Stock Market Indices Correlations Heatmap

Hello friends,

I'm excited to share one of my insightful tools. This indicator visualizes how major global stock indices move relative to your selected instrument, helping you instantly spot market-wide strength, weakness, or divergence.

🛠 How It Works

The indicator calculates Pearson correlation coefficients between your selected symbol and 28 major stock indices, including S&P 500, NASDAQ, DAX, NIKKEI, and many more. Each color is selected according to the correlation value:

• Green hues show positive correlations (instruments moving together).
  
• Red hues show negative correlations (instruments moving in opposite directions).
  
• Lighter or transparent colors indicate weak or no correlation.
  

You can customize the correlation lookback period (default 14 bars), select your preferred data source (close, open, etc.), and choose from multiple professional color palettes to best match your charting style.

🔥 Key Features

• Comprehensive Global Coverage — Correlations across 28 major indices from North America, Europe, and Asia.
  
• Multiple Palettes — Choose from 8 professional color palettes (Blue/Red, Spectral, Viridis, etc.) for better visual clarity.
  
• Adjustable Lookback — Set correlation calculation period from 1 to any number of bars.
  
• Dynamic Data Requests — Real-time updates for all tracked indices using TradingView's request.security.
  
• Smart Alerts — Receive alerts when all indices align positively or negatively — a sign of broad market sentiment extremes.
  
• Performance Optimized — Efficient data handling ensures smooth operation even with multiple requests per bar.
  
• Enhanced UI — Streamlined settings panel for fast palette and source adjustments.
  
• Non-Repainting — Uses only historical data, ensuring stable readings.
  

If you'd like access or have any questions, feel free to reach out to me directly via DM.

👋 Good luck and happy trading!