Mango2Juice

Correlation Matrix

In financial terms, 'correlation' is the numerical measure of the relationship between two variables (in this case, the variables are Forex pairs).
The range of the correlation coefficient is between -1 and +1. A correlation of +1 indicates that two currency pairs will flow in the same direction.
A correlation of -1 indicates that two currency pairs will move in the opposite direction.

Here, I multiplied correlation coefficient by 100 so that it is easier to read. Range between 100 and -100.


Color Coding:-
The darker the color, the higher the correlation positively or negatively.

Extra Light Blue (up to +29) : Weak correlation. Positions on these symbols will tend to move independently.
Light Blue (up to +49) : There may be similarity between positions on these symbols.
Medium Blue (up to +75) : Medium positive correlation.
Navy Blue (up to +100) : Strong positive correlation.

Extra Light Red (up to -30) : Weak correlation. Positions on these symbols will tend to move independently
Light Red (up to -49) : There may be similarity between positions on these symbols.
Dark Red: (up to -75) : Medium negative correlation.
Maroon: (up to -100) : Strong negative correlation.
Open-source script

In true TradingView spirit, the author of this script has published it open-source, so traders can understand and verify it. Cheers to the author! You may use it for free, but reuse of this code in a publication is governed by House Rules. You can favorite it to use it on a chart.

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Kommentarer

thank you for idea.
100 coins
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This helped my code abilities quite a bit , thank you .
500 coins
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And i think this must be a mistake:
//Label_Head_Row7 = function_label(85,header_sym07,0.40,0)
this should be correct:
Label_Head_Row7 = function_label(85,header_sym07,0.40,0)

But then there are too many drawing (error)

Do you have a soloution maybe?
+7 Svara
thank you thank you thank you!!
+2 Svara
Great Indicator, can similar logic be used for corelation between Indexes, VIX, DXY, etc ?
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thanks you
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This is brilliant! Thank you.
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Interesting, nice job.
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@racer8, Thank you.
+1 Svara
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