OPEN-SOURCE SCRIPT
Updated Intermarket Correlation Table
The Correlation Coefficient is used to measure the correlation between two sets of data. In the trading world, the Correlation Coefficient is a measure of the correlation between two data sets of financial instruments. The correlation between two financial instruments is the degree in which they are related. Correlation is based on a scale of 1 to -1. The closer the Correlation Coefficient is to 1, the higher their positive correlation. The instruments will move up and down together. The closer the Correlation coefficient is to -1, the more they move in opposite directions. A value at 0 indicates that there is no correlation.
This indicator uses the built in ta.correlation function to calculate the correlation coefficient between DXY and NQ, ES, YM, US10Y, and ZN respectively. It then presents the data in a customizable table that is view as an overlay on your chart.
This indicator uses the built in ta.correlation function to calculate the correlation coefficient between DXY and NQ, ES, YM, US10Y, and ZN respectively. It then presents the data in a customizable table that is view as an overlay on your chart.
- Adjust the length of the correlation factor to calculate higher time frame correlation.
- Asset background changes based on current candle direction.
- Coefficient background color changes based on whether the assets are properly correlated.
- DXY is inversely correlated to NQ, ES, YM, and ZN.
- DXY is directly correlated to US10Y.
- The colors are reflected as such.
Release Notes
*Fixed ZN correlation colorRelease Notes
*Added an auto HTF option that will average the next higher time frame candle from the current chart time frame.If selected:
On m1 it analyzes 5 candles.
On m5 it analyzes 3 candles.
On m15 it analyzes 4 candles.
On H1 it analyzes 4 candles.
On H4 it analyzes 6 candles.
Release Notes
*Added the ability to set all assets for the table.Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
For quick access on a chart, add this script to your favorites — learn more here.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.