The correlation coefficient is one of the most important concepts in trading and most of the trading algos are built based on it.
The use cases for correlation is a lot, from managing your risk exposure and avoiding investing in directly correlated assets to building prediction models.
This indicator shows the correlation between your chart symbol and another specified symbol in a histogram, the negative and positive correlation are shown separately.
Features
- Shows the positive/negative correlation is separate histograms
- Using a period number for setting the amount of data
- Being able to change the data source to open, high, low, close, and volume
- You can use it as an autocorrelation indicator by using its lag parameter
- It can calculate the correlation on both regular and percentage change data
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