# Investing - Correlation Table

This correlation tables idea is nothing new, many sites provides it.
However, I couldn't find any simple correlation indicator on TradingView despite how simple this indicator is.

This indicator works as its called. Calculating the correlation between 2 projects (can be used in stocks as well) using the 'ta.correlation' feature built into pinescript.

When it comes to investing, we do not want our stocks / crypto project to be heavily correlated to each other.
If they are heavily correlated to each other, then there isn't much point in diversifying.
That being said, it can be useful for traders who trade multiple pairs.

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In this indicator, consist of 5 primary input and 15 secondary input (Symbol List).

Correlation Source:
This input options allow you to change how the correlation is calculated. By default, it uses 'close'.

Correlation Percentage(%):
This input options allows you configure how many (%) of correlation is considered as 'decoupled'.
This correlation will only move between -100% ~ 100%.

100% refers to it moving together.
-100% refers to it moving the opposite direction.

For example, Project A rises in Price, what is the possibility of Project B following:
• A 100% correlation between Project A and Project B, refers to Project B will follow Project A movement.
• A 50% correlation between Project A and Project B, refers to there is only 50% chance for Project B to follow Project A movement.
• A -20% correlation between Project A and Project B, refers to there is a 20% chance of Project B moving the opposite direction of Project A
(Refers to the table on chart above to better understand what the numbers means. DOT/USD has a 100% correlation to DOT/USD. However. MXCUSDT has a -37.2% correlation to DOT/USD.)

Amounts Bars To Check:
This input options will check the amount of bars since the last bar in the chart.
If you want to know the correlation of the past 100 days in a daily chart, you will enter '100' into this options and it will check only the past 100 days.

Symbol List
This will allow you to input all the project symbol ticker ID to add into the correlation table.

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Originally, I wish to use for loop to go through the symbol list to reduce the amount of code required. However, due to limitation of 'request.security' feature, I had to abandon that idea and use hard-coded for requesting security and use a while loop to identify the symbol correlation value in the array set then set the table value accordingly.

If there is any script writer could improve this or any unclear explanation, feel free to drop a comment below.
סקריפט קוד פתוח

ברוח TradingView אמיתית, מחבר הסקריפט הזה פרסם אותו בקוד פתוח, כך שסוחרים יכולים להבין ולאמת אותו. כל הכבוד למחבר! אתה יכול להשתמש בו בחינם, אך שימוש חוזר בקוד זה בפרסום כפוף לכללי הבית. אתה יכול להכניס אותו למועדפים כדי להשתמש בו בגרף.

כתב ויתור

המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.

רוצה להשתמש בסקריפ זה בגרף?