Price-Filtered Spearman Rank Correl. w/ Floating Levels [Loxx]

Price-Filtered Spearman Rank Correl. w/ Floating Levels is a Spearman Rank Correlation indicator with optional source filtering and floating levels.

What is Spearman rank correlation?
Spearman rank correlation, also known as Spearman coefficient is a formula used to identify the strength of the link between two datasets. This coefficient is a method that can be used to assess the strength of a relationship apart from the direction it takes. The formula, named after Charles Spearman, a mathematician, can only be used in circumstances where data can be categorized or put in order, for instance, the highest to the lowest.

For a better understanding of Spearman coefficient, it helps to get a sense of what monotonic function means. There’s a monotonic relationship under these circumstances:

– When the variable values rise together.
– When one variable value rises the other variable value lowers.
– The rate of movement of the variables need not necessarily be constant.
The Spearman correlation coefficient or rs, between +1 and -1, where +1 indicates a perfect strength between variables, while zero shows no association and -1 shows a perfect negative strength.

Spearman rank correlation theory:
A nonparametric (distribution-free) rank statistic proposed by Spearman in 1904 as a measure of the strength of the associations between two variables (Lehmann and D'Abrera 1998). The Spearman rank correlation coefficient can be used to give an R-estimate, and is a measure of monotone association that is used when the distribution of the data make Pearson's correlation coefficient undesirable or misleading.

Included:

• Zero-line and signal cross options for bar coloring, signals, and alerts
  
• Alerts
  
• 3 Signal types
  
• Loxx's Expanded Source Types
  

Versionsinformation:

Removed unused inputs.

Versionsinformation:

Small UI update.Next update I'll add the ability to paint reversals, but it should be obvious where the reversal prints are right now.