows level of correlation between current source and another one and track current value of it. User can select source for comparison, graph period and number of candles for calculation, enter level of significal correlation (+-0.65 by default). Grapf contains 4 plots: Correlation - current level of correlation, Zero line , +Corr_level - minimum level of significant positive correlation, -Corr_level -maximum level of significant negative correlation between 2 sources.
Pine Script™ indicator
by OlgaObara
3