OPEN-SOURCE SCRIPT
BTC Correlation
BTC Correlation Meter — Real-Time Bitcoin Correlation on Chart
What it does
This indicator calculates the Pearson correlation coefficient between the current asset and Bitcoin in real time, displayed directly on the main chart as a compact overlay table in the top-right corner — no separate pane needed.
The value ranges from -1.0 to +1.0:
+1.0 — the asset moves in perfect sync with BTC
0.0 — no relationship
-1.0 — the asset moves in the exact opposite direction of BTC
How to use it
High correlation (above +0.7): The asset is strongly driven by Bitcoin market sentiment. Analyze it together with BTC — entries and exits should account for BTC price action, funding rates, and macro crypto conditions.
Low correlation (below +0.4): The asset has its own independent driver — project fundamentals, sector rotation, or unique news flow. Analyze it on its own merits without relying on BTC signals.
Negative correlation: The asset tends to move against BTC. Useful for spotting hedging opportunities or diversification within a crypto portfolio.
Features
Pearson correlation calculated on bar returns (not raw price) for statistical accuracy
Fully overlay-based — sits on your main chart, no extra pane
Color-coded value: 🟢 green (strong positive) → 🟡 yellow (neutral) → 🔴 red (negative)
Direction arrow ▲ / ▼ for instant visual reading
Configurable BTC reference symbol (default: BINANCE:BTCUSDT)
Configurable correlation period (default: 50 bars)
Settings
Parameter Default Description
Bitcoin Symbol BINANCE:BTCUSDT Reference BTC feed
Correlation Period 50 Lookback window in bars
Interpretation guide
Value Meaning
+0.7 to +1.0 Strong positive — analyze with BTC
+0.4 to +0.7 Moderate positive
0.0 to +0.4 Weak positive
-0.4 to 0.0 Weak negative
-0.7 to -0.4 Moderate negative
-1.0 to -0.7 Strong negative — potential hedge
Tip
Use on higher timeframes (4H, Daily) with a period of 50–100 bars for stable, noise-free readings. On lower timeframes (15m, 1H) reduce the period to 20–30 bars.
What it does
This indicator calculates the Pearson correlation coefficient between the current asset and Bitcoin in real time, displayed directly on the main chart as a compact overlay table in the top-right corner — no separate pane needed.
The value ranges from -1.0 to +1.0:
+1.0 — the asset moves in perfect sync with BTC
0.0 — no relationship
-1.0 — the asset moves in the exact opposite direction of BTC
How to use it
High correlation (above +0.7): The asset is strongly driven by Bitcoin market sentiment. Analyze it together with BTC — entries and exits should account for BTC price action, funding rates, and macro crypto conditions.
Low correlation (below +0.4): The asset has its own independent driver — project fundamentals, sector rotation, or unique news flow. Analyze it on its own merits without relying on BTC signals.
Negative correlation: The asset tends to move against BTC. Useful for spotting hedging opportunities or diversification within a crypto portfolio.
Features
Pearson correlation calculated on bar returns (not raw price) for statistical accuracy
Fully overlay-based — sits on your main chart, no extra pane
Color-coded value: 🟢 green (strong positive) → 🟡 yellow (neutral) → 🔴 red (negative)
Direction arrow ▲ / ▼ for instant visual reading
Configurable BTC reference symbol (default: BINANCE:BTCUSDT)
Configurable correlation period (default: 50 bars)
Settings
Parameter Default Description
Bitcoin Symbol BINANCE:BTCUSDT Reference BTC feed
Correlation Period 50 Lookback window in bars
Interpretation guide
Value Meaning
+0.7 to +1.0 Strong positive — analyze with BTC
+0.4 to +0.7 Moderate positive
0.0 to +0.4 Weak positive
-0.4 to 0.0 Weak negative
-0.7 to -0.4 Moderate negative
-1.0 to -0.7 Strong negative — potential hedge
Tip
Use on higher timeframes (4H, Daily) with a period of 50–100 bars for stable, noise-free readings. On lower timeframes (15m, 1H) reduce the period to 20–30 bars.
סקריפט קוד פתוח
ברוח האמיתית של TradingView, יוצר הסקריפט הזה הפך אותו לקוד פתוח, כך שסוחרים יוכלו לעיין בו ולאמת את פעולתו. כל הכבוד למחבר! אמנם ניתן להשתמש בו בחינם, אך זכור כי פרסום חוזר של הקוד כפוף ל־כללי הבית שלנו.
כתב ויתור
המידע והפרסומים אינם מיועדים להיות, ואינם מהווים, ייעוץ או המלצה פיננסית, השקעתית, מסחרית או מכל סוג אחר המסופקת או מאושרת על ידי TradingView. קרא עוד ב־תנאי השימוש.
סקריפט קוד פתוח
ברוח האמיתית של TradingView, יוצר הסקריפט הזה הפך אותו לקוד פתוח, כך שסוחרים יוכלו לעיין בו ולאמת את פעולתו. כל הכבוד למחבר! אמנם ניתן להשתמש בו בחינם, אך זכור כי פרסום חוזר של הקוד כפוף ל־כללי הבית שלנו.
כתב ויתור
המידע והפרסומים אינם מיועדים להיות, ואינם מהווים, ייעוץ או המלצה פיננסית, השקעתית, מסחרית או מכל סוג אחר המסופקת או מאושרת על ידי TradingView. קרא עוד ב־תנאי השימוש.