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.
オープンソーススクリプト
TradingViewの精神に則り、このスクリプトの作者はコードをオープンソースとして公開してくれました。トレーダーが内容を確認・検証できるようにという配慮です。作者に拍手を送りましょう！無料で利用できますが、コードの再公開はハウスルールに従う必要があります。
Rafen, your best friend from Israel.
Together, we’re going to beat the market!
Together, we’re going to beat the market!
免責事項
これらの情報および投稿は、TradingViewが提供または承認する金融、投資、取引、またはその他の種類の助言もしくは推奨であることを意図したものではなく、またこれらに該当するものでもありません。詳細は利用規約をご覧ください。
オープンソーススクリプト
TradingViewの精神に則り、このスクリプトの作者はコードをオープンソースとして公開してくれました。トレーダーが内容を確認・検証できるようにという配慮です。作者に拍手を送りましょう！無料で利用できますが、コードの再公開はハウスルールに従う必要があります。
Rafen, your best friend from Israel.
Together, we’re going to beat the market!
Together, we’re going to beat the market!
免責事項
これらの情報および投稿は、TradingViewが提供または承認する金融、投資、取引、またはその他の種類の助言もしくは推奨であることを意図したものではなく、またこれらに該当するものでもありません。詳細は利用規約をご覧ください。