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
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
Versionshinweise:
Code Tweaks.
![Correlation with P-Value & Confidence Interval [pig]](https://s3.tradingview.com/a/AFYOSCoG_big.png)
Without Risk and Position Management, You WILL Lose Money.