This script was written to create a new, rapid relative strength index inspired by the Dow Theory.
More info about Dow Theory : www.investopedia.com
According to the Dow Theory, volume should confirm market trends.
The correlation coefficient between prices and volume is negative in weakening trends and negative trends , positive in...
Detects if there is a correlation between two securities. It shows a positive level when they have been moving together and a negative level when they have been moving in opposite directions.
Hey folks
A quick unrelated but interesting foreword
Hope you're all good and well and tanned
Me? I'm preparing the opening of my website where we're going to offer the Algorithm Builder Single Trend, Multiple Trends, Multi-Timeframe and plenty of others across many platforms (TradingView, FXCM, MT4, PRT). While others are at the beach and tanning (Yes I'm...
This is my latest attempt to show price movement differences between symbols. I want to see the buying and selling pressure... is that price movement going with the market or is it moving alone? It's VERY interesting to watch this indicator and see how things play out!
In my previous versions the arrows on the chart were too much clutter, while the single row of...
Computes the partial correlation between 2 symbols while removing the influence of a third.
Ex.:
Computes the correlation between AAPL and AMZN while removing the influence of SPX.
Correlation amongst assets is the degree to which they move in tandem. This indicator measures correlation between different assets. Why is that important?
To any investor diversification is a very important technique for reducing risk. The problem is that most misunderstand it. Most people tend to think diversification is achieved simply by investing in a...
This is a pretty simple indicator, it measures the momentum of bitcoin as compared to usd,eur,eth,dash, and ltc, which you can see in all of the blue lines. If the red line is above zero then it means the overall value of btc is going up, opposite for down. The Ema_window controls how smooth the signal is. If you shorten the Ema_window parameter and open this on...
this script by RichardoSantos
description
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Power oscillator to discern what currency's are stronger/weaker.
added option to use a smoothed source(close) for pooling the change, giving longer term directional bias, note that this causes lag in the results as MA's turn slower than price.
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I added currency labels and changed line color only.
This gives you the ability to track multiple tickers correlation aspects compared to the ticker you are currently viewing.
You can plot the background color and also shapes above the candles.
I personally only see the use of negative correlation to be of much use as most moves that have a heavy negative correlation with other largecaps are likely to get faded by...
A simple Correlation Indicator initially configured for Crypto Trader use (but other markets can use this too).
It plots the correlation between the current chart (say BTCUSD ) versus 4 user-definable indices, currency pairs, stocks etc.
By default, the indicator is preconfigured for:
GOLD (Oz/$),
Dow Jones Index (DJI),
Standard & Poor 500 Index (SPX) ,...
I found this useful tool among the indicators but it wasn't doing the correlation study correctly.
Everything in markets, with only a few exceptions, are rising in value over time and therefore trended to time. The simplest method I found is to use link relative or first difference detrending, before calculating a correlation between assets.
I also updated it to...
Correlation amongst assets is the degree to which they move in tandem.
Diversification is a technique for reducing risk. Most people tend to think this is achieved simply by investing in a variety of assets instead of just a few. This is wrong.
Proper diversification is achieved when you reduce the correlation between the assets in your portfolio.
0.5 to...
Makes visual the theory that "a strong dollar is bullish for equities/stocks"
...but oh man, these two are definitely not that strongly correlated.
What's the deal with that? Still learning. Glad for any comments.
Pretty viz of how correlated/uncorrelated price of coins BTC ETH LTC BCH are on GDAX.
From the ref:
"Correlation coefficient. Describes the degree to which two series tend to deviate from their sma values."
A port of the trading strategy described at technical.traders.com
"In “Trading The Loonie,” which appeared in the December 2015 issue of STOCKS & COMMODITIES, author Markos Katsanos
explains the heavy correlation between the Canadian dollar and crude oil. He then goes on to describe how one could
trade this correlation....
Fundamentals
The idea for this script is based on Fundamentals.
I wanted to verify the strength/weakness of the US dollar against other major economies
This will keep me on the right side of the "trend" .. bullish or bearish ?
In short, because Fundamentals Analysis are reflected via economic updates which influences what the price will be doing for the next...
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![EURUSD: [RS]Power Correlation Oscillator (GOLD) V0](https://s3.tradingview.com/o/oNNVAWjw_mid.png "[RS]Power Correlation Oscillator (GOLD) V0")
![BTCUSDT: [MaliciousUpload] Multi Ticker Correlation w/Overlay](https://s3.tradingview.com/s/SKYf4cnu_mid.png "[MaliciousUpload] Multi Ticker Correlation w/Overlay")
