OPEN-SOURCE SCRIPT
Fixed 4H BTC/Altcoins Correlation for Scalping
[ Key Features ]
Fixed 4H Timeframe: The calculation is hardcoded to the 4-hour timeframe. This ensures the correlation value remains stable and relevant for structural analysis while you trade on lower timeframes.
Clean On-Screen Display: Instead of a separate plot line that can clutter the chart, the indicator displays the correlation value in a clean, simple table in the top-right corner.
Dynamic Coloring: The correlation value is color-coded for quick visual assessment:
Green: Strong correlation (> 0.70)
Yellow: Moderate correlation (0.30 to 0.70)
Red: Weak or negative correlation (< 0.30)
Customizable Inputs: Users can easily configure the BTC symbol (e.g., BINANCE:BTCUSDT, COINBASE:BTCUSD), the correlation lookback period (Length), and the price source (Source) to match their reference indicators or preferences.
[ How to Use ]
Add the indicator to your chart (for example, a 5-minute chart of any altcoin).
The table in the top-right corner will immediately display the altcoin's current correlation to BTC, based on 4-hour data.
Use this value to gauge market sentiment. A high positive correlation suggests the altcoin is likely to follow BTC's moves. A low or negative correlation suggests the altcoin is moving independently.
For perfect synchronization with another standard correlation indicator, go to the script's settings (⚙️ icon) and ensure the Length and Source parameters are identical to your reference indicator.
This tool aims to bridge the gap between high-frequency trading and high-timeframe market structure, providing a crucial piece of information in a simple, stable, and accessible format.
Fixed 4H Timeframe: The calculation is hardcoded to the 4-hour timeframe. This ensures the correlation value remains stable and relevant for structural analysis while you trade on lower timeframes.
Clean On-Screen Display: Instead of a separate plot line that can clutter the chart, the indicator displays the correlation value in a clean, simple table in the top-right corner.
Dynamic Coloring: The correlation value is color-coded for quick visual assessment:
Green: Strong correlation (> 0.70)
Yellow: Moderate correlation (0.30 to 0.70)
Red: Weak or negative correlation (< 0.30)
Customizable Inputs: Users can easily configure the BTC symbol (e.g., BINANCE:BTCUSDT, COINBASE:BTCUSD), the correlation lookback period (Length), and the price source (Source) to match their reference indicators or preferences.
[ How to Use ]
Add the indicator to your chart (for example, a 5-minute chart of any altcoin).
The table in the top-right corner will immediately display the altcoin's current correlation to BTC, based on 4-hour data.
Use this value to gauge market sentiment. A high positive correlation suggests the altcoin is likely to follow BTC's moves. A low or negative correlation suggests the altcoin is moving independently.
For perfect synchronization with another standard correlation indicator, go to the script's settings (⚙️ icon) and ensure the Length and Source parameters are identical to your reference indicator.
This tool aims to bridge the gap between high-frequency trading and high-timeframe market structure, providing a crucial piece of information in a simple, stable, and accessible format.
オープンソーススクリプト
TradingViewの精神に則り、この作者はスクリプトのソースコードを公開しているので、その内容を理解し検証することができます。作者に感謝です！無料でお使いいただけますが、このコードを投稿に再利用する際にはハウスルールに従うものとします。
免責事項
これらの情報および投稿は、TradingViewが提供または保証する金融、投資、取引、またはその他の種類のアドバイスや推奨を意図したものではなく、またそのようなものでもありません。詳しくは利用規約をご覧ください。
オープンソーススクリプト
TradingViewの精神に則り、この作者はスクリプトのソースコードを公開しているので、その内容を理解し検証することができます。作者に感謝です！無料でお使いいただけますが、このコードを投稿に再利用する際にはハウスルールに従うものとします。
免責事項
これらの情報および投稿は、TradingViewが提供または保証する金融、投資、取引、またはその他の種類のアドバイスや推奨を意図したものではなく、またそのようなものでもありません。詳しくは利用規約をご覧ください。