OPEN-SOURCE SCRIPT
THISMA btccorrelation
Description:
This is a tool designed for traders who want to analyze correlation between any traded crypto's price in USD and the price of Bitcoin in USD.
Key Features:
Adjustable Correlation Window: The script features an input parameter that allows traders to set the length of the correlation window, with a default value of 14. Lower if you want faster granularity.
Clear Visualization: The correlation coefficient is plotted in a distinct pane below the main trading chart.
Reference Lines for Interpretation: Horizontal reference lines are included at 0.5 (indicating weak positive correlation), -0.5 (indicating weak negative correlation), and 0 (indicating no correlation). These lines, color-coded in green, red, and gray respectively, assist traders in quickly interpreting the correlation coefficient's value.
Applications:
Market Insight: If you want to be able to monitor if you should enter a trade on an altcoin or if its better to stick to Bitcoin to avoid being double exposed.
Risk Management: Identifying the correlation can help in assessing and managing the systemic risk associated with market movements, especially in cryptocurrency markets where Bitcoin's influence is significant.
This is a tool designed for traders who want to analyze correlation between any traded crypto's price in USD and the price of Bitcoin in USD.
Key Features:
Adjustable Correlation Window: The script features an input parameter that allows traders to set the length of the correlation window, with a default value of 14. Lower if you want faster granularity.
Clear Visualization: The correlation coefficient is plotted in a distinct pane below the main trading chart.
Reference Lines for Interpretation: Horizontal reference lines are included at 0.5 (indicating weak positive correlation), -0.5 (indicating weak negative correlation), and 0 (indicating no correlation). These lines, color-coded in green, red, and gray respectively, assist traders in quickly interpreting the correlation coefficient's value.
Applications:
Market Insight: If you want to be able to monitor if you should enter a trade on an altcoin or if its better to stick to Bitcoin to avoid being double exposed.
Risk Management: Identifying the correlation can help in assessing and managing the systemic risk associated with market movements, especially in cryptocurrency markets where Bitcoin's influence is significant.
Script de código abierto
Siguiendo fielmente el espíritu de TradingView, el autor de este script lo ha publicado en código abierto, permitiendo que otros traders puedan entenderlo y verificarlo. ¡Olé por el autor! Puede utilizarlo de forma gratuita, pero tenga en cuenta que la reutilización de este código en la publicación se rige por las Normas internas. Puede añadir este script a sus favoritos y usarlo en un gráfico.
¿Quiere utilizar este script en un gráfico?
Retrouvez ma liste de réseaux ici :
linktr.ee/thismatbf
Rendez-vous dans les orderbooks
linktr.ee/thismatbf
Rendez-vous dans les orderbooks
Exención de responsabilidad
La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.