In this small indicator I make it possible for the user to set two different input sources. Then, the indicator displays the correlation of these two input sources. It's a very small script, but I think it could be helpful to somebody to find uncorrelated indicators for his trading strategy. To use uncorrelated indicators is in general recommended.
Enjoy this small, but powerful tool. 🧙♂️
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Removed two unnecessary input fields Reworked visualization
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Added back the inputs I removed before, because it must be there in order to ensure that the input data is correctly aligned. Restyled the plot
Hi, can you give examples from your experience of some useful sources to look into with regards to this tool? Thx!
simwai
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@crypto_juju, You could compare RSI and MFI or RSI and CCI and so on to determine two momentum indicators with a low correlation which makes them a goos combo for momentum scalping. But that's just an example now.