Used with Pearson Correlation. It can be used to make sense of the trends. Very successful results can be obtained with a MACD style indicator and volume indicator that gives Buy and Sell orders.Open for adaptive and mutable variable periods of moving averages. Best regards!
This gives you the ability to track multiple tickers correlation aspects compared to the ticker you are currently viewing.
You can plot the background color and also shapes above the candles.
I personally only see the use of negative correlation to be of much use as most moves that have a heavy negative correlation with other largecaps are likely to get faded by...
Introduction
Its holiday time for me, i have been working here a lot. But no leaving before publishing. Telling when market price is smooth or rough is not the easiest task, so today i present a trend metric indicator that allow you to give you this kind of information.
The Indicator
The indicator is in an approximate range of (0,1) with mean x̄ decaying...
A simple Correlation Indicator initially configured for Crypto Trader use (but other markets can use this too).
It plots the correlation between the current chart (say BTCUSD ) versus 4 user-definable indices, currency pairs, stocks etc.
By default, the indicator is preconfigured for:
GOLD (Oz/$),
Dow Jones Index (DJI),
Standard & Poor 500 Index (SPX) ,...
Introduction
The inverse fisher transform or hyperbolic tangent function is a type os sigmoid function (sometime called squashing function) , those types of functions can rescale a result in a certain range and are widely used in artificial intelligence. More in depth the fisher transform can make the correlation coefficient of a time series normally...
Introduction
This indicator was asked and named by a trading meetup participant in Sevilla. The original question was "How to estimate the correlation between the price and a line as easy as possible", a question who got little attention. I previously proposed a correlation estimate using a modification of the standard score (see at the end of the post) for...
Estimating the LSMA Without Classics Parameters
I already mentioned various methods in order to estimate the LSMA in the idea i published. The parameter who still appeared on both the previous estimation and the classic LSMA was the sample correlation coefficient. This indicator will use an estimate of the correlation coefficient using the standard score thus...
Synergy Stats
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...
Synergy
This indicator was developed for use in an investigation/tutorial using Pine Script to analyse Gold and US Dollar Index correlation.
The first indicator shall measure the percentage change between the open and close of each bar and compare it to the same percentage change of an alternative asset. Additionally, we shall color the background when the two...
Computes the partial correlation between 2 symbols while removing the influence of a third.
Ex.:
Computes the correlation between AAPL and AMZN while removing the influence of SPX.
Correlation amongst assets is the degree to which they move in tandem.
Diversification is a technique for reducing risk. Most people tend to think this is achieved simply by investing in a variety of assets instead of just a few. This is wrong.
Proper diversification is achieved when you reduce the correlation between the assets in your portfolio.
0.5 to...
Kendall Rank Correlation Coefficient script.
This way to measure the ordinal association between two measured quantities described by Maurice Kendall (1938, Biometrika, 30 (1–2): 81–89, "A New Measure of Rank Correlation").
In this script I compare Kendall Coefficient and Pearson Coefficient (using built-in "correlation" function).
this script by RichardoSantos
description
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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.
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I added currency labels and changed line color only.
This is originally @cryptorae's script with modifications. A great explanation of function can be found on their Twitter.
Original comments:
Follow me @cryptorae on twitter
H/T @AureliusBTC and @cryptom173 for tweaks and assistance
Added three more setups:
Correlation oscillator
Raw volume
Percent change for the two sets of volume ("retail" and...
Pretty viz of how correlated/uncorrelated price of coins BTC ETH LTC BCH are on GDAX.
From the ref:
"Correlation coefficient. Describes the degree to which two series tend to deviate from their sma values."
Fundamentals
The idea for this script is based on Fundamentals.
I wanted to verify the strength/weakness of the US dollar against other major economies
This will keep me on the right side of the "trend" .. bullish or bearish ?
In short, because Fundamentals Analysis are reflected via economic updates which influences what the price will be doing for the next...
The code in contains a simple correlation indicator that can be used as an alternative to Tradingview’s built-in “Correlation Coefficient” indicator. The indicator allows users to correlate up to 3 separate instruments on the same subplot. This allows you, for example, to easily see the correlation of your instrument with stocks, bonds and FX. Alternatively, a...
![BTCUSDT: [MaliciousUpload] Multi Ticker Correlation w/Overlay](https://s3.tradingview.com/s/SKYf4cnu_mid.png "[MaliciousUpload] Multi Ticker Correlation w/Overlay")
![BTCUSD: Volume Share - Bitcoin Retail % [cryptorae] [NeoButane edit]](https://s3.tradingview.com/m/MSbcOrFz_mid.png "Volume Share - Bitcoin Retail % [cryptorae] [NeoButane edit]")
