OPEN-SOURCE SCRIPT
Synergy Stats
Synergy Stats
This indicator is intended to complement the Synergy indicator. It provides the following statistics:
Both indicators were developed for use in an investigation/tutorial using Pine Script to analyse Gold and US Dollar Index correlation.
The full free post can be found here: https://backtest-rookies.com/2018/12/21/gold-correlation-strategies-change-indicator-and-analysis/
This indicator is intended to complement the Synergy indicator. It provides the following statistics:
- A percentage showing how often the two assets move in the opposite direction over a given lookback period.
- Similarly, another percentage showing how often the two assets move in the same direction over the same lookback period.
- Count the number of times (occurrences) when the two assets move in the same direction for more than 4 bars.
- Count the number of times the alternative asset moves more than x%
- Count the number of times that chart asset moved in the same direction of the alternative asset when the alternative asset moved more than x%
Both indicators were developed for use in an investigation/tutorial using Pine Script to analyse Gold and US Dollar Index correlation.
The full free post can be found here: https://backtest-rookies.com/2018/12/21/gold-correlation-strategies-change-indicator-and-analysis/
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 publication is governed by House rules. You can favorite it to use it on a chart.
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