NQ YM Correlogram Meter Type

Overview
This indicator provides a real-time, visual "meter" of the correlation between the Nasdaq 100 (NQ) and the Dow Jones (YM) futures. It is designed as a clean, non-intrusive dashboard panel that displays only the current correlation value, making it an ideal companion for pairs traders who need to see the live relationship at a glance.

Unlike a traditional oscillator that plots historical data, this tool focuses exclusively on the "right now" to aid in immediate trade decisions.

Key Features
Real-Time Correlation Meter: A single vertical bar displays the current correlation, visually mapping the -1.0 to +1.0 range.

Clear Visual Cues: The bar's color gradient (from red for negative correlation to green for positive correlation) and fill level provide an instant understanding of the market relationship.

Precise Value Display: The exact numerical correlation (e.g., 0.85 or -0.50) is shown clearly at the bottom of the meter.

Contextual Y-Axis: Static labels (+1.0, +0.5, 0.0, -0.5) provide quick reference points for the meter's reading.

Dashboard Panel: Renders cleanly as an overlay table on the right side of your chart, saving screen real estate.

How to Use
This indicator is best used as a confirmation tool alongside a primary pairs trading strategy or a historical correlation oscillator.

High Green Bar (near +1.0): Indicates a strong positive correlation. NQ and YM are moving in sync.

Bar near 0.0: Indicates little to no linear relationship.

Low Red Bar (near -1.0): Indicates a strong negative (inverse) correlation. NQ and YM are moving in opposite directions.

For a pairs trader, this meter provides an instant check to confirm if the two assets are in their expected state of correlation at the moment of execution.

Settings & Customization
Correlation Period: Set the lookback length for the correlation calculation.

Symbols: Fully customizable, though it defaults to YM1! and NQ1!.

Panel Appearance: Adjust the Table Size (Small/Large) and Chart Theme (Light/Dark).

Text Size: Independently control the font size for the numerical Value Text and the Y-Axis Labels to perfectly fit your display.