Description The Dynamic Market Correlation Analyzer (DMCA) is an advanced TradingView indicator designed to provide real-time correlation analysis between multiple assets. It offers a comprehensive view of market relationships through correlation coefficients, technical indicators, and visual representations.
2. **Correlation Plot** - Real-time correlation visualization - Multiple correlation lines - Reference levels at -1, 0, and +1 - Color-coded for easy identification
Installation and Setup 1. Load the indicator on TradingView 2. Configure desired symbols (up to 5) 3. Adjust timeframe and calculation length 4. Customize display settings 5. Enable/disable desired components (table, plot, RSI)
Best Practices 1. **Symbol Selection** - Choose related but distinct assets - Include a mix of asset classes - Consider market cap and liquidity
2. **Timeframe Selection** - Match timeframe to trading strategy - Consider longer timeframes for strategic analysis - Use shorter timeframes for tactical decisions
3. **Interpretation** - Monitor correlation changes over time - Consider multiple timeframes - Combine with other technical analysis tools - Account for market conditions and volatility
Performance Notes - Calculations update in real-time - Resource usage scales with number of active symbols - Historical data availability may affect initial calculations
Version History - v1.0: Initial release with core functionality - Multi-symbol correlation analysis - Technical indicator integration - Customizable display options
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 publication is governed by House rules. You can favorite it to use it on a chart.
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