Hashem Correlation Coefficient — Indicator by rhawshemi

oscillator centeredoscillator movingaverage correlation coefficient correlationcoefficient hashem sma inversecorrelation

Correlation Coefficient

Core Code from: www.tradingview.com/u/LazyBear

This indicator Show Correlation between the Current Ticker & timeframe and a Customizable Ticker. After adding the indicator you can change the second ticker in the settings.

The Correlation Coeff is between -1 to 1 which 1 means 100% correlation and -1 means -100% correlation (Inverse Correlation).

The color of the area changes when:
Blue : CC > 0.5
Aqua : CC > 0.75
Purple : CC < -0.5
Red : CC < -0.75

Release Notes:

Code Tweaks.

Release Notes:

FOR BETTER INDICATOR AND UPDATED ONE USE THIS:

Correlation with P-Value & Confidence Interval [pig]

Release Notes:

Without Risk and Position Management, You WILL Lose Money.

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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