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Correlation Coefficient (+ on any source. ie. indicators)

An Indicator to measure Correlation Coefficient (-1 to 1). This indicator can be added to other indicators to measure correlation between them and any given source.
Here, it's used to show the correlation between Historical Volatility Rank and price. As well as, the correlation between Historical Volatility and price.


"A correlation coefficient is a numerical measure of some type of correlation, meaning a statistical relationship between two variables.The variables may be two columns of a given data set of observations, often called a sample, or two components of a multivariate random variable with a known distribution.

Several types of correlation coefficient exist, each with their own definition and own range of usability and characteristics. They all assume values in the range from −1 to +1, where +1 indicates the strongest possible agreement and −1 the strongest possible disagreement. As tools of analysis, correlation coefficients present certain problems, including the propensity of some types to be distorted by outliers and the possibility of incorrectly being used to infer a causal relationship between the variables."
- Wikipedia


"Correlation Coefficient ( CC ) is used in statistics to measure the correlation between two sets of data. In the trading world, the data sets would be stocks, etf's or any other financial instrument. The correlation between two financial instruments, simply put, is the degree in which they are related. Correlation is based on a scale of 1 to -1. The closer the Correlation Coefficient is to 1, the higher their positive correlation. The instruments will move up and down together. The higher the Correlation efficient is to -1, the more they move in opposite directions. A value at 0 indicates that there is no correlation."
- TradingView
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