This indicator was developed for use in an investigation/tutorial using Pine Script to analyse Gold and US Dollar Index correlation.

The first indicator shall measure the percentage change between the open and close of each bar and compare it to the same percentage change of an alternative asset. Additionally, we shall color the background when the two assets move in the same direction. This should allow us to more easily see when the two assets move together and spot trends in their moment.

The yellow bars show use the percentage change in the price of gold . The blue bars show the percentage change in the price of the US Dollar index . If the bar is above zero, it means that the asset closed up. Conversely, if it is below zero, it means the asset closed down. Finally, the grey bars show bars in which the two assets closed in the same direction.

It can be used in conjunction with a second indicator (to be published soon) that provides statistics generated from this indicator.

The full free post can be found here:

Keluarkan daripada Skrip Pilihan Tambah kepada Skrip Pilihan
You guys are amazing. Your tutorials really got me off the ground when I was starting. Looking forward to seeing more of your scripts and posts.
BacktestRookies overttherainbow
@overttherainbow, The aim has always been to help beginners get off the ground so it is great to receive this type of feedback! Thanks!

All the best in your trading adventures.
Laman Utama Penyaring Saham Penyaring Forex Penyaring Kripto Kalendar Ekonomi Rancangan Bagaimana ia berfungsi Ciri-ciri Carta Harga Peraturan Dalaman Moderator Laman web dan Penyelesaian Broker Widget Penyelesaian Pencartaan Perpustakaan Pencartaan yang Ringan Pusat Bantuan Rujuk rakan Permintaan Ciri Blog & Berita Soalan Lazim Wiki Twitter
Profil Tetapan Profil Akaun dan Pengebilan Rujuk rakan Tiket Sokongan Saya Pusat Bantuan Idea yang diterbitkan Pengikut Mengikut Mesej Peribadi Sembang Daftar Keluar