THISMA btccorrelation


This is a tool designed for traders who want to analyze correlation between any traded crypto's price in USD and the price of Bitcoin in USD.

Key Features:

Adjustable Correlation Window: The script features an input parameter that allows traders to set the length of the correlation window, with a default value of 14. Lower if you want faster granularity.

Clear Visualization: The correlation coefficient is plotted in a distinct pane below the main trading chart.

Reference Lines for Interpretation: Horizontal reference lines are included at 0.5 (indicating weak positive correlation), -0.5 (indicating weak negative correlation), and 0 (indicating no correlation). These lines, color-coded in green, red, and gray respectively, assist traders in quickly interpreting the correlation coefficient's value.


Market Insight: If you want to be able to monitor if you should enter a trade on an altcoin or if its better to stick to Bitcoin to avoid being double exposed.

Risk Management: Identifying the correlation can help in assessing and managing the systemic risk associated with market movements, especially in cryptocurrency markets where Bitcoin's influence is significant.

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A bientot ;)
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.


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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