OPEN-SOURCE SCRIPT
Pearson SL/TP
📘 Description
Pearson SL/TP — Advanced Correlation-Based Strategy with Full Risk Management
The Pearson SL/TP indicator is an advanced market analysis tool that combines Pearson correlation, volatility-based stop/target levels, and dynamic signal strength evaluation.
It is designed for traders who want to visualize potential momentum shifts and risk/reward zones in a single, integrated chart.
🔍 Core Concept
This script measures the **Pearson correlation coefficient between recent price movements and time progression, highlighting potential trend exhaustion or momentum reversals when the correlation reaches extreme values.
* High positive correlation (near +1) → price moving steadily upward → possible overbought condition.
* High negative correlation (near -1) → price moving steadily downward → possible oversold condition.
When these extremes are reached, and confirmed by several internal filters, the script generates LONG or SHORT signals with fully calculated Stop Loss and Take Profit levels.
⚙️ Main Features
📈 Signal Generation
* Uses Pearson correlation as a primary indicator of trend intensity.
* Detects potential reversal zones when correlation crosses user-defined thresholds.
* Optional divergence confirmation enhances signal reliability.
💰 Risk Management
* Stop Loss (SL) and Take Profits (TP1 & TP2) automatically adapt to volatility using the ATR (Average True Range).
* Dynamic risk/reward ratios help assess trade quality.
* Adjustable multipliers let you fine-tune your risk parameters.
🧠 Signal Strength Analysis
Each signal is graded from Weak to Very Strong based on four factors:
1. Volume activity
2. Trend alignment
3. Pearson momentum
4. Correlation change intensity
🎨 Visualization
* Overbought / Oversold background zones
* Signal arrows (LONG / SHORT)
* SL / TP** price levels and labels
* Interactive dashboard** displaying:
* Current Pearson value
* Market state (Overbought / Oversold / Neutral)
* Signal strength
* Latest trade data (Entry, SL, TP1, TP2, Risk:Reward)
🔔 Alerts
Built-in alerts for:
* Confirmed LONG / SHORT signals
* Bullish / Bearish divergences
🧩 Customization
All major parameters — including **Pearson length, thresholds, ATR multipliers, and visual options — are fully customizable.
This allows you to adapt the indicator to any market, timeframe, or trading style.
Pearson SL/TP — Advanced Correlation-Based Strategy with Full Risk Management
The Pearson SL/TP indicator is an advanced market analysis tool that combines Pearson correlation, volatility-based stop/target levels, and dynamic signal strength evaluation.
It is designed for traders who want to visualize potential momentum shifts and risk/reward zones in a single, integrated chart.
🔍 Core Concept
This script measures the **Pearson correlation coefficient between recent price movements and time progression, highlighting potential trend exhaustion or momentum reversals when the correlation reaches extreme values.
* High positive correlation (near +1) → price moving steadily upward → possible overbought condition.
* High negative correlation (near -1) → price moving steadily downward → possible oversold condition.
When these extremes are reached, and confirmed by several internal filters, the script generates LONG or SHORT signals with fully calculated Stop Loss and Take Profit levels.
⚙️ Main Features
📈 Signal Generation
* Uses Pearson correlation as a primary indicator of trend intensity.
* Detects potential reversal zones when correlation crosses user-defined thresholds.
* Optional divergence confirmation enhances signal reliability.
💰 Risk Management
* Stop Loss (SL) and Take Profits (TP1 & TP2) automatically adapt to volatility using the ATR (Average True Range).
* Dynamic risk/reward ratios help assess trade quality.
* Adjustable multipliers let you fine-tune your risk parameters.
🧠 Signal Strength Analysis
Each signal is graded from Weak to Very Strong based on four factors:
1. Volume activity
2. Trend alignment
3. Pearson momentum
4. Correlation change intensity
🎨 Visualization
* Overbought / Oversold background zones
* Signal arrows (LONG / SHORT)
* SL / TP** price levels and labels
* Interactive dashboard** displaying:
* Current Pearson value
* Market state (Overbought / Oversold / Neutral)
* Signal strength
* Latest trade data (Entry, SL, TP1, TP2, Risk:Reward)
🔔 Alerts
Built-in alerts for:
* Confirmed LONG / SHORT signals
* Bullish / Bearish divergences
🧩 Customization
All major parameters — including **Pearson length, thresholds, ATR multipliers, and visual options — are fully customizable.
This allows you to adapt the indicator to any market, timeframe, or trading style.
Script de código abierto
Siguiendo fielmente el espíritu de TradingView, el creador de este script lo ha publicado en código abierto, permitiendo que otros traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Puede utilizarlo de forma gratuita, pero tenga en cuenta que la publicación de este código está sujeta a nuestras Normas internas.
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.
Script de código abierto
Siguiendo fielmente el espíritu de TradingView, el creador de este script lo ha publicado en código abierto, permitiendo que otros traders puedan revisar y verificar su funcionalidad. ¡Enhorabuena al autor! Puede utilizarlo de forma gratuita, pero tenga en cuenta que la publicación de este código está sujeta a nuestras Normas internas.
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.