OPEN-SOURCE SCRIPT
Market Correlation Visualizer (Z-Score)
Market Correlation Visualizer (Z-Score & % Var)
OVERVIEW
The Market Correlation Visualizer is a multi-asset analysis tool designed for intraday traders and quant analysts. Instead of relying on static correlation tables, this script plots real-time relative performance across up to 8 benchmark assets (Indices, Volatility, Commodities, Bonds, and Crypto) directly on your chart panel.
By standardizing assets through either Z-Score (Standard Deviations) or Percentage Change, you can instantly spot institutional imbalances, intermarket divergences, and statistical overextensions before they manifest on price action alone.
KEY FEATURES
Dual Engine Calculation:
Z-Score Normalization scales price movements based on rolling standard deviation. It identifies when an asset is statistically overbought/oversold relative to its peers.
Daily % Change Anchor normalizes performance from a customizable anchor time (e.g. Daily Open) to track pure percentage strength or weakness throughout the session.
Smart Right-Hand Labels:
Clean, dynamic labels automatically lock onto the right boundary of the indicator panel, displaying the ticker name and exact current reading. No need to memorize line colors.
Statistical Excess Zones (+/- 2.0 SD):
Visual upper and lower threshold bands immediately highlight extreme mean-reversion zones when using Z-Score mode.
Selective Visibility Filters:
Toggle up to 8 custom symbols on or off directly from the settings menu to keep your workspace uncluttered.
Error-Handled Security Fetching:
Built with robust fallback logic to ensure smooth performance across various brokers without breaking the chart panel if a specific ticker fails to load.
HOW TO USE FOR INTRADAY TRADING
Spotting SMT / Intermarket Divergences:
Watch key correlated pairs (e.g. ES vs NQ). If one index makes a new high while the visualizer line on the other fails to confirm, a liquidity sweep or SMT divergence is in play.
Mean-Reversion & Arbitrage:
When an asset crosses outside the +/- 2.0 Standard Deviation band while others remain neutral, it indicates an overextended asset prone to snapping back toward the zero-line.
Volatility Confirmation:
Track VIX against equity futures (ES, NQ). If ES hits a new low but the VIX line fails to push upward, the selling momentum lacks institutional backing.
DEFAULT TICKERS INCLUDED
Asset 1: TVC:VIX (Volatility)
Asset 2: CME_MINI:ES1! (S&P 500)
Asset 3: CME_MINI:NQ1! (Nasdaq 100)
Asset 4: COMEX:GC1! (Gold)
Assets 5 to 8 (Optional): NYMEX:CL1! (Crude Oil), CBOT:ZB1! (30Y Bonds), CME_MINI:RTY1! (Russell 2000), BINANCE:BTCUSDT (Bitcoin).
All inputs can be fully customized in the script settings.
OVERVIEW
The Market Correlation Visualizer is a multi-asset analysis tool designed for intraday traders and quant analysts. Instead of relying on static correlation tables, this script plots real-time relative performance across up to 8 benchmark assets (Indices, Volatility, Commodities, Bonds, and Crypto) directly on your chart panel.
By standardizing assets through either Z-Score (Standard Deviations) or Percentage Change, you can instantly spot institutional imbalances, intermarket divergences, and statistical overextensions before they manifest on price action alone.
KEY FEATURES
Dual Engine Calculation:
Z-Score Normalization scales price movements based on rolling standard deviation. It identifies when an asset is statistically overbought/oversold relative to its peers.
Daily % Change Anchor normalizes performance from a customizable anchor time (e.g. Daily Open) to track pure percentage strength or weakness throughout the session.
Smart Right-Hand Labels:
Clean, dynamic labels automatically lock onto the right boundary of the indicator panel, displaying the ticker name and exact current reading. No need to memorize line colors.
Statistical Excess Zones (+/- 2.0 SD):
Visual upper and lower threshold bands immediately highlight extreme mean-reversion zones when using Z-Score mode.
Selective Visibility Filters:
Toggle up to 8 custom symbols on or off directly from the settings menu to keep your workspace uncluttered.
Error-Handled Security Fetching:
Built with robust fallback logic to ensure smooth performance across various brokers without breaking the chart panel if a specific ticker fails to load.
HOW TO USE FOR INTRADAY TRADING
Spotting SMT / Intermarket Divergences:
Watch key correlated pairs (e.g. ES vs NQ). If one index makes a new high while the visualizer line on the other fails to confirm, a liquidity sweep or SMT divergence is in play.
Mean-Reversion & Arbitrage:
When an asset crosses outside the +/- 2.0 Standard Deviation band while others remain neutral, it indicates an overextended asset prone to snapping back toward the zero-line.
Volatility Confirmation:
Track VIX against equity futures (ES, NQ). If ES hits a new low but the VIX line fails to push upward, the selling momentum lacks institutional backing.
DEFAULT TICKERS INCLUDED
Asset 1: TVC:VIX (Volatility)
Asset 2: CME_MINI:ES1! (S&P 500)
Asset 3: CME_MINI:NQ1! (Nasdaq 100)
Asset 4: COMEX:GC1! (Gold)
Assets 5 to 8 (Optional): NYMEX:CL1! (Crude Oil), CBOT:ZB1! (30Y Bonds), CME_MINI:RTY1! (Russell 2000), BINANCE:BTCUSDT (Bitcoin).
All inputs can be fully customized in the script settings.
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.
Rafen, your best friend from Israel.
Together, we’re going to beat the market!
Together, we’re going to beat the market!
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.
Rafen, your best friend from Israel.
Together, we’re going to beat the market!
Together, we’re going to beat the market!
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.