OPEN-SOURCE SCRIPT

Fixed 4H BTC/Altcoins Correlation for Scalping

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[ 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.

Feragatname

Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.