Correlation Coefficient Table

11 Mar 2023

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:



For more information, read this article https://www.tradingview.com/scripts/correlationcoefficient/?solution=43000502022

11 Mar 2023

Sürüm Notları

• Removed the plot function of the actual correlation coefficient value as it only adds noise to chart.