OPEN-SOURCE SCRIPT
NQ YM Correlogram Meter Type
Overview
This indicator provides a real-time, visual "meter" of the correlation between the Nasdaq 100 (NQ) and the Dow Jones (YM) futures. It is designed as a clean, non-intrusive dashboard panel that displays only the current correlation value, making it an ideal companion for pairs traders who need to see the live relationship at a glance.
Unlike a traditional oscillator that plots historical data, this tool focuses exclusively on the "right now" to aid in immediate trade decisions.
Key Features
Real-Time Correlation Meter: A single vertical bar displays the current correlation, visually mapping the -1.0 to +1.0 range.
Clear Visual Cues: The bar's color gradient (from red for negative correlation to green for positive correlation) and fill level provide an instant understanding of the market relationship.
Precise Value Display: The exact numerical correlation (e.g., 0.85 or -0.50) is shown clearly at the bottom of the meter.
Contextual Y-Axis: Static labels (+1.0, +0.5, 0.0, -0.5) provide quick reference points for the meter's reading.
Dashboard Panel: Renders cleanly as an overlay table on the right side of your chart, saving screen real estate.
How to Use
This indicator is best used as a confirmation tool alongside a primary pairs trading strategy or a historical correlation oscillator.
High Green Bar (near +1.0): Indicates a strong positive correlation. NQ and YM are moving in sync.
Bar near 0.0: Indicates little to no linear relationship.
Low Red Bar (near -1.0): Indicates a strong negative (inverse) correlation. NQ and YM are moving in opposite directions.
For a pairs trader, this meter provides an instant check to confirm if the two assets are in their expected state of correlation at the moment of execution.
Settings & Customization
Correlation Period: Set the lookback length for the correlation calculation.
Symbols: Fully customizable, though it defaults to YM1! and NQ1!.
Panel Appearance: Adjust the Table Size (Small/Large) and Chart Theme (Light/Dark).
Text Size: Independently control the font size for the numerical Value Text and the Y-Axis Labels to perfectly fit your display.
This indicator provides a real-time, visual "meter" of the correlation between the Nasdaq 100 (NQ) and the Dow Jones (YM) futures. It is designed as a clean, non-intrusive dashboard panel that displays only the current correlation value, making it an ideal companion for pairs traders who need to see the live relationship at a glance.
Unlike a traditional oscillator that plots historical data, this tool focuses exclusively on the "right now" to aid in immediate trade decisions.
Key Features
Real-Time Correlation Meter: A single vertical bar displays the current correlation, visually mapping the -1.0 to +1.0 range.
Clear Visual Cues: The bar's color gradient (from red for negative correlation to green for positive correlation) and fill level provide an instant understanding of the market relationship.
Precise Value Display: The exact numerical correlation (e.g., 0.85 or -0.50) is shown clearly at the bottom of the meter.
Contextual Y-Axis: Static labels (+1.0, +0.5, 0.0, -0.5) provide quick reference points for the meter's reading.
Dashboard Panel: Renders cleanly as an overlay table on the right side of your chart, saving screen real estate.
How to Use
This indicator is best used as a confirmation tool alongside a primary pairs trading strategy or a historical correlation oscillator.
High Green Bar (near +1.0): Indicates a strong positive correlation. NQ and YM are moving in sync.
Bar near 0.0: Indicates little to no linear relationship.
Low Red Bar (near -1.0): Indicates a strong negative (inverse) correlation. NQ and YM are moving in opposite directions.
For a pairs trader, this meter provides an instant check to confirm if the two assets are in their expected state of correlation at the moment of execution.
Settings & Customization
Correlation Period: Set the lookback length for the correlation calculation.
Symbols: Fully customizable, though it defaults to YM1! and NQ1!.
Panel Appearance: Adjust the Table Size (Small/Large) and Chart Theme (Light/Dark).
Text Size: Independently control the font size for the numerical Value Text and the Y-Axis Labels to perfectly fit your display.
Script de código aberto
Em verdadeiro espírito do TradingView, o criador deste script o tornou de código aberto, para que os traders possam revisar e verificar sua funcionalidade. Parabéns ao autor! Embora você possa usá-lo gratuitamente, lembre-se de que a republicação do código está sujeita às nossas Regras da Casa.
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.
Script de código aberto
Em verdadeiro espírito do TradingView, o criador deste script o tornou de código aberto, para que os traders possam revisar e verificar sua funcionalidade. Parabéns ao autor! Embora você possa usá-lo gratuitamente, lembre-se de que a republicação do código está sujeita às nossas Regras da Casa.
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.