The Correlation Tracker indicator calculates and visualizes the correlation between two symbols on a chart. It helps traders and investors understand the relationship and strength of correlation between the selected symbol and another symbol of their choice.
Indicator Features:
- Correlation Calculation: The indicator calculates the correlation between two symbols based on the provided lookback period. - Correlation Scale: The correlation value is normalized to a scale ranging from 0 to 1 for easy interpretation. - Table Display: A table is displayed on the chart showing the correlation value and a descriptive label indicating the strength of the correlation. - Customization Options: Users can customize the text color, table background color, and choose whether to display the Pearson correlation value. - The Correlation Tracker indicator utilizes a logarithmic scale calculation, making it particularly suitable for longer timeframes such as weekly charts, thereby providing a more accurate and balanced measure of correlations across a wide range of values.
How to Use:
1. Select the symbol for which you want to track the correlation (default symbol is "SPX"). 2. Adjust the lookback period to define the historical data range for correlation calculation. 3. Customize the text color and table background color according to your preference. 4. Choose whether to display the Pearson correlation value or a descriptive label for correlation strength. 5. Observe the correlation line on the chart, which changes color based on the strength of the correlation. 6. Refer to the correlation table for the exact correlation value or the descriptive label indicating the correlation strength.
Note: The indicator can be applied to any time frame chart and is not limited to logarithmic scale.
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Bug fixed
Versionshinweise
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The position of the table has been placed in the middle-right