This is a sample PineSript code implementation using Correlation Coefficient. It uses the ta.correlation library of Pinescript and calculates the correlation based on user input length. The results are then plotted on a table. The corr value displays the actual correlation coefficient value while the Corr Status displays the interpretation of the correlation coefficient values.
The script takes the following input
Source Symbol - This is the base symbol which will be used in calculating correlation coefficient. In my case, since i am looking more often on crypto. I defaulted it to BTCUSDT
Symbol 1 - Symbol 5 - These are the coins that will be compared to our base symbol for correlation.
Source - You can select on which price source you want to be calculated. By default this is set to candle close price.
Length - The number of price bar to look back and retrieve correlation coefficient. Set to 20 bars by default.
Table Settings - Since the correlation coefficient are displayed on a table. An option to customize the table settings are presented.
The Correlation Status column was based on this Interpretation:
if you enter more than two coins, the table disappears due to an error combining rows. Therefore, it is necessary to specify the string table.merge_cells(t, 0, 1, 0, 5) only once at the end of the script.