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Corelation

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The indicator is intended for searching the correlations between different symbols. It allows you to overlay one chart with another to visually detect how different symbols correlate with each other. It also allows you to superimpose moving averages.

Inputs:

  • simbol_name - the ticker of the symbol whose chart will be layed on the current one;
  • bars_for_autoscale - the amount of bars the charts will be scaled on (0 - maximal amount);
  • inverse - inverses the chart upside down;
  • MA - show or not to the moving average for the overlaid chart (true - show; false - do not show);
  • MAPeriod - the period of the moving average;
  • MAOnly - shows only the moving average (hides chart).

The scaling occurs in the way the maximums and minimums at the region of N-bars (bars_for_autoscale variable) coincide with each other.

The indicator can be used for hedging and spread trade strategies on correlating pairs.
Author
Salvador
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