OPEN-SOURCE SCRIPT
THISMA btccorrelation
Description:
This is a tool designed for traders who want to analyze correlation between any traded crypto's price in USD and the price of Bitcoin in USD.
Key Features:
Adjustable Correlation Window: The script features an input parameter that allows traders to set the length of the correlation window, with a default value of 14. Lower if you want faster granularity.
Clear Visualization: The correlation coefficient is plotted in a distinct pane below the main trading chart.
Reference Lines for Interpretation: Horizontal reference lines are included at 0.5 (indicating weak positive correlation), -0.5 (indicating weak negative correlation), and 0 (indicating no correlation). These lines, color-coded in green, red, and gray respectively, assist traders in quickly interpreting the correlation coefficient's value.
Applications:
Market Insight: If you want to be able to monitor if you should enter a trade on an altcoin or if its better to stick to Bitcoin to avoid being double exposed.
Risk Management: Identifying the correlation can help in assessing and managing the systemic risk associated with market movements, especially in cryptocurrency markets where Bitcoin's influence is significant.
This is a tool designed for traders who want to analyze correlation between any traded crypto's price in USD and the price of Bitcoin in USD.
Key Features:
Adjustable Correlation Window: The script features an input parameter that allows traders to set the length of the correlation window, with a default value of 14. Lower if you want faster granularity.
Clear Visualization: The correlation coefficient is plotted in a distinct pane below the main trading chart.
Reference Lines for Interpretation: Horizontal reference lines are included at 0.5 (indicating weak positive correlation), -0.5 (indicating weak negative correlation), and 0 (indicating no correlation). These lines, color-coded in green, red, and gray respectively, assist traders in quickly interpreting the correlation coefficient's value.
Applications:
Market Insight: If you want to be able to monitor if you should enter a trade on an altcoin or if its better to stick to Bitcoin to avoid being double exposed.
Risk Management: Identifying the correlation can help in assessing and managing the systemic risk associated with market movements, especially in cryptocurrency markets where Bitcoin's influence is significant.
Skrip open-source
Dengan semangat TradingView yang sesungguhnya, penulis skrip ini telah menjadikannya sumber terbuka, sehingga para trader dapat meninjau dan memverifikasi fungsinya. Hormat untuk penulisnya! Meskipun anda dapat menggunakannya secara gratis, ingatlah bahwa penerbitan ulang kode tersebut tunduk pada Tata Tertib kami.
Retrouvez moi sur les réseaux ici :
bento.me/thismacapital
Rendez-vous dans les orderbooks
bento.me/thismacapital
Rendez-vous dans les orderbooks
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.
Skrip open-source
Dengan semangat TradingView yang sesungguhnya, penulis skrip ini telah menjadikannya sumber terbuka, sehingga para trader dapat meninjau dan memverifikasi fungsinya. Hormat untuk penulisnya! Meskipun anda dapat menggunakannya secara gratis, ingatlah bahwa penerbitan ulang kode tersebut tunduk pada Tata Tertib kami.
Retrouvez moi sur les réseaux ici :
bento.me/thismacapital
Rendez-vous dans les orderbooks
bento.me/thismacapital
Rendez-vous dans les orderbooks
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.