This indicator aims to indicate the correlation between two assets(Current and Base), it does NOT show entries or help your chart analysis directly.

The main features of this Correlation indicator is :

Correlation type : Direct Correlation | Inverse Correlation | No Correlation
Correlation Percentage : as its name, it calculate the Correlation Percentage between Current and base assets if exist

How to use: Chose the base asset (default: bitcoin ) and open any other chart to be the other -Current- asset


inputs:
  • Max Lookback length : how many candles will be included in the scan.
  • Swing intensity : How many candle should be counted to confirm a Swing, If you are confused leave it as its default.
  • Base Asset : The base asset to calculate the current asset correlation with.

Important Notes:
  • As I promised, the previous correlation indicator used each candle alone, while this one uses waves and swings.
  • The Current asset has more power over the base, because it compares the Base to current, but not the opposite((E.g. if you want to check if some coin have correlation with bitcoin , it's better to use bitcoin and put the other coin name in the input field)).

For any notes on the indicator to be edited, or for another indicator ideas please comment.
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.

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.

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