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Advanced Correlation Monitor
📊 Advanced Correlation Monitor - Pine Script v6
🎯 What does this indicator do?
Monitors real-time correlations between 13 different asset pairs and alerts you when historically strong correlations break, indicating potential trading opportunities or changes in market dynamics.
🚀 Key Features
✨ Multi-Market Monitoring
7 Forex Pairs (GBPUSD/DXY, EURUSD/GBPUSD, etc.)
6 Index/Stock Pairs (SPY/S&P500, DAX/NASDAQ, TSLA/NVDA, etc.)
Fully configurable - change any pair from inputs
📈 Dual Correlation Analysis
Long Period (90 bars): Identifies historically strong correlations
Short Period (6 bars): Detects recent breakdowns
Pearson Correlation using Pine Script v6 native functions
🎨 Intuitive Visualization
Real-time table with 6 information columns
Color coding: Green (correlated), Red (broken), Gray (normal)
Visual states: 🟢 OK, 🔴 BROKEN, ⚫ NORMAL
🚨 Smart Alert System
Only alerts previously correlated pairs (>80% historical)
Detects breakdowns when short correlation <80%
Consolidated alert with all affected pairs
🛠️ Flexible Configuration
Adjustable Parameters:
📅 Periods: Long (30-500), Short (2-50)
🎯 Threshold: 50%-99% (default 80%)
🎨 Table: Configurable position and size
📊 Symbols: All pairs are configurable
Default Pairs:
FOREX: INDICES/STOCKS:
- GBPUSD vs DXY • SPY vs S&P500
- EURUSD vs GBPUSD • DAX vs S&P500
- EURUSD vs DXY • DAX vs NASDAQ
- USDCHF vs DXY • TSLA vs NVDA
- GBPUSD vs USDCHF • MSFT vs NVDA
- EURUSD vs USDCHF • AAPL vs NVDA
- EURUSD vs EURCAD
💡 Practical Use Cases
🔄 Pairs Trading
Detects when strong correlations break for:
Statistical arbitrage
Mean reversion trading
Divergence opportunities
🛡️ Risk Management
Identifies when "safe" assets start moving independently:
Portfolio diversification
Smart hedging
Regime change detection
📊 Market Analysis
Understand underlying market structure:
Forex/DXY correlations
Tech sector rotation
Regional market disconnection
🎓 Results Interpretation
Reading Example:
EURUSD vs DXY: -98.57% → -98.27% | 🟢 OK
└─ Perfect negative correlation maintained (EUR rises when DXY falls)
TSLA vs NVDA: 78.12% → 0% | ⚫ NORMAL
└─ Lost tech correlation (divergence opportunity)
Trading Signals:
🟢 → 🔴: Broken correlation = Possible opportunity
Large difference: Indicates correlation tension
Multiple breaks: Market regime change
🎯 What does this indicator do?
Monitors real-time correlations between 13 different asset pairs and alerts you when historically strong correlations break, indicating potential trading opportunities or changes in market dynamics.
🚀 Key Features
✨ Multi-Market Monitoring
7 Forex Pairs (GBPUSD/DXY, EURUSD/GBPUSD, etc.)
6 Index/Stock Pairs (SPY/S&P500, DAX/NASDAQ, TSLA/NVDA, etc.)
Fully configurable - change any pair from inputs
📈 Dual Correlation Analysis
Long Period (90 bars): Identifies historically strong correlations
Short Period (6 bars): Detects recent breakdowns
Pearson Correlation using Pine Script v6 native functions
🎨 Intuitive Visualization
Real-time table with 6 information columns
Color coding: Green (correlated), Red (broken), Gray (normal)
Visual states: 🟢 OK, 🔴 BROKEN, ⚫ NORMAL
🚨 Smart Alert System
Only alerts previously correlated pairs (>80% historical)
Detects breakdowns when short correlation <80%
Consolidated alert with all affected pairs
🛠️ Flexible Configuration
Adjustable Parameters:
📅 Periods: Long (30-500), Short (2-50)
🎯 Threshold: 50%-99% (default 80%)
🎨 Table: Configurable position and size
📊 Symbols: All pairs are configurable
Default Pairs:
FOREX: INDICES/STOCKS:
- GBPUSD vs DXY • SPY vs S&P500
- EURUSD vs GBPUSD • DAX vs S&P500
- EURUSD vs DXY • DAX vs NASDAQ
- USDCHF vs DXY • TSLA vs NVDA
- GBPUSD vs USDCHF • MSFT vs NVDA
- EURUSD vs USDCHF • AAPL vs NVDA
- EURUSD vs EURCAD
💡 Practical Use Cases
🔄 Pairs Trading
Detects when strong correlations break for:
Statistical arbitrage
Mean reversion trading
Divergence opportunities
🛡️ Risk Management
Identifies when "safe" assets start moving independently:
Portfolio diversification
Smart hedging
Regime change detection
📊 Market Analysis
Understand underlying market structure:
Forex/DXY correlations
Tech sector rotation
Regional market disconnection
🎓 Results Interpretation
Reading Example:
EURUSD vs DXY: -98.57% → -98.27% | 🟢 OK
└─ Perfect negative correlation maintained (EUR rises when DXY falls)
TSLA vs NVDA: 78.12% → 0% | ⚫ NORMAL
└─ Lost tech correlation (divergence opportunity)
Trading Signals:
🟢 → 🔴: Broken correlation = Possible opportunity
Large difference: Indicates correlation tension
Multiple breaks: Market regime change
نص برمجي مفتوح المصدر
بروح TradingView الحقيقية، قام مبتكر هذا النص البرمجي بجعله مفتوح المصدر، بحيث يمكن للمتداولين مراجعة وظائفه والتحقق منها. شكرا للمؤلف! بينما يمكنك استخدامه مجانًا، تذكر أن إعادة نشر الكود يخضع لقواعد الموقع الخاصة بنا.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
نص برمجي مفتوح المصدر
بروح TradingView الحقيقية، قام مبتكر هذا النص البرمجي بجعله مفتوح المصدر، بحيث يمكن للمتداولين مراجعة وظائفه والتحقق منها. شكرا للمؤلف! بينما يمكنك استخدامه مجانًا، تذكر أن إعادة نشر الكود يخضع لقواعد الموقع الخاصة بنا.
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.