Delta Agnostic Correlation Coefficient

alexjvale Updated   
Visually see how well a symbol tracks another's movements, without taking price deltas into account.

For example, a 1% move on the index and a 5% move on the target will return a DCC value of 1. An index move of 0.5% on the index and a 10% move on the target will also return a DCC value of 1. The same happens for downward moves.

The SMA value can be set to smooth the curve. A larger value creates a smoother curve.
Release Notes:
Implemented new default index.
Release Notes:
Update cover chart and title.
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.


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