OPEN-SOURCE SCRIPT
Updated Correlation Index
Shows how often and how much the underlying security deviates from the base stock.
Indices that help in the selection of securities:
Lst10 - last 10(long factor parameter) periods average
Aver - fulltime averaged
pwr - total deviation area from base
ust - unstability (drawdown index)
cor - percent of positive bars
cross - fulltime averaged deviation
Indices that help in the selection of securities:
Lst10 - last 10(long factor parameter) periods average
Aver - fulltime averaged
pwr - total deviation area from base
ust - unstability (drawdown index)
cor - percent of positive bars
cross - fulltime averaged deviation
Release Notes
ust (unstability value) replaced with mdd (maximum drawdown)Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.
Open-source script
In true TradingView spirit, the creator of this script has made it open-source, so that traders can review and verify its functionality. Kudos to the author! While you can use it for free, remember that republishing the code is subject to our House Rules.
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.