Volume Correlation Indicator [Fournier-Eaton]

This script combines two correlation indicators into one:

• Volume Oscillator Correlation
  
• Price Correlation
  

Rationale: This script is predicated on the following premise: we rely often on price correlation. However, we overlook volume-volume correlation too often. The volumetric correlative decoupling of an equity and index or equity - equity can yield important information (and produce it as early or earlier than price-correlation).

Mechanism:

• The primary component of this chart is the Volume Correlation Indicator (as red histogram). This is the correlation between the Volume Oscillator of current chart's symbol and the VO of your chosen comparison.
  
• Secondarily, the standard price correlation is also charted for added information in line format.
  

Example: In the chart attached to this publication, note the following cases:

• Case 1: The price correlation with QQQ was increasing as earnings approached. However, the volume correlation with QQQ was clearly decoupled as earnings approached.
  
• Case 2: Contrastingly, other dips in price correlation can be found were volume correlations were behaving in tandem.
  

Note1: This is the first in a series of volume correlation indicators. Please let me know if you find this useful.