OPEN-SOURCE SCRIPT
BTC Correlation - short club
BTC Correlation % — Indicator Description
Author: Short Club / DemianNagoga
Version: Pine Script v6
Type: Indicator (non-overlay, separate pane)
Overview
The BTC Correlation % indicator measures how closely an altcoin's price movements follow Bitcoin in real time. It uses Pearson correlation on 1-bar rate-of-change (RoC) values over a configurable lookback window, giving you a clear signal of whether the altcoin is riding BTC's coattails or moving independently.
How It Works
RoC Calculation — Computes the 1-bar % change for both the current chart symbol and BTC.
Pearson Correlation — Runs ta.correlation() over the user-defined lookback (default 50 bars).
Percentage Scale — Multiplies the correlation coefficient by 100, yielding a range from −100% to +100%.
Color-Coded Columns — The histogram is split into four segments, each plotted as a separate column-style plot for clean color separation.
Color Zones & Interpretation
Zone Range Meaning
🟢 Green > 70% High correlation — altcoin closely follows BTC
🟡 Yellow 30–70% Moderate correlation — partial BTC influence
⚪ Gray 0–30% Weak correlation / decoupling — altcoin lives its own life
🔴 Red < 0% Inverse correlation — altcoin moves opposite to BTC
A dashed zero line sits at 0% for visual reference.
On-Chart Table
A small overlay table (position configurable: top-right, top-left, bottom-right, bottom-left) displays:
Ticker — current chart symbol
BTC Corr. — current correlation value in % (color-coded by zone)
Rating — qualitative label: Strong (>70%), Moderate (30–70%), Weak (0–30%), Inverse (<0%)
Input Parameters
Parameter Default Description
BTC Symbol BINANCE:BTCUSDT.P BTC pair used as benchmark
Correlation Lookback 50 Number of bars for Pearson correlation
Show Table true Toggle the on-chart info table
Show Correlation Line true Toggle the histogram columns
Table Position top_right Placement of the info table
Use Cases
Altcoin scalping — Know instantly whether your alt is following BTC or running on its own catalyst.
Decoupling detection — Gray zone = potential breakout candidate independent of BTC direction.
Hedging signals — Red zone (inverse) = altcoin moving opposite to BTC; useful for pairs or hedging.
Swing context — Avoid fading BTC trend on a highly-correlated alt; size down when correlation drops.
Credits
Built for the Short Club community. If you reuse or build upon this script, please credit @DemianNagoga.
Author: Short Club / DemianNagoga
Version: Pine Script v6
Type: Indicator (non-overlay, separate pane)
Overview
The BTC Correlation % indicator measures how closely an altcoin's price movements follow Bitcoin in real time. It uses Pearson correlation on 1-bar rate-of-change (RoC) values over a configurable lookback window, giving you a clear signal of whether the altcoin is riding BTC's coattails or moving independently.
How It Works
RoC Calculation — Computes the 1-bar % change for both the current chart symbol and BTC.
Pearson Correlation — Runs ta.correlation() over the user-defined lookback (default 50 bars).
Percentage Scale — Multiplies the correlation coefficient by 100, yielding a range from −100% to +100%.
Color-Coded Columns — The histogram is split into four segments, each plotted as a separate column-style plot for clean color separation.
Color Zones & Interpretation
Zone Range Meaning
🟢 Green > 70% High correlation — altcoin closely follows BTC
🟡 Yellow 30–70% Moderate correlation — partial BTC influence
⚪ Gray 0–30% Weak correlation / decoupling — altcoin lives its own life
🔴 Red < 0% Inverse correlation — altcoin moves opposite to BTC
A dashed zero line sits at 0% for visual reference.
On-Chart Table
A small overlay table (position configurable: top-right, top-left, bottom-right, bottom-left) displays:
Ticker — current chart symbol
BTC Corr. — current correlation value in % (color-coded by zone)
Rating — qualitative label: Strong (>70%), Moderate (30–70%), Weak (0–30%), Inverse (<0%)
Input Parameters
Parameter Default Description
BTC Symbol BINANCE:BTCUSDT.P BTC pair used as benchmark
Correlation Lookback 50 Number of bars for Pearson correlation
Show Table true Toggle the on-chart info table
Show Correlation Line true Toggle the histogram columns
Table Position top_right Placement of the info table
Use Cases
Altcoin scalping — Know instantly whether your alt is following BTC or running on its own catalyst.
Decoupling detection — Gray zone = potential breakout candidate independent of BTC direction.
Hedging signals — Red zone (inverse) = altcoin moving opposite to BTC; useful for pairs or hedging.
Swing context — Avoid fading BTC trend on a highly-correlated alt; size down when correlation drops.
Credits
Built for the Short Club community. If you reuse or build upon this script, please credit @DemianNagoga.
Script open-source
Dans l'esprit TradingView, le créateur de ce script l'a rendu open source afin que les traders puissent examiner et vérifier ses fonctionnalités. Bravo à l'auteur! Bien que vous puissiez l'utiliser gratuitement, n'oubliez pas que la republication du code est soumise à nos Règles.
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Script open-source
Dans l'esprit TradingView, le créateur de ce script l'a rendu open source afin que les traders puissent examiner et vérifier ses fonctionnalités. Bravo à l'auteur! Bien que vous puissiez l'utiliser gratuitement, n'oubliez pas que la republication du code est soumise à nos Règles.
Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.