{MC} BETA Table | {Dual Benchmark} | V1

The {MC} BETA Table | {Dual Benchmark} | V1 incorporates the “Beta Coefficient” calculations originally designed by LightwaveResearch. The {MC} BETA Table | {Dual Benchmark} | V1 indicator however calculates and displays the Beta values of a list of assets against two specified benchmarks, typically representing market indexes such as BTCUSD and ETHUSD.

Overview
The indicator computes the Beta coefficient for multiple assets over a specified length of time (default is 90 days). Beta is a measure of an asset's volatility in relation to the market (benchmark). The indicator does this for two benchmarks and displays the results in a tabular format. Additionally, it indicates the direction of change in Beta values compared to the previous period using arrows.

Functions
return_percent(src): Calculates the daily return percentage for a given asset.
calculate_beta_benchmark_01(benchmark, asset): Calculates the Beta value of an asset against the first benchmark.
calculate_beta_benchmark_02(benchmark, asset): Calculates the Beta value of an asset against the second benchmark.
benchmark_01_arrow_direction: Determines the direction of the Beta change for the first benchmark.
benchmark_02_arrow_direction: Determines the direction of the Beta change for the second benchmark.

Beta Direction Arrow
The +/- ROC column arrows are used to determine if the Beta value has increased, decreased, or remained stable compared to the previous period. Uses arrows to represent the direction:
↑ for a significant increase (Beta change > 0.5)
→ for a slight increase (0.05 < Beta change <= 0.5)
↓ for a significant decrease (Beta change < -0.5)
← for a slight decrease (-0.5 <= Beta change < -0.05)

Addressing Lag
This indicator experiences lag compared to the simpler beta coefficient indicator due to the extensive computational requirements and data processing involved. The script fetches daily close prices for 30 different assets, making separate request.security calls for each asset, requiring the retrieval and processing of historical price data. For each asset, it calculates the percentage return, average return, variance, covariance, and ultimately the beta coefficient against two benchmarks, involving multiple iterations over historical data points (90-day length by default) and performing calculations for each data point. Additionally, the results are formatted and displayed in a table with additional ROC arrows, adding further computational overhead.

Estimated Lag Duration
The exact duration of the lag can vary based on several factors, including the user's internet connection, the performance of the TradingView platform at the time, and the computational power of the user's device. However, it is generally expected to lag by approximately a few seconds to a minute but in some cases it can lag up to a few hours. This delay is a trade-off for the convenience and comprehensive data presentation provided by the indicator.

Usage & Conclusion
This indicator is primarily useful for traders and analysts who want to understand the volatility and risk of various assets in relation to major market benchmarks.
It can help in making informed decisions on asset allocation, risk management, and identifying assets that are highly correlated with the broader market.
Despite its lag, this indicator is a powerful tool for investors who need to monitor multiple assets simultaneously.Its ability to present a broad array of beta coefficients in one consolidated view saves significant time and effort, making it a valuable addition to any investor's toolkit. The slight delay in data update is a small price to pay for the enhanced efficiency and comprehensive analysis it offers.