OPEN-SOURCE SCRIPT
Actualizado Correlation
Multi-Timeframe Correlation Indicator
This Pine Script indicator measures the correlation between the current symbol and a reference symbol (default: GLD) across three different timeframes. It provides traders with valuable insights into how assets move in relation to each other over short, medium, and long-term periods.
Key Features
Understanding Correlation
The correlation coefficient measures the statistical relationship between two data series, ranging from -1 to +1:
How To Use This Indicator
Customization Options
This indicator helps traders make more informed decisions by understanding the interrelationships between different assets across various timeframes, potentially improving portfolio construction and risk management strategies.
This Pine Script indicator measures the correlation between the current symbol and a reference symbol (default: GLD) across three different timeframes. It provides traders with valuable insights into how assets move in relation to each other over short, medium, and long-term periods.
Key Features
- Multiple Timeframe Analysis: Calculates correlation coefficients over three customizable periods (default: 20, 50, and 200 bars)
- Visual Reference Lines: Displays horizontal lines at +1, 0, and -1 to indicate perfect positive correlation, no correlation, and perfect negative correlation
- Color-Coded Outputs: Shows short-term correlation in green, medium-term in yellow, and long-term in red for easy visual interpretation
Understanding Correlation
The correlation coefficient measures the statistical relationship between two data series, ranging from -1 to +1:
- +1: Perfect positive correlation (both assets move together in the same direction)
- 0: No correlation (movements are random and independent)
- -1: Perfect negative correlation (assets move in opposite directions)
How To Use This Indicator
- Market Relationships: Identify how strongly your current asset correlates with the reference symbol
- Diversification Analysis: Find assets with negative correlations to build a diversified portfolio
- Divergence Opportunities: Watch for changes in correlation patterns that might signal trading opportunities
- Trend Confirmation: Use correlation with benchmark assets to confirm broader market trends
Customization Options
- Reference Symbol: Change the default GLD to any other symbol you want to compare against
- Period Lengths: Adjust the short, medium, and long timeframes to match your trading strategy and timeframe
This indicator helps traders make more informed decisions by understanding the interrelationships between different assets across various timeframes, potentially improving portfolio construction and risk management strategies.
Notas de prensa
11-May-2025:- Changed code to optimize readability
Notas de prensa
- Added Tool Tips in settings
- Replaced Chart with a Clean Chart
Script de código abierto
Fiel al espíritu de TradingView, el creador de este script lo ha convertido en código abierto, para que los traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Aunque puede utilizarlo de forma gratuita, recuerde que la republicación del código está sujeta a nuestras Normas internas.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como asesoramiento o recomendaciones financieras, de inversión, de trading o de otro tipo proporcionadas o respaldadas por TradingView. Más información en Condiciones de uso.
Script de código abierto
Fiel al espíritu de TradingView, el creador de este script lo ha convertido en código abierto, para que los traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Aunque puede utilizarlo de forma gratuita, recuerde que la republicación del código está sujeta a nuestras Normas internas.
Exención de responsabilidad
La información y las publicaciones no constituyen, ni deben considerarse como asesoramiento o recomendaciones financieras, de inversión, de trading o de otro tipo proporcionadas o respaldadas por TradingView. Más información en Condiciones de uso.