OPEN-SOURCE SCRIPT
BTC Correlation
A simple script to display how correlated the current ticker is to Bitcoin.
Inputs are the number of bars to check correlation for (default 10) and the the ticker to use for BTC comparison (default is BITFINEX:BTCUSD)
Values of 1 are highly correlated (i.e. bitcoin moves up, so does your current ticker), values of -1 are inversely correlated (i.e. bitcoin moves up, your current ticker moves down).
See: babypips.com/learn/forex/what-is-currency-correlation for some more details on correlation
Inputs are the number of bars to check correlation for (default 10) and the the ticker to use for BTC comparison (default is BITFINEX:BTCUSD)
Values of 1 are highly correlated (i.e. bitcoin moves up, so does your current ticker), values of -1 are inversely correlated (i.e. bitcoin moves up, your current ticker moves down).
See: babypips.com/learn/forex/what-is-currency-correlation for some more details on correlation
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.