EURNZD pairs combined slopes — Indicator by forexpirate

Indicator that combines slopes of most correlated pairs to EURNZD. Pairs were chosen using Oanda's correlation data. It combines highly correlated EURNZD pairs slopes to get a broad picture of the pressures on EURNZD

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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//@version=2
study(title="EURNZD pairs combined slopes", 
     shorttitle="EURNZD pairs combined slopes")
// Add the inputs
l = input(title="Length", type=integer,
     defval=20, minval=5)
smaLength = input(title="EMA length", type=integer,
     defval=21, minval=5)
p1 = input(title="Other data series", type=symbol,defval="FX_IDC:NZDCAD")
p2 = input(title="Other data series", type=symbol,defval="FX_IDC:nzdchf")
p3 = input(title="Other data series", type=symbol,defval="FX_IDC:nzdsgd")
p4 = input(title="Other data series", type=symbol,defval="FX_IDC:nzdusd")
p5 = input(title="Other data series", type=symbol,defval="FX_IDC:audnzd") 
// Get the additional data series
s1= security(p1, period, close)
s2= security(p2, period, close)
s3= security(p3, period, close)
s4= security(p4, period, close)
s5= security(p5, period, close)
// Calculate correlation and slopes
corr1 = correlation(close, s1, l)
corr2 = correlation(close, s2, l)
corr3 = correlation(close, s3, l)
corr4 = correlation(close, s4, l)
corr5 = correlation(close, s5, l)
sma1 = sma(s1, l)
sma2 = sma(s2, l)
sma3 = sma(s3, l)
sma4 = sma(s4, l)
sma5 = sma(s5, l)
m1 = (sma1-sma1[1])*corr1
m2 = (sma2-sma2[1])*corr2
m3 = (sma3-sma3[1])*corr3
m4 = (sma4-sma4[1])*corr4
m5 = (sma5-sma5[1])*corr5
compm = m1+m2+m3+m4+m5
//m1+m2+m3+m4+m5
compmave = sma(compm, smaLength)
// Plot values
plot(series=compm)
plot(series=compmave, color=orange, linewidth=3)
plot(0)