Fixed 4H BTC/Altcoins Correlation for Scalping

[ Key Features ]

Fixed 4H Timeframe: The calculation is hardcoded to the 4-hour timeframe. This ensures the correlation value remains stable and relevant for structural analysis while you trade on lower timeframes.

Clean On-Screen Display: Instead of a separate plot line that can clutter the chart, the indicator displays the correlation value in a clean, simple table in the top-right corner.

Dynamic Coloring: The correlation value is color-coded for quick visual assessment:

Green: Strong correlation (> 0.70)

Yellow: Moderate correlation (0.30 to 0.70)

Red: Weak or negative correlation (< 0.30)

Customizable Inputs: Users can easily configure the BTC symbol (e.g., BINANCE:BTCUSDT, COINBASE:BTCUSD), the correlation lookback period (Length), and the price source (Source) to match their reference indicators or preferences.

[ How to Use ]

Add the indicator to your chart (for example, a 5-minute chart of any altcoin).

The table in the top-right corner will immediately display the altcoin's current correlation to BTC, based on 4-hour data.

Use this value to gauge market sentiment. A high positive correlation suggests the altcoin is likely to follow BTC's moves. A low or negative correlation suggests the altcoin is moving independently.

For perfect synchronization with another standard correlation indicator, go to the script's settings (⚙️ icon) and ensure the Length and Source parameters are identical to your reference indicator.

This tool aims to bridge the gap between high-frequency trading and high-timeframe market structure, providing a crucial piece of information in a simple, stable, and accessible format.