Stock Market Indices Correlations Heatmap

Hello traders!

This tool shows you the correlation between well-known stock market indices and selected instrument. Also it has customizable alerts for the strong positive and negative correlations.

What are correlation and correlation coefficient?
Correlation is a term from mathematical statistics that describes the strength of linear relationship between the variables (in our case: financial instruments).
Simply speaking, it describes whether or not instruments move in same/opposite directions.

Correlation coefficient is a statistical measure of the correlation and that is bounded in a range of -1 to 1. The most common calculation of the correlation coefficient is the Pearson product-moment method.

How to interpret?

• The darker the color, the stronger the correlation
  
• Green colors mean positive correlations
  
• Red colors mean negative correlations
  
• Transparent colors mean no correlation or absence of the symbol data
  

Supported indices

• Russell 3000
  
• Russell 2000
  
• NASDAQ Composite
  
• NYSE Composite
  
• S&P 500
  
• DJIA
  
• SSE Composite
  
• CSI 300
  
• SZSE Composite
  
• NIKKEI 225
  
• HSI 50
  
• DAX 30
  
• FTSE 100
  
• CAC 40
  
• RTSI 50
  
• S&P/TSX 500
  
• S&P/ASX 200
  
• BOVESPA 60
  
• NIFTY 50
  
• BSE 30
  
• IBEX 35
  
• FTSE MIB 40
  
• SMI 20
  
• ATX 20
  
• OMXS 30
  
• KOSPI 200
  
• BIST 100
  
• VN 30
  

I attach screenshots to show you how it works with other instruments.

How to get access

• Buy for only 59$ to get lifetime access to this indicator
  

Like and follow for more cool indicators!

Good luck and happy trading!

Versionsinformation:

• Corrected display
  

Versionsinformation:

• Fixed bug with FTSEMIB symbol
  

Versionsinformation:

• Bumped Pine Script version to V5
  
• Replaced ATX20 with SA40