Intermarket Correlation Table

1 lug

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.

• 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.
  

1 lug

Note di rilascio

*Fixed ZN correlation color

5 lug

Note di rilascio

*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.

14 lug

Note di rilascio

*Added the ability to set all assets for the table.