WaveTrend [LazyBear] vX by DGTDGT interpreted version of LazyBear's WaveTrend, visualizing on Price Chart
Original Author : LazyBear
Crosses above or below threshold are emphasized with bigger labels
- crosses above threshold : probable short indications with a bigger label and relativly small label for probable long indications
- crosses below threshold : probable long indications with a bigger label and relativly small label for probable short indications
All rest crosses within threshold boundaries with relatively small labels for both long and short probable indications
Correlation
Bayes Probability Index by DGTWhat is Probability?
It is a measure for calculating the chances or the possibilities of the occurrence of a random event. In simple words, it calculates the chance of the favorable outcome amongst the entire possible outcomes. Mathematically, if you want to answer what is probability, it is defined as the ratio of the number of favorable events to the total number of possible outcomes of a random events.
Is this enough? May be or may be not
Let’s consider an example,
A simple probability question may ask: "What is the probability of Amazon.com's stock price falling?"
How about if we extend our question a step further by asking: "What is the probability of AMZN stock price falling given that the Dow Jones Industrial Average (DJIA) index fell earlier?"
Now we are ready to consider conditional probability and Bayes' Theorem is where we could find answer to this question
Bayes' Theorem
Bayes' theorem, named after 18th-century British mathematician Thomas Bayes, is a mathematical formula for determining conditional probability. Conditional probability is the likelihood of an outcome occurring, based on prior knowledge of conditions or another related event occurring. Bayes' theorem provides a way to revise existing predictions or theories (update probabilities) given new or additional evidence. Bayes' theorem thus gives the probability of an event based on new information that is, or may be related, to that event
Formula For Bayes' Theorem
P(A|B) = P(B∣A) * P(A) /P(B)
= P(B∣A) * P(A) / (P(B∣A)* P(A) + P(B∣A’)* P(A’) )
where
A and B are events and P is probability
P(A|B) is the posterior probability, the probability of A after taking into account B
P(A) is the prior probability, the probability of A belief
P(A’) is the prior probability, the probability of A disbelief : P(A’)=1- P(A)
P(B) is the prior probability, the probability of B belief
P(B∣A) is the conditional probability or likelihood, the degree of belief in B given that proposition of A belief (A true)
P(B∣A’) is the conditional probability or likelihood, the degree of belief in B given that proposition of A disbelief (A false)
Bitcoin was the first-ever cryptocurrency, designed by Satoshi Nakamoto. In its likeness, all other cryptocurrencies were then created. The relationship between Bitcoin and altcoins remains something crypto analyst watch closely. This study aims to display the likelihood of bullish movement for ALTS-USDT pairs taking into consideration of bullish move probability of BTC-USDT pair
What to look for:
Percentage Value of the Conditional Probability and/or Simple Probability. When value is above %50 than bullish move is more probable, conversely when the value is below %50 bearish move is more likely
Limitations : Conditional Probability Line will be shown for daily time frame only, Simply Probability Line would be available for all time frames
Conditional Probability is calculated with the condition of BTC-USDT pair so using Conditional Probability is suggested with ALTS-USDT pairs.
Indicators aim to generate a potential signal/indication of an upcoming opportunity, but, the Indicators themselves do not guarantee the future movement of a given financial instrument, and are most useful when used in combination with other techniques.
Trading success is all about following your trading strategy and the indicators should fit within your trading strategy, and not to be traded upon solely
Disclaimer : The script is for informational and educational purposes only. Use of the script does not constitutes professional and/or financial advice. You alone the sole responsibility of evaluating the script output and risks associated with the use of the script. In exchange for using the script, you agree not to hold dgtrd TradingView user liable for any possible claim for damages arising from any decision you make based on use of the script
Currency Index - based on Correlation CoefficientThe script is calculating the correlation between the current pair and the corresponding indexes and then displays the driving index based on the higher correlation.
for example: on EURUSD - calculates the correlation between EURUSD with the USD index and the correlation between EURUSD with the EUR index and then displays the winning/driving index.
- the arrows at the bottom are showing when both indexes are going in the same direction
- there are options to show divergences on the winning index
- option to display either the correlation or the winning index
- and option to be able to use while in replay mode for back testing, based on the last close to avoid repainting
- option for the length of the correlation
- the last color of the driving index is related to the index that is being displayed where:
AUD - red
CAD - yellow
CHF - grey
EUR - green
GBP - orange
JPY - magenta
NZD - dark blue
USD - light blue
- it works automatically on all the major pairs
- the last 4 options are for finding divergences between the price and the index
Time Range StatisticsA good amount of users requested a text box showing various price statistics, the following script returns various of these stats in a user-selected range, and include classical ones such as a central tendency measurement (mean), dispersion (normalized range) and percent change, but also include less common statistics such as average traded volume and number of gaps. The script also calculates the correlation between the closing price and another user-selected instrument.
The script is currently the longest one I ever made and took some efforts, as I wasn't satisfied with the statistics to be originally included. Big thx to Gael for the enormous feedback and the idea of the normalized range, to user @Cookiecrush for the feedback ( without ya I would have posted something bad you know umu ? ), and Lulidolce for the support, friendship is magic!
Selected Range
The setting Start determine the bar at which the range starts, while End determine at which bar the range end. To help you select these values, the current bar number (bar index) is displayed at the right of the indicator title in blue.
The setting evaluate to last bar will use a range starting at Start and ending at the last bar, as such you can use a full range by using Start = 0 and select evaluate to last bar
The range is highlighted by an area on the chart. By default Start = 9000 and End = 10000, you might not have this amount of data in your chart, as such use the displayed bar index to select Start and End, then set the settings as default.
Displayed Statistics
The statistics panel is displayed on the right side of the last bar, the panel has 3 sections, a title section who shows the symbol ticker, timeframe, and overall trends represented by a chart emoji, the overall trends are determined by comparing the number of higher highs with the number of lower low.
Below are displayed the date ranges with time format: year/month/day/hour:minute.
The second section shows the general statistics. The first one is the mean, also represented by the orange line in the chart, the blue line displayed represent the highest price value in the range, while the red one represents the lowest price value.
The second stat is the normalized range, and determine how spread is the price in the user-selected range, why not the standard deviation? Because the standard deviation might return results varying widely depending on the scale of the closing price, you could get measures such as 0.0156 or 16 or even 56 depending on the instrument, as such using a normalized range can be more appropriate as it lays in a range of (0,1). Lower values indicate a low degree of price variation. Note that I still want to find another measure in the future.
The percentage change (or relative change) indicates at which percentage the price has increased or decreased, and is calculated by subtracting the closing at bar Start with the price at bar End , divided by the price at bar End , the result is then multiplied by 100.
The average traded volume calculate the mean of the volume in the selected range, I used the same format used by the original volume indicator for clarity.
Finally, the last stats of the section is the number of gaps, this stat is by default hidden. An up gap is detected when the open price is superior to the previous high, while a down gap is detected when the open price is inferior to the previous low, this allow to only retain significant gaps.
The last section of the indicator panel shows the correlation between the closing price and another instrument, by default GOOG, this correlation is also calculated within the user-selected range. Positive values indicate a positive relationship, that is the two instruments tend to move in the same direction. Negative values indicate a negative relationship, both instruments tend to move in a direction opposite to each other. Values closer to 1 or -1 indicate a stronger relationship, while values closer to 0 indicate no relationship.
In Summary
The script shows various stats, each calculated within a user-selected range, in general one would be more interested in how these stats might evolve with time, but checking them in a custom range can be quite interesting.
Thx for reading. umu
Ehlers Correlation Cycle IndicatorThe Correlation Cycle Indicator was created by John Ehlers (Stocks & Commodities V. 38:06 (8–15)) and this is technically part of three indicators in one so I'm splitting each one to a separate script. This particular indicator was designed for trend direction and trend strength and simply buy when it is green and sell when it turns red. Also keep in mind that the higher the indicator is above the signal then the stronger the trend and when they are close together, conditions get choppy.
Let me know if you would like to see me publish other scripts or if you want something custom done!
Borsa İstanbul Correlation Analysis&Center of Gravity IndicatorFormula Used :
COG = SUM of closing prices Pn x (n+1) / Sum of closing prices Pn
Optimal Weighted Moving AverageThe Optimal Weighted Moving Average was created by Thomas Hutchinson and Peter G. Zhang, Ph.D. (Stocks & Commodities V. 11:12 (500-505)) and it is very similar to a classic weighted moving average but it uses the correlation between the input and the optimal weighted moving average output to use as the weights. Buy when the line turns green and sell when it turns red.
Let me know if you would like to see me publish any other scripts or if you want something custom done!
Correlation Cycle, CorrelationAngle, Market State - John EhlersHot off the press, I present this "Correlation Cycle, CorrelationAngle, and Market State" multicator employing PSv4.0, originally formulated by Dr. John Ehlers for TASC - June 2020 Traders Tips. Basically it's an all-in-one combination of three Ehlers' indicators. This power packed triplet indicator, being less than a 100 line implementation at initial release, is a heavily modified version of the original indicator using novel techniques that surpass John Ehlers' original intended design.
This is also a profound script in numerous ways. First of all, these three indicators are directly from the illustrious mastermind himself Dr. John Ehlers. Secondarily, this is my "50th" script published on TV, which makes it even more significant. I'm especially proud of this script to "degrees" of imagination I once didn't know was theoretically possible in code. My intellect has once again been mathemagically unlocked pondering new innovations with this code revelation. Thirdly, this PSv4.0 script shows the empowering beauty and elegance of hacking the stock markets with TV's ultra utilitarian Pine Editor(PE) in a common browser! Some of you may be wondering if I worked on this for days... nope! This only took a few hours, followed by writing this description for another hour plus.
I have created many of Ehlers' indicators in PE, a few of which I have published in my profile, but I wanted to show how programming with Pine Script can be an artistic form of craftsmanship and poetry. None of this would be possible without the ingeniously minded Tradingview staff revolutionizing algorithmic trading at it's finest. If you should ever encounter them by chance, ponder humbly thanking these computing wizards for their diligence and dedication. They are providing, and shall award to us members, some of the most fascinating conceptualized tech imaginable in the coming future. I can assure you, much, much more is yet to be unveiled for us TV members/enthusiasts. Thank you TV and all you offer to this community.
As always, I have included advanced Pine programming techniques that conform to proper "Pine Etiquette" by example. There are so many Pine mastery techniques included, I don't have an abundance of time to elaborate on all of them. For those of you are code savvy, you may have notice I only used one "for" loop for increased server efficiency, instead of the two "for" loops in the original formulation. For those of you who are newcomers to Pine Script, this code release may also help you comprehend the immense "Power of Pine" by employing advanced programming techniques while exhibiting code utilization in a most effective manner. This is commonly what my dense intricate code looks like behind the veil. If you are wondering why there is hardly any notes, that's because the notation is primarily in the variable naming.
Features List Includes:
Dark Background - Easily disabled in indicator Settings->Style for "Light" charts or with Pine commenting
AND a few more... Why list them, when you have the source code!
The comments section below is solely just for commenting and other remarks, ideas, compliments, etc... regarding only this indicator, not others. When available time provides itself, I will consider your inquiries, thoughts, and concepts presented below in the comments section, should you have any questions or comments regarding this indicator. When my indicators achieve more prevalent use by TV members, I may implement more ideas when they present themselves as worthy additions. As always, "Like" it if you simply just like it with a proper thumbs up, and also return to my scripts list occasionally for additional postings. Have a profitable future everyone!
Many Inflation RateThis is a assortment of countries' inflation rates, sourced by Quandl. The countries are represented by their ISO 3166-1 alpha-3 codes in the options, and at the moment include:
ARG, AUS, CAN, CHE, DEU, EUR, FRA, GBR, ITA, JPN, NZL, RUS, USA
Included is a correlation to the current chart and the selected inflation rate. The correlation compares the monthly moving averages of YOY inflation and the chart closes over a period of two years. At the moment this doesn't seem to be the most efficient method of correlation/comparison, should there be one to begin with.
More information:
www.ons.gov.uk
www.bls.gov
voxeu.org
en.wikipedia.org
See here for a different version:
Autocorrelation PlotA tool to plot auto correlation of time series, this is useful in identifying periodicity in a time series or signal.
Due to the limits of Pine Script you'll need to add it multiple times if you want autocorrelation beyond 55 periods. I have added it 4 times here for 220 periods.
For more information on Autocorrelation see: en.wikipedia.org
Note: There are 1 bar gaps every 55 because I wanted the labels to remain every 5, but you don't have to have gaps....
Crypto Market CorrelationThis script utilized some new functions in Pine Script, which compares the correlation between the current symbol to a basket of crypto indexes that are listed on the FTX exchange.
By tracking these indexes we can gauge the reaction across markets that have a different market cap. By that I mean we can have a better idea about where the money is flowing into a specific market.
This script uses data from FTX:BTCPERP, FTX:ALTPERP, FTX:MIDPERP, FTX:SHITPERP, FTX:EXCHPERP, FTX:DRGNPERP.
A value closer to 1 equals to more correlation, closer to 0 equals to less correlation.
Correlation MatrixIn financial terms, 'correlation' is the numerical measure of the relationship between two variables (in this case, the variables are Forex pairs).
The range of the correlation coefficient is between -1 and +1. A correlation of +1 indicates that two currency pairs will flow in the same direction.
A correlation of -1 indicates that two currency pairs will move in the opposite direction.
Here, I multiplied correlation coefficient by 100 so that it is easier to read. Range between 100 and -100.
Color Coding:-
The darker the color, the higher the correlation positively or negatively.
Extra Light Blue (up to +29) : Weak correlation. Positions on these symbols will tend to move independently.
Light Blue (up to +49) : There may be similarity between positions on these symbols.
Medium Blue (up to +75) : Medium positive correlation.
Navy Blue (up to +100) : Strong positive correlation.
Extra Light Red (up to -30) : Weak correlation. Positions on these symbols will tend to move independently
Light Red (up to -49) : There may be similarity between positions on these symbols.
Dark Red: (up to -75) : Medium negative correlation.
Maroon: (up to -100) : Strong negative correlation.
Correlation Trend Indicator - Dr. John EhlersHot off the press, I present this "Correlation Trend Indicator" employing PSv4.0, originally formulated by Dr . John Ehlers for TASC - May 2020 Traders Tips. John Ehlers might describe it's characteristics as being a mean reverting trend identification oscillator range bound to +/-1.0 irregardless of any timeframe or asset. I could have finessed this indicator with all kinds of bells and whistles, but I wanted to keep it simple and handy enough for novice Pine programmers or Tradingview newcomers to use. This algorithm, in a slightly modified form, is actually a small portion of the base code for John Ehlers' highly complex Autocorrelation Periodogram and his Convolution SwamiChart.
Some members may have notice that I published a very similar script last month. That is correct. It's sole intention was completely different, having more diverse versatility and complexity, but with slightly reduced computational performance. While they seem eerily similar, they are genetically different. This function only has only one required "series" parameter and the correlation is calculated using the period, not bar_index. Correlating with bar_index or period yields identical results either way. Bottom line, this indicator is elegantly simplistic, yet highly utilitarian and easy to use.
Features List Includes:
Dark Background - Easily disabled in indicator Settings->Style for "Light" charts or with Pine commenting
AND a few more... You have the source!
The comments section below is solely just for commenting and other remarks, ideas, compliments, etc... regarding only this indicator, not others. When available time provides itself, I will consider your inquiries, thoughts, and concepts presented below in the comments section, should you have any questions or comments regarding this indicator. When my indicators achieve more prevalent use by TV members, I may implement more ideas when they present themselves as worthy additions. As always, "Like" it if you simply just like it with a proper thumbs up, and also return to my scripts list occasionally for additional postings. Have a profitable future everyone!
Ehlers Correlation Trend Indicator CTI by Cryptorhythms [CR]Ehlers Correlation Trend Indicator CTI by Cryptorhythms
📜Intro
In his article “Correlation As A Trend Indicator” in issue May 2020 of TASC, author John Ehlers introduces a new trend indicator that is based on the correlation between a security’s price history and the ideal trend: a straight line. He describes methods for using the indicator to not only identify the onset of new trends but to identify trend failures as well. He presents what looks like a simple and elegant idea for a trend-detection and mode-switching indicator.
📋Comments
Careful market selection may be the key to a correct application of the indicator. Even such barebone rules could shine with stocks like AAPL that tend to develop prolonged trends. But for others like CAT, which can keep oscillating in ranges for years, results will be much less impressive. They require a different approach. For example, you would want to buy when Correlation Trend falls significantly below zero and sell when it reaches positive values.
Therefore, it would be an interesting problem to research Correlation Trend’s ability to identify the switch to a cycle mode. That might help develop countertrend systems and
trade pullbacks. Another possible application might be to act as a system filter of change from trending mode to mean-reversion mode.
Extras
As usual when porting indicators to the library here on tradingview, I like to add some extra flare!
💠Customizable Overbought and Oversold Zones for Alert Creation
💠Bar coloration based on trade state for easy visual at a glance chart checking
💠Some basic example Entry and Exit conditions and a simple Trade State Engine to get you going creating your own strategy
Enjoy!
👍 We hope you enjoyed this indicator and find it useful! We post free crypto analysis, strategies and indicators regularly. This is our 81st script on Tradingview!
OBV Correlation CoefficientFind the correlation between OBV and price.
Basically, they should be correlated, but sometimes they are inversely correlated (less than -0.4).
It was released because it seems to be in a phase for some reason.
When the inverse correlation is over, it is possible to think about how to buy and sell for the time being
OBVと価格との相関関係を求めます。
基本的には相関するはずなんですけど、たまに逆相関（-0.4以下）になっているときがあります。
何らかの理由で局面になっていそうなので公開しました。
逆相関が終わるときに売買という使い方がとりあえず考えられます
Dual Purpose Pine Based CorrelationThis is my "Pine-based" correlation() function written in raw Pine Script. Other names applied to it are "Pearson Correlation", "Pearson's r", and one I can never remember being "Pearson Product-Moment Correlation Coefficient(PPMCC)". There is two basic ways to utilize this script. One is checking correlation with another asset such as the S&P 500 (provided as a default). The second is using it as a handy independent indicator correlated to time using Pine's bar_index variable. Also, this is in fact two separate correlation indicators with independent period adjustments, so I guess you could say this indicator has a dual purpose split personality. My intention was to take standard old correlation and apply a novel approach to it, and see what happens. Either way you use it, I hope you may find it most helpful enough to add to your daily TV tool belt.
You will notice I used the Pine built-in correlation() in combination with my custom function, so it shows they are precisely equal, even when the first two correlation() parameters are reversed on purpose or by accident. Additionally, there's an interesting technique to provide a visually appealing line with two overlapping plot()s combined together. I'm sure many members may find that plotting tactic useful when a bird's nest of plotting is occurring on the overlay pane in some scenarios. One more thing about correlation is it's always confined to +/-1.0 irregardless of time intervals or the asset(s) it is applied to, making it a unique oscillator.
As always, I have included advanced Pine programming techniques that conform to proper "Pine Etiquette". For those of you who are newcomers to Pine Script, this code release may also help you comprehend the "Power of Pine" by employing advanced programming techniques in Pine exhibiting code utilization in a most effective manner. One of the many tricks I applied here was providing floating point number safeties for _correlation(). While it cannot effectively use a floating point number, it won't error out in the event this should occur especially when applying "dominant cycle periods" to it, IF you might attempt this.
NOTICE: You may have observed there is a sqrt() custom function and you may be thinking... "Did he just sick and twistedly overwrite the Pine built-in sqrt() function?" The answer is... YES, I am and yes I did! One thing I noticed, is that it does provide slightly higher accuracy precision decimal places compared to the Pine built-in sqrt(). Be forewarned, "MY" sqrt() is technically speaking slower than snail snot compared to the native Pine sqrt(), so I wouldn't advise actually using it religiously in other scripts as a daily habit. It is seemingly doing quite well in combination with these simple calculations without being "sluggish". Lastly, of course you may always just delete the custom sqrt() function, via Pine Editor, and then the script will still operate flawlessly, yet more efficiently.
Features List Includes:
Dark Background - Easily disabled in indicator Settings->Style for "Light" charts or with Pine commenting
AND much, much more... You have the source!
The comments section below is solely just for commenting and other remarks, ideas, compliments, etc... regarding only this indicator, not others. When available time provides itself, I will consider your inquiries, thoughts, and concepts presented below in the comments section, should you have any questions or comments regarding this indicator. When my indicators achieve more prevalent use by TV members, I may implement more ideas when they present themselves as worthy additions. As always, "Like" it if you simply just like it with a proper thumbs up, and also return to my scripts list occasionally for additional postings. Have a profitable future everyone!
Correlation Coefficient {Cybernetwork}Correlation Coefficient (CC): with CC momentum and acceleration oscillators, and momentum-divergence indicator.
Correlation & BetaDisplay the correlation coefficient and/or Beta of an asset to a specified market.
Options to:
- Specify market (S&P500 futures by default)
- Display one or other metrics
- Modify assessment period (200 bars by default)
- Calculate on price, returns or log-returns
crypto chart BTC is often moved by other brands
This indicator to detect the precedence and enter BTC
Any Security vs. Any Security Change Comparison [BigBitsIO]This script allows you to compare the percentage-based change in the price of any two securities on any given (and supported) timeframe on the chart. This can give you a very simple way to compare any two securities against one another.
Ex: If your base security gained 5%, and the other security gained 3% in a single day, the change comparison would show a green bar of 2% because your base security outgained your other security by 2%.
Features:
- 2 securities to compare. A base and other.
- Shortlist of default securities to choose from.
- Ability to override the default securities list and use any security supported by TradingView. You must use the correct security string to do so.
- Resolution is tied to whatever the current chart is using. This way the view of the indicator always reflects the correct resolution of the chart.
- If either market has a 0% change, it is considered likely closed during that period and will result in a change of 0%, as they shouldn't be compared at that time.
Correlation Tool [QuantNomad]It's a pretty simple indicator that allows you to calculate the stock's correlation directly in TradingView.
You can use up to 5 symbols in this indicator. You can use any timeframe and limit date range for correlation calculation.
It's a pro indicator, you can have access to it for a small fee. Link to my PRO indicators you can find in my signature.
Will be happy to hear your feedback.
- How do you want to use this indicator?
- What other features do you want in it?
Minkowski Distance Period Linear Regression BandsHello, this script was created by using Linear Regression Bands Function with variable Function Minkowski Distance Adaptive Period.
Function Linear Regression Bands :
Minkowski Distance Function Original Script by RicardoSantos :
Functions saved from overloads . And suitable for mutable variable periods.
Regards.
