shayankm

Crypto Correlation Matrix Series [SHK]

Hi everyone, Although everything's clear from the title but I should describe some basic points.

Currency Correlation is a statistical measure of how two securities move in relation to each other.
So this script is used to show if current pair (alt-coins) is moving in the same direction of bitcoin (or ethereum ) or not. Consider that in crypto market most of alt-coins have correlation of +0.7 with bitcoin , So temporary changes in correlation may signal a reversal or sharp continuation for the alt-coin.

"1" : The alt coin is moving in same direction of Bitcoin (Or Ethereum ).
"0" : The alt coin is moving in random direction compared to Bitcoin . (No movement relation)
"-1" : The alt coin is moving in opposite direction of Bitcoin .

Important Note: By default average of 15 bars back is measured to calculate the correlation by this script. Please test other periods and share the best options with us.


Comments are welcomed :)
リリースノート: Bitfinex added.
Bitstamp added.
オープンソーススクリプト

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.

チャートでこのスクリプトを利用したいですか?