This indicator aims to indicate the correlation between two assets(Current and Base), it does NOT show entries or help your chart analysis directly.
The main features of this Correlation indicator is :
Correlation type : Direct Correlation | Inverse Correlation | No Correlation Correlation Percentage : as its name, it calculate the Correlation Percentage between Current and base assets if exist
How to use: Chose the base asset (default: bitcoin) and open any other chart to be the other -Current- asset
inputs:
*Max Lookback length : how many candles will be included in the scan. *Swing intensity : How many candle should be counted to confirm a Swing, If you are confused leave it as its default. *Base Asset : The base asset to calculate the current asset correlation with.
Important Notes:
* As I promised, the previous correlation indicator used each candle alone, while this one uses waves and swings. * The Current asset has more power over the base, because it compares the Base to current, but not the opposite((E.g. if you want to check if some coin have correlation with bitcoin, it's better to use bitcoin and put the other coin name in the input field)).
For any notes on the indicator to be edited, or for another indicator ideas please comment.