Price relation viewer - add percent change of two symbols (BETA)

This script is very much beta!

This is a simple script to visualize how two symbols move in relation to each other. For example if the underlying symbol is a 2x Gold ETF (meaning the ticker moves at 2x the spot price of gold---if gold goes up 3% this ticker should go up 6%) and the comparison symbol is an 2x inverse gold ETF (at gold up 3% this should move down 6%). If these ETFs were 100% accurate at tracking the price of gold then this tool would report a value of zero at all times.

Day 1
Ticker - $10
Comparison - $10

Day 2
Ticker - $12
Comp - $11
This tool value - |20%| + -|10%| = 10%

It uses a short simple moving average to smooth things out a bit (see inputs). It is important to keep your axis scale in mind when using this! Two symbols that are always near zero mean they are offsetting each other very well but the value displayed might range from 0 to 0.005, but the graphed area can make it look extreme if autoscaled.
This is a tool with very specific uses: comparing how one digital currency moves in relation to bitcoin's price, comparing how gold moves in relation to silver , etc.

indicator now uses Pine's correlation built-in function. Very simple script at this point. When area drawing tracks negative there is an inverse correlatin between the underlying symbol and symbol being compared. Area between 0 and 1 indicates compared symbol moves in same direction.

Uses Pearson correlation. Going forward this script may be updated to use Spearman correlation or other ranked correlation measure; used either by itself or as part of a weighted indicator that is a combination (i.e. r^2, Spearman, and price elasticity together)

Higher moving average vals are better for shorter time intervals (>20 seems more appropriate for time views <1 hour)
Script is very basic at this point, take with a grain of salt.
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Hi, Im new. How do I get this tool? Where do i put this script?
+1 回复
Very cool. Thanks for sharing this. Been wanting something like this to look for ALTS that are least correlated to BTC.
RyanMartin allanster
@allanster, Thanks for the feedback and appreciation---since it's kind of a niche tool I wanted to see if there is interest in it before putting more work into it. I think I plan on eventually making the focus to have some kind of actual correlation coefficient (i.e. r-squared) with a moving average (instead of this rough bastardized price-elasticity model). That way it is more of a simple flow of strength of correlation and a visualization that makes more sense. Be sure to follow me on here for updates.
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