In financial terms, 'correlation' is the numerical measure of the relationship between two variables (in this case, the variables are Forex pairs). The range of the correlation coefficient is between -1 and +1. A correlation of +1 indicates that two currency pairs will flow in the same direction. A correlation of -1 indicates that two currency pairs will move in the opposite direction.
Here, I multiplied correlation coefficient by 100 so that it is easier to read. Range between 100 and -100.
Color Coding:- The darker the color, the higher the correlation positively or negatively.
Extra Light Blue (up to +29) : Weak correlation. Positions on these symbols will tend to move independently. Light Blue (up to +49) : There may be similarity between positions on these symbols. Medium Blue (up to +75) : Medium positive correlation. Navy Blue (up to +100) : Strong positive correlation.
Extra Light Red (up to -30) : Weak correlation. Positions on these symbols will tend to move independently Light Red (up to -49) : There may be similarity between positions on these symbols. Dark Red: (up to -75) : Medium negative correlation. Maroon: (up to -100) : Strong negative correlation.
This helped my code abilities quite a bit , thank you .
enric_vie
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And i think this must be a mistake:
//Label_Head_Row7 = function_label(85,header_sym07,0.40,0)
this should be correct:
Label_Head_Row7 = function_label(85,header_sym07,0.40,0)
But then there are too many drawing (error)
Do you have a soloution maybe?
enric_vie
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thank you thank you thank you!!
nanoha787
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Hello, I'm always grateful for the opportunity to use your site. I'm sorry but The script is no longer usable. Could you please fix it?
nguyentuannam
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Hello system author, the notification system is not working, please fix it, thank you very much. ♥️
Dao_De_Trading
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Doesn't seem to work anymore...
bondnuetron
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Absolutely fantastic piece of work! Only if there was a option for many more custom symbols addon.
vensonom
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Great Indicator, can similar logic be used for corelation between Indexes, VIX, DXY, etc ?