Does anyone know of an indicator that shows the correlation between two pairs on a chart on a single line? I would like to be able to configure the names of the pairs.
HI All traders. I vould like to find description of Mindex indicator to use with correlation trading. Thanks Gosta
That shouldn't be too hard to create, depending on how you wish to represent correlation.
In many cases it is represented as a ratio of one issue to another, and trade opportunities are derived from standard deviation from the mean over a given period of time.
Sometimes the simple difference can give useful information.
If it's true correlation you seek (ie, the result of the correlation function) that could be represented as a simple number for a period of time or as a running trace on a chart. It depends on what you want to do with it.
I like to do so but, being on the learning curve, I found out that I have a lot to learn.
Thanks to all that post now
did someone find a way on how to do it, to create an indicator that shows the correlation between two pairs on a chart on a single line???