Multi-Market Correlation Explorer [kikfraben]

Multi-Market Correlation Explorer [kikfraben]

The Multi-Market Correlation Explorer (MMCE) is a powerful tool designed to provide insights into the correlations and relative strength of various financial instruments across different markets. This indicator allows traders and investors to assess the intermarket relationships and potential opportunities by analyzing a set of ten symbols, including indices, commodities, and currencies.

Key Features:

1. Source Selection:
   Choose your preferred data source (e.g., close, open, high, low) for all calculations.
   
   
2. Base Symbol for Correlations:
   Define a base symbol (default: BTC/USD) for correlation calculations. The indicator evaluates how other symbols correlate with this base symbol.
   
   
3. Customizable Colors:
   Easily identify trends with customizable colors for up and down movements, text, background, and table elements.
   
   
4. Length Inputs:
   Tailor the analysis to your needs by adjusting the lengths for correlation calculations and RSI (Relative Strength Index).
   
   
5. Symbols:
   Select up to ten symbols from various markets, such as stock indices, bond yields, commodities, and currencies.
   
   
6. Correlation Scores:
   Gain insights into the strength and direction of correlations between the base symbol and selected symbols over different time lengths.
   
   
7. Scoring System:
   Assign scores based on RSI conditions (1 for RSI > 50, -1 for RSI < 50) to each symbol.
   
   
8. Total Score Calculation:
   Calculate a total score for each symbol by combining correlation averages and RSI scores.
   
   
9. Color Formatting:
   Visualize correlation strengths through a color-coded system for better interpretation.
   
   
   How to Use:
   Positive total scores suggest potential bullish opportunities, while negative scores may indicate bearish tendencies. Combined with the visual representation of correlation strengths, traders can make informed decisions.
   
   The Multi-Market Correlation Explorer enhances your ability to understand complex market relationships, enabling you to stay ahead of trends and identify potential trading or investment opportunities.