OPEN-SOURCE SCRIPT
Correlation Trend Indicator - Dr. John Ehlers
Hot off the press, I present this "Correlation Trend Indicator" employing PSv4.0, originally formulated by Dr . John Ehlers for TASC - May 2020 Traders Tips. John Ehlers might describe it's characteristics as being a mean reverting trend identification oscillator range bound to +/-1.0 irregardless of any timeframe or asset. I could have finessed this indicator with all kinds of bells and whistles, but I wanted to keep it simple and handy enough for novice Pine programmers or Tradingview newcomers to use. This algorithm, in a slightly modified form, is actually a small portion of the base code for John Ehlers' highly complex Autocorrelation Periodogram and his Convolution SwamiChart.
Some members may have notice that I published a very similar script last month. That is correct. It's sole intention was completely different, having more diverse versatility and complexity, but with slightly reduced computational performance. While they seem eerily similar, they are genetically different. This function only has only one required "series" parameter and the correlation is calculated using the period, not bar_index. Correlating with bar_index or period yields identical results either way. Bottom line, this indicator is elegantly simplistic, yet highly utilitarian and easy to use.
Features List Includes:
Dark Background - Easily disabled in indicator Settings->Style for "Light" charts or with Pine commenting
AND a few more... You have the source!
The comments section below is solely just for commenting and other remarks, ideas, compliments, etc... regarding only this indicator, not others. When available time provides itself, I will consider your inquiries, thoughts, and concepts presented below in the comments section, should you have any questions or comments regarding this indicator. When my indicators achieve more prevalent use by TV members, I may implement more ideas when they present themselves as worthy additions. As always, "Like" it if you simply just like it with a proper thumbs up, and also return to my scripts list occasionally for additional postings. Have a profitable future everyone!
Some members may have notice that I published a very similar script last month. That is correct. It's sole intention was completely different, having more diverse versatility and complexity, but with slightly reduced computational performance. While they seem eerily similar, they are genetically different. This function only has only one required "series" parameter and the correlation is calculated using the period, not bar_index. Correlating with bar_index or period yields identical results either way. Bottom line, this indicator is elegantly simplistic, yet highly utilitarian and easy to use.
Features List Includes:
Dark Background - Easily disabled in indicator Settings->Style for "Light" charts or with Pine commenting
AND a few more... You have the source!
The comments section below is solely just for commenting and other remarks, ideas, compliments, etc... regarding only this indicator, not others. When available time provides itself, I will consider your inquiries, thoughts, and concepts presented below in the comments section, should you have any questions or comments regarding this indicator. When my indicators achieve more prevalent use by TV members, I may implement more ideas when they present themselves as worthy additions. As always, "Like" it if you simply just like it with a proper thumbs up, and also return to my scripts list occasionally for additional postings. Have a profitable future everyone!
开源脚本
本着真正的TradingView精神，此脚本的作者已将其开源，以便交易者可以理解和验证它。向作者致敬！您可以免费使用它，但在出版物中重复使用此代码受网站规则约束。 您可以收藏它以在图表上使用。
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免责声明
这些信息和出版物并不意味着也不构成TradingView提供或认可的金融、投资、交易或其它类型的建议或背书。请在使用条款阅读更多信息。