EDIT: When loading this indicator it uses a default symbol for comparison of SPX . On Tradingview SPX is a Daily price (unless you buy real time) so you will see "Loading ..." and never see data. Move out to a daily time frame -or- switch the symbol to something available intraday. /EDIT

Comments in code explain what I did. If correlations are too tight for CC to show anything but a flat line try this.

Please comment / improve.

=====================

// A simple indicator that looks complex (impress your friends)

// Provides rate of change in the propensity of something

// to move in correlation with whatever you are graphing.

// Inputs are:

// "Compared symbol" - standard Trading View symbol input. You can input ratios & formulas if you like; Defaults to SPX

// "Invert?" - by default the indicator shows the item you have charted as numerator and the "Compared symbol"

// the denominator. So if you graphed "UVXY" and open this indicator with default compared symbol "SPX" then

// the base relationship is UVXY/SPX. Click the box if you want SPX/UVXY (for example) instead.

// "Fast EMA Period" - the period for the fast EMA (white line). default = 7

// "Slow EMA Period" - the period for the slow EMA (black line). default = 27. Important: the bakground color of the indicator

// changes based on this EMA hitting threshold values below.

// "+ threshold" - > threshold for green background. default = 1.0

// "- threshold" - < threshold for red background. default = 0.99

// "BBand Period" - number of periods back for BBand (1 std deviation) calculation. default = 15

// Does not measure correlation per se - it measures change in that correlation.

// If two things do not correlate well in the first place then you will see a lot of noise

// and I wish you much luck in interpreting it.

// However, if two things do correlate well (like VXX and VIX ) then this will help you detect

// circumstances where that correlation is unstable. Such instability can signal change in direction.

// I developed it to track real time changes in contango / backwardation in various VIX futures instruments which I trade.

// Tip - always try invert - sometimes the correlation changes become clearer. That can be because the threshold bias

// towards "+" with the defaults here, so think about what the "logical" relationship is and adjust the thresholds, or invert,

// or do both. Just remember - the indicator is below the item you are charting, so the default "source"/"compared"

// relationship is intuitive as you look at the screen. Volatility traders, however, will find "invert" useful with default

// thresholds signalling "green" for contango and "red" for backwardation.

// Short and long ema trends added for smoothing and trend change indications.

// Background color changes to green when correlation changing "positively" and red when "negatively" and white when near 1.

// Think of the value "1" as representing the base "1 to 1" correlation between two things. That doesn't mean same price -

// it means same rate and direction in change in price.

// 1 std deviation is used to build a basic Bollinger Band in blue. The number of periods for calculating that is an input.

// You may find a change in correlation signal outside a Bollinger Band signals a direction change. TV alerts can be

// set for such events.

**Correlates the movement of the price you are graphing to the price of someting else that you pick (default is SPX , see EDIT above)**

Comments in code explain what I did. If correlations are too tight for CC to show anything but a flat line try this.

Please comment / improve.

=====================

// A simple indicator that looks complex (impress your friends)

// Provides rate of change in the propensity of something

// to move in correlation with whatever you are graphing.

// Inputs are:

// "Compared symbol" - standard Trading View symbol input. You can input ratios & formulas if you like; Defaults to SPX

// "Invert?" - by default the indicator shows the item you have charted as numerator and the "Compared symbol"

// the denominator. So if you graphed "UVXY" and open this indicator with default compared symbol "SPX" then

// the base relationship is UVXY/SPX. Click the box if you want SPX/UVXY (for example) instead.

// "Fast EMA Period" - the period for the fast EMA (white line). default = 7

// "Slow EMA Period" - the period for the slow EMA (black line). default = 27. Important: the bakground color of the indicator

// changes based on this EMA hitting threshold values below.

// "+ threshold" - > threshold for green background. default = 1.0

// "- threshold" - < threshold for red background. default = 0.99

// "BBand Period" - number of periods back for BBand (1 std deviation) calculation. default = 15

// Does not measure correlation per se - it measures change in that correlation.

// If two things do not correlate well in the first place then you will see a lot of noise

// and I wish you much luck in interpreting it.

// However, if two things do correlate well (like VXX and VIX ) then this will help you detect

// circumstances where that correlation is unstable. Such instability can signal change in direction.

// I developed it to track real time changes in contango / backwardation in various VIX futures instruments which I trade.

// Tip - always try invert - sometimes the correlation changes become clearer. That can be because the threshold bias

// towards "+" with the defaults here, so think about what the "logical" relationship is and adjust the thresholds, or invert,

// or do both. Just remember - the indicator is below the item you are charting, so the default "source"/"compared"

// relationship is intuitive as you look at the screen. Volatility traders, however, will find "invert" useful with default

// thresholds signalling "green" for contango and "red" for backwardation.

// Short and long ema trends added for smoothing and trend change indications.

// Background color changes to green when correlation changing "positively" and red when "negatively" and white when near 1.

// Think of the value "1" as representing the base "1 to 1" correlation between two things. That doesn't mean same price -

// it means same rate and direction in change in price.

// 1 std deviation is used to build a basic Bollinger Band in blue. The number of periods for calculating that is an input.

// You may find a change in correlation signal outside a Bollinger Band signals a direction change. TV alerts can be

// set for such events.

study("Correlative Move Indicator") // A simple indicator that looks complex (impress your friends) // Provides rate of chamge in the propensity of something // to move in correlation with whatever you are graphing. // Inputs are: // "Compared symbol" - standard Trading View symbol input. You can input ratios & formulas if you like; Defaults to SPX // "Invert?" - by default the indicator shows the item you have charted as numerator and the "Compared symbol" // the denominator. So if you graphed "UVXY" and open this indicator with default compared symbol "SPX" then // the base relationship is UVXY/SPX. Click the box if you want SPX/UVXY (for example) instead. // "Fast EMA Period" - the period for the fast EMA (white line). default = 7 // "Slow EMA Period" - the period for the slow EMA (black line). default = 27. Important: the bakground color of the indicator // changes based on this EMA hitting threshold values below. // "+ threshold" - > threshold for green background. default = 1.0 // "- threshold" - < threshold for red background. default = 0.99 // "BBand Period" - number of periods back for BBand (1 std deviation) calculation. default = 15 // Does not measure correlation per se - it measures change in that correlation. // If two things do not correlate well in the first place then you will see a lot of noise // and I wish you much luck in interpreting it. // However, if two things do correlate well (like VXX and VIX) then this will help you detect // circumstances where that correlation is unstable. Such instability can signal change in direction. // I developed it to track real time changes in contango / backwardation in various VIX futures instruments which I trade. // Tip - always try invert - sometimes the correlation changes become clearer. That can be because the threshold bias // towards "+" with the defaults here, so think about what the "logical" relationship is and adjust the thresholds, or invert, // or do both. Just remember - the indicator is below the item you are charting, so the default "source"/"compared" // relationship is intuitive as you look at the screen. Volatility traders, however, will find "invert" useful with default // thresholds signalling "green" for contango and "red" for backwardation. // Short and long ema trends added for smoothing and trend change indications. // Background color changes to green when correlation changing "positively" and red when "negatively" and white when near 1. // Think of the value "1" as representing the base "1 to 1" correlation between two things. That doesn't mean same price - // it means same rate and direction in change in price. // 1 std deviation is used to build a basic Bollinger Band in blue. The number of periods for calculating that is an input. // You may find a change in correlation signal outside a Bollinger Band signals a direction change. TV alerts can be // set for such events. SYM=input(title="Compared symbol", type=symbol, defval="SPX") INVERT=input(title="Invert?", type=bool, defval=false) src = close SYMPRICE = security(SYM, period , close) FASTEMAPERIOD = input(title="Fast EMA Period", type=integer, defval=7) SLOWEMAPERIOD = input(title="Slow EMA Period", type=integer, defval=27) POSTHRESH = input(title="+ threshold", type=float, defval=1.0) NEGTHRESH = input(title="- threshold", type=float, defval=0.99) BBANDPER = input(title="BBand Period", type=integer, defval=15) BGOFF = input(title="Background Off?", type=bool, defval=false) corrmoveRatio = (INVERT ? SYMPRICE/src : src/SYMPRICE) corrmoveRate = 1-(corrmoveRatio[1]- corrmoveRatio[0]) fastemaCR = ema(corrmoveRate,FASTEMAPERIOD) slowemaCR = ema(corrmoveRate,SLOWEMAPERIOD) bband = dev(corrmoveRate, BBANDPER) HLine1 = hline(title="one", price=1, color=white) FastEMA = plot(series=fastemaCR, title="FastEMA" ,color=white) SlowEMA = plot(series=slowemaCR, title= "SlowEMA",color=black) UpperBBand = plot(series=(1+bband), title="UpperBBand" ,color=navy) LowerBBand = plot(series=(1-bband), title="LowerBBand" ,color=navy) bgcolor(BGOFF > 0 ? white : (slowemaCR > POSTHRESH ? green : (slowemaCR < NEGTHRESH ? red : white)), 60 ) fill(UpperBBand,LowerBBand, color=blue)