Beta is a measure of an asset's volatility relative to the market (the S&P500 is the most widely used index for this). A beta of 1 indicates that the asset moves exactly like the market, a beta < 1 indicates that the asset is less volatile than the market, and a beta > 1 means that the asset amplifies market movements.
This tool is used to calculate easily the Beta coefficient of an asset using 4 parameters : - Symbol : The Asset's Ticker - Reference : The Market Index Ticker - Lookback Candles : The number of candles to include in the calculation - (Implict) Resolution : The timeframe you are using, defines the precision