This is my variation of the Correlation Coefficient and I call it "Hershey's CoCo". The indicator identifies very specific Stock, Sector and Market pressures on whatever symbol you are evaluating.
If interested, follow me and send me requests to evaluate your stock or sector as I refine this tool.
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Price movement...
Check the correlation of different assets on your preferred timeframe to find trends, patterns, new strategies or to minimize the exposure in correlated assets
Script plots correlation of chart symbol to a variety of indexes, symbols, equities. ** Original idea was to find Bitcoin correlation, which I did not. Built in correlations are: Nikie, DAX, SPY, AAPL, US Dollar, Gold, EURUSD, USDCNY, EEM, QQQ, XLK, XLF, USDJPY, EURGBP
Here we have an intramarket correlator taken as an excerpt from the L-O-L-A institutional trading system.
The plot displayed on the screen is the correlation index of the correlated security plotted against the security data series. Suggest simple line plots of contrasting colors.
When the plot is below the security price this is an indication of a strong...
Power oscillator to discern what currency's are stronger/weaker.
added option to use a smoothed source(close) for pooling the change, giving longer term directional bias, note that this causes lag in the results as MA's turn slower than price.
The Power Law Correlation Indicator is an attempt to chart when a stock/currency/futures contract goes parabolic forming a upward or downward curve that accelerates according to power laws.
I've read about power laws from Sornette Diedler ( www.marketcalls.in ). And I think the theory is a good one.
The idea behind this indicator is that it will rise to 1.0...
![EURUSD: [RS]Multiple Majors Currency Basket Power Oscillator V1](https://s3.tradingview.com/a/acRbNhH8_mid.png "[RS]Multiple Majors Currency Basket Power Oscillator V1")
![EURUSD: [RS]Multiple Majors Currency Basket Power Oscillator V0](https://s3.tradingview.com/j/JdOl7oYm_mid.png "[RS]Multiple Majors Currency Basket Power Oscillator V0")
![EURUSD: [RS]Power Correlation Oscillator (GOLD) V0](https://s3.tradingview.com/o/oNNVAWjw_mid.png "[RS]Power Correlation Oscillator (GOLD) V0")
![EURUSD: [RS]Power Correlation Oscillator (DOLLAR) V0](https://s3.tradingview.com/h/hWh8q7C4_mid.png "[RS]Power Correlation Oscillator (DOLLAR) V0")
![EURUSD: [RS]Power Correlation Oscillator (EURO) V1](https://s3.tradingview.com/b/BXfjHdlj_mid.png "[RS]Power Correlation Oscillator (EURO) V1")