OPEN-SOURCE SCRIPT

Correlation Coefficient

181
📊 Correlation Coefficient (CC)

This indicator measures the statistical correlation between two selected securities over a defined period, scaled from -100 to +100.


It helps you quickly assess whether assets are moving:

Together (positive correlation)

Opposite (negative correlation)

Independently (zero correlation)

🔧 Features:

Select any two symbols (default: NIFTY & BANKNIFTY)

Adjustable length parameter for short-term or long-term correlation analysis

Clean, color-coded plot with horizontal levels to easily identify key correlation zones

📈 Useful For:

Pair trading setups

Hedging strategies

Detecting market regime shifts or intermarket divergences

⚠️ Disclaimer: This is not trading or investment advice.
This indicator is intended for informational purposes only and is not recommended for making
direct trading decisions.

Penafian

Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.