INVITE-ONLY SCRIPT
Stock Market Indices Correlations Heatmap
Updated
Hello traders!
This tool shows you the correlation between well-known stock market indices and selected instrument. Also it has customizable alerts for the strong positive and negative correlations.
What are correlation and correlation coefficient?
Correlation is a term from mathematical statistics that describes the strength of linear relationship between the variables (in our case: financial instruments).
Simply speaking, it describes whether or not instruments move in same/opposite directions.
Correlation coefficient is a statistical measure of the correlation and that is bounded in a range of -1 to 1. The most common calculation of the correlation coefficient is the Pearson product-moment method.
How to interpret?
Supported indices
I attach screenshots to show you how it works with other instruments.
How to get access
Like and follow for more cool indicators!
Good luck and happy trading!
This tool shows you the correlation between well-known stock market indices and selected instrument. Also it has customizable alerts for the strong positive and negative correlations.
What are correlation and correlation coefficient?
Correlation is a term from mathematical statistics that describes the strength of linear relationship between the variables (in our case: financial instruments).
Simply speaking, it describes whether or not instruments move in same/opposite directions.
Correlation coefficient is a statistical measure of the correlation and that is bounded in a range of -1 to 1. The most common calculation of the correlation coefficient is the Pearson product-moment method.
How to interpret?
- The darker the color, the stronger the correlation
- Green colors mean positive correlations
- Red colors mean negative correlations
- Transparent colors mean no correlation or absence of the symbol data
Supported indices
- Russell 3000
- Russell 2000
- NASDAQ Composite
- NYSE Composite
- S&P 500
- DJIA
- SSE Composite
- CSI 300
- SZSE Composite
- NIKKEI 225
- HSI 50
- DAX 30
- FTSE 100
- CAC 40
- RTSI 50
- S&P/TSX 500
- S&P/ASX 200
- BOVESPA 60
- NIFTY 50
- BSE 30
- IBEX 35
- FTSE MIB 40
- SMI 20
- ATX 20
- OMXS 30
- KOSPI 200
- BIST 100
- VN 30
I attach screenshots to show you how it works with other instruments.
How to get access
- Buy for only 59$ to get lifetime access to this indicator
Like and follow for more cool indicators!
Good luck and happy trading!
Release Notes
- Corrected display
Release Notes
- Fixed bug with FTSEMIB symbol
Release Notes
- Bumped Pine Script version to V5
- Replaced ATX20 with SA40
Invite-only script
Access to this script is restricted to users authorized by the author and usually requires payment. You can add it to your favorites, but you will only be able to use it after requesting permission and obtaining it from its author. Contact everget for more information, or follow the author's instructions below.
TradingView does not suggest paying for a script and using it unless you 100% trust its author and understand how the script works. In many cases, you can find a good open-source alternative for free in our Community Scripts.
Author's instructions
″If you have any questions don't hesitate to ask and contact me either via private messages on TradingView or via Telegram @alex_everget
Want to use this script on a chart?
Warning: please read before requesting access.
Freelance -> Telegram: @alex_everget
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A list of FREE indicators:
bit.ly/2S7EPuN
A list of PAID indicators:
bit.ly/33MA81f
Earn $15:
tradingview.com/pricing/?share_your_love=everget
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.