Money Flow based probability

Money Flow based probability

This indicator provides a comprehensive correlation and momentum analysis between your main asset and up to three selected correlated assets. It combines correlation, trend, momentum, and overbought/oversold signals into a single, easy-to-read table directly on your chart.

1. Correlated Asset Selection:
   You can select up to three correlated assets (e.g., indices, currencies, bonds) to compare with your main chart symbol. Each asset can be toggled on or off.
   
   
2. Correlation Calculation:
   The indicator uses the native Pine Script

   ta.correlation

   function to measure the statistical relationship between the closing prices of your asset and each selected pair over a user-defined period.
   
   
3. Technical Analysis Integration:
   For each asset (including the main one), the indicator calculates:
   Trend direction using EMA (Exponential Moving Average) – optional
   Momentum using MACD – optional
   Overbought/oversold status using RSI – optional
   
4. Probability Scoring:
   A weighted scoring system combines correlation, trend, MACD, RSI, and trend exhaustion signals to produce buy and sell probabilities for the main asset.
   
   
5. Visual Table Output:
   A customizable table is displayed on the chart, showing:
   Asset name
   Correlation (as a percentage, -100% to +100%)
   Trend (Bullish/Bearish)
   MACD status (Bullish/Bearish)
   RSI value and status
   Buy/Sell probability (with fixed-width formatting for stability)
   
6. User Customization:
   You can adjust:
   
   • Table size, color, and position
     
   • Correlation period
     
   • EMA, MACD, and RSI parameters
     
   • Which assets to display
     

This indicator is ideal for traders who want to quickly assess the influence of major correlated markets and technical signals on their trading instrument, all in a single glance.

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Example: Correlation Calculation

corrCurrentAsset1 = ta.correlation(close, asset1Data, correlationPeriod)

Example: Table Output (Buy/Sell %)

buyStr  = f_formatPercent(buyProbability) + "%"
sellStr = f_formatPercent(sellProbability) + "%"
cellStr = buyStr + " / " + sellStr