OPEN-SOURCE SCRIPT
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This script aims to determine the relationship between the user's selected ticker and the macro-market by examining data from Currencies, Bonds, SPX, GOLD, and Liquidity. The indicator evaluates the trends of different symbols and their connection to the chosen ticker to create an implied trend.
Trend Calculation
It calculates the trend using two exponential moving averages with adjustable lengths.
Correlation Calculation
The correlation is computed using TradingView's built-in ta.correlation function, comparing the user's ticker with the macro ticker.
Score Calculation
The score is determined by multiplying the macro ticker's trend value by its correlation with the user's chosen ticker.
Results
The results provide the average data and indicate the Rate of Change of that figure.
Table
The table can be either "Simple" or "Full," displaying either just the result or all the metrics of the tickers.
Trend Calculation
It calculates the trend using two exponential moving averages with adjustable lengths.
Correlation Calculation
The correlation is computed using TradingView's built-in ta.correlation function, comparing the user's ticker with the macro ticker.
Score Calculation
The score is determined by multiplying the macro ticker's trend value by its correlation with the user's chosen ticker.
Results
The results provide the average data and indicate the Rate of Change of that figure.
Table
The table can be either "Simple" or "Full," displaying either just the result or all the metrics of the tickers.
Release Notes
Update to Request Securities to avoid repainting.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.