OPEN-SOURCE SCRIPT
Updated Correlation Coefficient Table
This is a sample PineSript code implementation using Correlation Coefficient. It uses the ta.correlation library of Pinescript and calculates the correlation based on user input length. The results are then plotted on a table. The corr value displays the actual correlation coefficient value while the Corr Status displays the interpretation of the correlation coefficient values.
The script takes the following input
The Correlation Status column was based on this Interpretation:
For more information, read this article https://www.tradingview.com/scripts/correlationcoefficient/?solution=43000502022
The script takes the following input
- Source Symbol - This is the base symbol which will be used in calculating correlation coefficient. In my case, since i am looking more often on crypto. I defaulted it to BTCUSDT
- Symbol 1 - Symbol 5 - These are the coins that will be compared to our base symbol for correlation.
- Source - You can select on which price source you want to be calculated. By default this is set to candle close price.
- Length - The number of price bar to look back and retrieve correlation coefficient. Set to 20 bars by default.
- Table Settings - Since the correlation coefficient are displayed on a table. An option to customize the table settings are presented.
The Correlation Status column was based on this Interpretation:
For more information, read this article https://www.tradingview.com/scripts/correlationcoefficient/?solution=43000502022
Release Notes
- Removed the plot function of the actual correlation coefficient value as it only adds noise to chart.
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.
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.
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.