OPEN-SOURCE SCRIPT
Updated Correlation Coefficient Modified
This indicator is based on correlation coefficient (CC).
It improves upon CC by smoothing it out using an sma.
The result is a much smoother and much more accurate reflection between the correlation of 2 instruments.
It improves upon CC by smoothing it out using an sma.
The result is a much smoother and much more accurate reflection between the correlation of 2 instruments.
Release Notes
1. yellow to orange2. Area to columns
Release Notes
blue - weak correlation*yellow - moderate correlation*
red - strong correlation*
*Positive or negative
Release Notes
Changed default settings from (3,100) to (2,500)... improves accuracy!Added indicator level lines...to improve visuals, makes it easier to see how close to the 30 level the indicator is.
;)
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.