Pearson Indicator Correlator

Pearson Indicator Correlator is a custom statistical indicator that calculates the Pearson correlation coefficient between the Exponential Moving Average (EMA) and any other selected indicator — standard or custom.

The indicator helps to filter out false signals, identify movement consistency, and detect divergences between the trend and signal lines.

Used for:

• filtering signals from other indicators,

• analyzing movement consistency,

• detecting divergences between the trend and signal lines.

It outputs a value from -1 to +1, visualizing the degree of synchrony. Can be applied to any custom or standard indicator.

Instructions:

1. Enter the name of the indicator you want to calculate the correlation with in the parameters.
2. Be sure to specify the buffer that contains the value you want to use in the calculations. Example: To correlate with the histogram of the MACD indicator, you must specify buffer 0; for the signal line — buffer 1.
3. Select the parameters (period) of the indicator buffer you want to correlate with.
4. Choose the EMA period and the correlation calculation period.