OPEN-SOURCE SCRIPT
Financial Markets Composite Custom Index Pro
What This Indicator Does
-Financial Markets Composite Custom Index is a portfolio construction and analysis tool that lets you build your own weighted index from up to 20 securities. Unlike simply watching multiple charts or using a watchlist, this indicator synthesizes price data from all components into a single tradeable chart with full OHLC candlesticks, allowing you to apply technical analysis directly to your custom basket.
-The indicator calculates a weighted composite of all selected tickers and displays it as candlesticks starting from a user-defined base value. It then layers institutional-grade analytics on top: performance metrics, moving averages, benchmark comparison, breadth analysis, contribution tracking, and a correlation heatmap that reveals diversification quality.
How It Works
The mathematical foundation is weighted aggregation with automatic normalization.
-For each bar, the indicator fetches open, high, low, and close prices from all 20 tickers. Each price is multiplied by its normalized weight, then summed:
Weighted Close = (C1 × W1) + (C2 × W2) + ... + (C20 × W20)
The same formula applies to open, high, and low prices, producing four composite values per bar.
-Weight normalization ensures your basket always sums to 100% regardless of input values. If you enter weights of 7, 5, and 3 for three tickers (leaving others at zero), the indicator calculates total weight (15), then divides each by the total: 46.7%, 33.3%, and 20%. This means you can enter weights as percentages, ratios, or any relative scale you prefer.
The composite prices are then rebased to your chosen starting value (default 1000) using the formula:
Index Value = (Current Weighted Price / Initial Weighted Price) × Base Value
-This rebasing serves two purposes. First, it creates an index that starts at a round number, making percentage moves intuitive to read. Second, it allows direct comparison with benchmarks that have been rebased to the same starting point.
The Correlation Heatmap
-The correlation heatmap is the analytical centerpiece that transforms this from a simple index builder into a diversification analysis tool.
-The heatmap displays a matrix showing how each of your first 10 components correlates with every other component. Correlation is calculated using the Pearson method on returns rather than prices. This distinction matters because prices are non-stationary (they trend), while returns oscillate around zero, making correlation measurements statistically meaningful.
-The calculation uses a rolling lookback window (default 50 bars). For each pair of components, the indicator computes:
Correlation(A,B) = Covariance(A,B) / (StdDev(A) × StdDev(B))
Results range from -1 to +1:
• Values near +1 indicate the two assets move together
• Values near 0 indicate independent movement
• Values near -1 indicate inverse movement
-The heatmap uses color coding to make patterns immediately visible:
• Bright green cells indicate strong positive correlation (above 0.7 threshold)
• Light green shows moderate positive correlation
• Yellow cells indicate low correlation — these represent your best diversification
• Light red shows moderate negative correlation
• Bright red indicates strong negative correlation (potential hedges)
-When examining your heatmap, look for clusters of green. If most of your technology stocks show correlations above 0.8 with each other, your "diversified" basket may actually behave like a single concentrated position during market stress. The ideal diversified portfolio shows more yellow and mixed colors, indicating components that move independently.
Performance Metrics Panel
The left-side panel displays five real-time performance metrics:
-Daily Change shows the percentage move from the previous bar's close to the current close. This updates with each tick when markets are open.
-Period Return calculates the percentage gain or loss over a configurable lookback (default 20 bars). This answers the question "how has my basket performed over the last N periods?"
-Total Return measures performance from the first bar where data became available to the current bar. This is your inception-to-date return.
-Volatility displays the standard deviation of returns over the specified lookback period. Higher values indicate more erratic price movement. This metric helps with position sizing — a basket with 2% daily volatility requires different position management than one with 0.5% volatility.
-Maximum Drawdown tracks the largest peak-to-trough decline in the index's history. This is calculated by comparing each bar's close to the highest close seen up to that point. The metric shows the worst historical decline you would have experienced, which is essential for stress-testing your basket construction.
All metrics are color-coded: green for positive values, red for negative, and yellow for neutral readings like volatility.
The Three Moving Averages
Three independent moving averages can be overlaid on your composite index. Each average offers three type options:
-Simple Moving Average weights all bars equally over the period. A 50-bar SMA gives the same importance to bar 1 as bar 50.
-Exponential Moving Average applies greater weight to recent bars, making it more responsive to new price action. The weighting factor is 2/(length+1).
-Weighted Moving Average applies linearly increasing weights, with the most recent bar receiving the highest weight.
The moving averages are applied to the composite index values, not to individual component prices. This is an important distinction. When you add a 50 EMA, you see the smoothed trend of your entire basket's combined movement, not an average of 20 separate moving averages. This provides cleaner trend identification for the portfolio as a whole.
Default configuration:
• MA 1: 20-period EMA (red) — short-term trend
• MA 2: 50-period EMA (blue) — intermediate trend
• MA 3: 200-period SMA (yellow) — long-term trend
Crossovers between these averages generate alerts automatically when enabled.
Benchmark Comparison
-The benchmark feature overlays any symbol (default SPY) on your chart for direct relative performance comparison. The benchmark is automatically rebased to match your index's starting value, ensuring both lines begin at the same point.
-You can display the benchmark as either a line or candlesticks. The candlestick option fetches full OHLC data for the benchmark symbol and plots it alongside your composite candles, allowing you to compare not just closing prices but also intraday ranges and candle patterns.
-When your custom index consistently stays above the benchmark line, your basket is outperforming. When it falls below, the benchmark is winning. The spread between the two lines represents your relative performance versus the comparison index.
-This feature answers the fundamental portfolio question: "Am I being rewarded for the complexity of managing this custom basket, or would I be better off just buying SPY?"
Breadth Analysis
-The breadth indicator counts how many of your 20 components are currently trading above their own 20-period moving average. Results are displayed as both a count (e.g., "15/20") and a percentage.
-This reveals internal market structure that the composite price alone cannot show. Your index might be rising while breadth deteriorates — fewer stocks participating in the advance. This divergence often precedes reversals because it shows the rally narrowing to fewer leaders.
Color coding provides instant assessment:
• Green (above 70%): Strong participation, healthy advance
• Yellow (30-70%): Mixed participation, potential transition
• Red (below 30%): Weak participation, most components declining
The breadth calculation happens independently of your weight assignments. A component with 1% weight counts the same as one with 10% weight in the breadth tally. This is intentional — breadth measures participation, not contribution.
Contribution Analysis
-The contribution panel identifies which single component moved your index most on each bar. It displays the ticker symbol and its percentage contribution to the bar's change.
-The calculation determines each component's contribution by multiplying its price change by its normalized weight, then identifying the largest contributor. This helps you understand what is driving your basket's movement.
-If one asset consistently dominates the contribution panel, your "diversified" index may have concentration risk. Conversely, if contributions rotate among components, your basket is behaving as intended with multiple drivers.
The Composition Table
The right-side table displays all active components with three columns:
-Ticker shows the cleaned symbol name (exchange prefix removed for readability).
-Weight shows your input value exactly as entered.
-Normalized shows the mathematically adjusted percentage after all weights sum to 100%.
Components with zero weight are automatically hidden, keeping the table compact. If you only use 8 of the 20 available slots, only those 8 appear in the table.
Alert Conditions
Nine alert conditions cover the primary analytical signals:
-Large Daily Move fires when the absolute daily percentage change exceeds your threshold (default 2%). This catches unusual volatility days requiring attention.
-Breadth Below Threshold triggers when component participation drops below your minimum (default 30%). This warns of deteriorating internals.
-Breadth Above Threshold fires when participation exceeds your maximum (default 70%). This confirms broad strength.
-Index Crossed Above MA1 and Index Crossed Below MA1 trigger on moving average crossovers for trend change detection.
-Index Crossed Above MA2 and Index Crossed Below MA2 provide the same signals for your second moving average.
-New 52-Bar High fires when your index reaches its highest level in 52 bars.
-New 52-Bar Low triggers at the lowest point in 52 bars.
-All alerts use static message text compatible with TradingView's alertcondition requirements.
Settings Reference
-Tickers 1-5, 6-10, 11-15, 16-20 — Symbol inputs with associated weight values. Weights auto-normalize to 100%.
-Base Index Value — Starting point for the rebased index (default 1000).
-Performance Lookback — Bars used for period return and volatility calculations (default 20).
-Large Move Alert Threshold — Percentage threshold for volatility alerts (default 2.0).
-Show Performance Panel — Toggle the left-side metrics table.
-Show Composition Table — Toggle the right-side holdings table.
-Show Correlation Heatmap — Toggle the correlation matrix display.
-Table Position — Placement for composition table (9 position options).
-Candle Style — Visual style for index candles: TradingView Standard, Black and White, or Custom with user-defined colors.
-Show Benchmark — Toggle benchmark overlay visibility.
-Benchmark Symbol — Comparison symbol (default SPY).
-Benchmark Style — Display as Line or Candles.
-Show MA1, MA2, MA3 — Individual toggles for each moving average.
-MA Type — SMA, EMA, or WMA selection for each average.
-MA Length — Period for each moving average calculation.
-MA Color — Color picker for each average line.
-Breadth MA Length — Moving average period used for breadth calculation (default 20).
-Correlation Lookback — Bars used for correlation calculation (default 50).
-Heatmap Position — Screen placement for the correlation matrix.
-Show Correlation Values — Display numerical values within heatmap cells.
-High/Low Correlation Threshold — Boundaries for color intensity mapping.
Practical Applications
-Sector Rotation Analysis: Build indices for each sector (technology, healthcare, energy, financials) using representative stocks. Compare relative performance and breadth across sectors to identify rotation opportunities. When technology breadth deteriorates while energy breadth improves, capital may be rotating.
-Earnings Season Monitoring: Create a basket of companies reporting earnings this week. Watch the composite to gauge overall results sentiment. The contribution panel shows which reports moved markets most.
-Correlation Regime Detection: Monitor your heatmap over time. During market stress, correlations typically spike toward 1.0 across all assets (the "correlation of one" phenomenon). Seeing your normally yellow cells turn green warns that diversification benefits may temporarily disappear.
-Custom Factor Exposure: Build factor-tilted baskets — momentum leaders, value stocks, quality names, or dividend payers. Compare factor index performance to identify which factors are currently rewarded by the market.
-Risk Management: Use the maximum drawdown metric and volatility reading to right-size positions. A basket with 30% historical drawdown requires different allocation than one with 10% drawdown, even if returns are similar.
What Makes This Indicator Original
-Standard TradingView watchlists show multiple symbols but cannot aggregate them into a single tradeable chart. The built-in spread/ratio tools work for pairs but become unwieldy beyond three or four symbols. This indicator solves the N-asset composition problem with full OHLC reconstruction.
-The correlation heatmap provides portfolio-level diversification analysis typically found in institutional risk systems. Calculating rolling correlations across 10 assets (45 unique pairs) and displaying them in an interpretable visual format brings professional analytics to individual traders.
-Breadth analysis on custom baskets is not available in standard tools. You can find market breadth for indices like the S&P 500, but not for your personal watchlist of 15 stocks. This indicator calculates participation metrics for whatever universe you define.
-The contribution attribution panel identifies index drivers in real-time, answering "why did my basket move?" without manually checking each component.
-These features work together as an integrated system. The correlation heatmap informs weight decisions, breadth confirms or warns about price moves, contribution identifies leaders, and performance metrics quantify results — all updating dynamically on a single chart.
Markets and Timeframes
-This indicator functions on any market where TradingView provides data: equities, ETFs, forex pairs, cryptocurrencies, commodities, and indices. Components can mix asset classes within a single basket (for example, stocks plus gold plus bitcoin for a multi-asset portfolio).
Timeframe selection depends on your holding period:
-For position trading and investing (weeks to months), daily or weekly timeframes provide clean signals with the 200-period moving average serving as the primary trend filter. Correlation lookbacks of 50-100 bars capture meaningful relationships.
-For swing trading (days to weeks), 4-hour or daily charts work well. The 50-period moving average becomes more relevant, and breadth divergences over 5-10 bars often precede reversals.
-For day trading (intraday), 15-minute to 1-hour charts balance noise reduction with signal timeliness. Reduce correlation lookbacks to 20-30 bars for more responsive readings.
-For scalping (minutes), 1-minute to 5-minute charts require tight moving averages (8-21 periods). The performance metrics and correlation heatmap become less relevant at this speed; focus shifts to the candlesticks and shortest moving average.
The correlation heatmap works best on daily timeframes or higher, where returns have economic meaning. Intraday correlations contain more noise and require longer lookbacks to stabilize.
Disclaimer
-This indicator is a technical analysis and portfolio construction tool. It does not provide financial advice, buy/sell recommendations, or guaranteed trading outcomes.
-Past performance metrics displayed by the indicator do not guarantee future results. Maximum drawdown figures represent historical observations and actual future drawdowns may exceed historical levels.
-Correlation relationships between assets change over time and may break down precisely when diversification is most needed (during market stress events).
-Users are responsible for their own trading decisions and should conduct independent analysis before entering positions. Consider consulting a qualified financial advisor for personalized investment guidance.
Always use appropriate position sizing and risk management regardless of any indicator signals.
-Financial Markets Composite Custom Index is a portfolio construction and analysis tool that lets you build your own weighted index from up to 20 securities. Unlike simply watching multiple charts or using a watchlist, this indicator synthesizes price data from all components into a single tradeable chart with full OHLC candlesticks, allowing you to apply technical analysis directly to your custom basket.
-The indicator calculates a weighted composite of all selected tickers and displays it as candlesticks starting from a user-defined base value. It then layers institutional-grade analytics on top: performance metrics, moving averages, benchmark comparison, breadth analysis, contribution tracking, and a correlation heatmap that reveals diversification quality.
How It Works
The mathematical foundation is weighted aggregation with automatic normalization.
-For each bar, the indicator fetches open, high, low, and close prices from all 20 tickers. Each price is multiplied by its normalized weight, then summed:
Weighted Close = (C1 × W1) + (C2 × W2) + ... + (C20 × W20)
The same formula applies to open, high, and low prices, producing four composite values per bar.
-Weight normalization ensures your basket always sums to 100% regardless of input values. If you enter weights of 7, 5, and 3 for three tickers (leaving others at zero), the indicator calculates total weight (15), then divides each by the total: 46.7%, 33.3%, and 20%. This means you can enter weights as percentages, ratios, or any relative scale you prefer.
The composite prices are then rebased to your chosen starting value (default 1000) using the formula:
Index Value = (Current Weighted Price / Initial Weighted Price) × Base Value
-This rebasing serves two purposes. First, it creates an index that starts at a round number, making percentage moves intuitive to read. Second, it allows direct comparison with benchmarks that have been rebased to the same starting point.
The Correlation Heatmap
-The correlation heatmap is the analytical centerpiece that transforms this from a simple index builder into a diversification analysis tool.
-The heatmap displays a matrix showing how each of your first 10 components correlates with every other component. Correlation is calculated using the Pearson method on returns rather than prices. This distinction matters because prices are non-stationary (they trend), while returns oscillate around zero, making correlation measurements statistically meaningful.
-The calculation uses a rolling lookback window (default 50 bars). For each pair of components, the indicator computes:
Correlation(A,B) = Covariance(A,B) / (StdDev(A) × StdDev(B))
Results range from -1 to +1:
• Values near +1 indicate the two assets move together
• Values near 0 indicate independent movement
• Values near -1 indicate inverse movement
-The heatmap uses color coding to make patterns immediately visible:
• Bright green cells indicate strong positive correlation (above 0.7 threshold)
• Light green shows moderate positive correlation
• Yellow cells indicate low correlation — these represent your best diversification
• Light red shows moderate negative correlation
• Bright red indicates strong negative correlation (potential hedges)
-When examining your heatmap, look for clusters of green. If most of your technology stocks show correlations above 0.8 with each other, your "diversified" basket may actually behave like a single concentrated position during market stress. The ideal diversified portfolio shows more yellow and mixed colors, indicating components that move independently.
Performance Metrics Panel
The left-side panel displays five real-time performance metrics:
-Daily Change shows the percentage move from the previous bar's close to the current close. This updates with each tick when markets are open.
-Period Return calculates the percentage gain or loss over a configurable lookback (default 20 bars). This answers the question "how has my basket performed over the last N periods?"
-Total Return measures performance from the first bar where data became available to the current bar. This is your inception-to-date return.
-Volatility displays the standard deviation of returns over the specified lookback period. Higher values indicate more erratic price movement. This metric helps with position sizing — a basket with 2% daily volatility requires different position management than one with 0.5% volatility.
-Maximum Drawdown tracks the largest peak-to-trough decline in the index's history. This is calculated by comparing each bar's close to the highest close seen up to that point. The metric shows the worst historical decline you would have experienced, which is essential for stress-testing your basket construction.
All metrics are color-coded: green for positive values, red for negative, and yellow for neutral readings like volatility.
The Three Moving Averages
Three independent moving averages can be overlaid on your composite index. Each average offers three type options:
-Simple Moving Average weights all bars equally over the period. A 50-bar SMA gives the same importance to bar 1 as bar 50.
-Exponential Moving Average applies greater weight to recent bars, making it more responsive to new price action. The weighting factor is 2/(length+1).
-Weighted Moving Average applies linearly increasing weights, with the most recent bar receiving the highest weight.
The moving averages are applied to the composite index values, not to individual component prices. This is an important distinction. When you add a 50 EMA, you see the smoothed trend of your entire basket's combined movement, not an average of 20 separate moving averages. This provides cleaner trend identification for the portfolio as a whole.
Default configuration:
• MA 1: 20-period EMA (red) — short-term trend
• MA 2: 50-period EMA (blue) — intermediate trend
• MA 3: 200-period SMA (yellow) — long-term trend
Crossovers between these averages generate alerts automatically when enabled.
Benchmark Comparison
-The benchmark feature overlays any symbol (default SPY) on your chart for direct relative performance comparison. The benchmark is automatically rebased to match your index's starting value, ensuring both lines begin at the same point.
-You can display the benchmark as either a line or candlesticks. The candlestick option fetches full OHLC data for the benchmark symbol and plots it alongside your composite candles, allowing you to compare not just closing prices but also intraday ranges and candle patterns.
-When your custom index consistently stays above the benchmark line, your basket is outperforming. When it falls below, the benchmark is winning. The spread between the two lines represents your relative performance versus the comparison index.
-This feature answers the fundamental portfolio question: "Am I being rewarded for the complexity of managing this custom basket, or would I be better off just buying SPY?"
Breadth Analysis
-The breadth indicator counts how many of your 20 components are currently trading above their own 20-period moving average. Results are displayed as both a count (e.g., "15/20") and a percentage.
-This reveals internal market structure that the composite price alone cannot show. Your index might be rising while breadth deteriorates — fewer stocks participating in the advance. This divergence often precedes reversals because it shows the rally narrowing to fewer leaders.
Color coding provides instant assessment:
• Green (above 70%): Strong participation, healthy advance
• Yellow (30-70%): Mixed participation, potential transition
• Red (below 30%): Weak participation, most components declining
The breadth calculation happens independently of your weight assignments. A component with 1% weight counts the same as one with 10% weight in the breadth tally. This is intentional — breadth measures participation, not contribution.
Contribution Analysis
-The contribution panel identifies which single component moved your index most on each bar. It displays the ticker symbol and its percentage contribution to the bar's change.
-The calculation determines each component's contribution by multiplying its price change by its normalized weight, then identifying the largest contributor. This helps you understand what is driving your basket's movement.
-If one asset consistently dominates the contribution panel, your "diversified" index may have concentration risk. Conversely, if contributions rotate among components, your basket is behaving as intended with multiple drivers.
The Composition Table
The right-side table displays all active components with three columns:
-Ticker shows the cleaned symbol name (exchange prefix removed for readability).
-Weight shows your input value exactly as entered.
-Normalized shows the mathematically adjusted percentage after all weights sum to 100%.
Components with zero weight are automatically hidden, keeping the table compact. If you only use 8 of the 20 available slots, only those 8 appear in the table.
Alert Conditions
Nine alert conditions cover the primary analytical signals:
-Large Daily Move fires when the absolute daily percentage change exceeds your threshold (default 2%). This catches unusual volatility days requiring attention.
-Breadth Below Threshold triggers when component participation drops below your minimum (default 30%). This warns of deteriorating internals.
-Breadth Above Threshold fires when participation exceeds your maximum (default 70%). This confirms broad strength.
-Index Crossed Above MA1 and Index Crossed Below MA1 trigger on moving average crossovers for trend change detection.
-Index Crossed Above MA2 and Index Crossed Below MA2 provide the same signals for your second moving average.
-New 52-Bar High fires when your index reaches its highest level in 52 bars.
-New 52-Bar Low triggers at the lowest point in 52 bars.
-All alerts use static message text compatible with TradingView's alertcondition requirements.
Settings Reference
-Tickers 1-5, 6-10, 11-15, 16-20 — Symbol inputs with associated weight values. Weights auto-normalize to 100%.
-Base Index Value — Starting point for the rebased index (default 1000).
-Performance Lookback — Bars used for period return and volatility calculations (default 20).
-Large Move Alert Threshold — Percentage threshold for volatility alerts (default 2.0).
-Show Performance Panel — Toggle the left-side metrics table.
-Show Composition Table — Toggle the right-side holdings table.
-Show Correlation Heatmap — Toggle the correlation matrix display.
-Table Position — Placement for composition table (9 position options).
-Candle Style — Visual style for index candles: TradingView Standard, Black and White, or Custom with user-defined colors.
-Show Benchmark — Toggle benchmark overlay visibility.
-Benchmark Symbol — Comparison symbol (default SPY).
-Benchmark Style — Display as Line or Candles.
-Show MA1, MA2, MA3 — Individual toggles for each moving average.
-MA Type — SMA, EMA, or WMA selection for each average.
-MA Length — Period for each moving average calculation.
-MA Color — Color picker for each average line.
-Breadth MA Length — Moving average period used for breadth calculation (default 20).
-Correlation Lookback — Bars used for correlation calculation (default 50).
-Heatmap Position — Screen placement for the correlation matrix.
-Show Correlation Values — Display numerical values within heatmap cells.
-High/Low Correlation Threshold — Boundaries for color intensity mapping.
Practical Applications
-Sector Rotation Analysis: Build indices for each sector (technology, healthcare, energy, financials) using representative stocks. Compare relative performance and breadth across sectors to identify rotation opportunities. When technology breadth deteriorates while energy breadth improves, capital may be rotating.
-Earnings Season Monitoring: Create a basket of companies reporting earnings this week. Watch the composite to gauge overall results sentiment. The contribution panel shows which reports moved markets most.
-Correlation Regime Detection: Monitor your heatmap over time. During market stress, correlations typically spike toward 1.0 across all assets (the "correlation of one" phenomenon). Seeing your normally yellow cells turn green warns that diversification benefits may temporarily disappear.
-Custom Factor Exposure: Build factor-tilted baskets — momentum leaders, value stocks, quality names, or dividend payers. Compare factor index performance to identify which factors are currently rewarded by the market.
-Risk Management: Use the maximum drawdown metric and volatility reading to right-size positions. A basket with 30% historical drawdown requires different allocation than one with 10% drawdown, even if returns are similar.
What Makes This Indicator Original
-Standard TradingView watchlists show multiple symbols but cannot aggregate them into a single tradeable chart. The built-in spread/ratio tools work for pairs but become unwieldy beyond three or four symbols. This indicator solves the N-asset composition problem with full OHLC reconstruction.
-The correlation heatmap provides portfolio-level diversification analysis typically found in institutional risk systems. Calculating rolling correlations across 10 assets (45 unique pairs) and displaying them in an interpretable visual format brings professional analytics to individual traders.
-Breadth analysis on custom baskets is not available in standard tools. You can find market breadth for indices like the S&P 500, but not for your personal watchlist of 15 stocks. This indicator calculates participation metrics for whatever universe you define.
-The contribution attribution panel identifies index drivers in real-time, answering "why did my basket move?" without manually checking each component.
-These features work together as an integrated system. The correlation heatmap informs weight decisions, breadth confirms or warns about price moves, contribution identifies leaders, and performance metrics quantify results — all updating dynamically on a single chart.
Markets and Timeframes
-This indicator functions on any market where TradingView provides data: equities, ETFs, forex pairs, cryptocurrencies, commodities, and indices. Components can mix asset classes within a single basket (for example, stocks plus gold plus bitcoin for a multi-asset portfolio).
Timeframe selection depends on your holding period:
-For position trading and investing (weeks to months), daily or weekly timeframes provide clean signals with the 200-period moving average serving as the primary trend filter. Correlation lookbacks of 50-100 bars capture meaningful relationships.
-For swing trading (days to weeks), 4-hour or daily charts work well. The 50-period moving average becomes more relevant, and breadth divergences over 5-10 bars often precede reversals.
-For day trading (intraday), 15-minute to 1-hour charts balance noise reduction with signal timeliness. Reduce correlation lookbacks to 20-30 bars for more responsive readings.
-For scalping (minutes), 1-minute to 5-minute charts require tight moving averages (8-21 periods). The performance metrics and correlation heatmap become less relevant at this speed; focus shifts to the candlesticks and shortest moving average.
The correlation heatmap works best on daily timeframes or higher, where returns have economic meaning. Intraday correlations contain more noise and require longer lookbacks to stabilize.
Disclaimer
-This indicator is a technical analysis and portfolio construction tool. It does not provide financial advice, buy/sell recommendations, or guaranteed trading outcomes.
-Past performance metrics displayed by the indicator do not guarantee future results. Maximum drawdown figures represent historical observations and actual future drawdowns may exceed historical levels.
-Correlation relationships between assets change over time and may break down precisely when diversification is most needed (during market stress events).
-Users are responsible for their own trading decisions and should conduct independent analysis before entering positions. Consider consulting a qualified financial advisor for personalized investment guidance.
Always use appropriate position sizing and risk management regardless of any indicator signals.
Açık kaynak kodlu komut dosyası
Gerçek TradingView ruhuyla, bu komut dosyasının mimarı, yatırımcıların işlevselliğini inceleyip doğrulayabilmesi için onu açık kaynaklı hale getirdi. Yazarı tebrik ederiz! Ücretsiz olarak kullanabilseniz de, kodu yeniden yayınlamanın Topluluk Kurallarımıza tabi olduğunu unutmayın.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.
Açık kaynak kodlu komut dosyası
Gerçek TradingView ruhuyla, bu komut dosyasının mimarı, yatırımcıların işlevselliğini inceleyip doğrulayabilmesi için onu açık kaynaklı hale getirdi. Yazarı tebrik ederiz! Ücretsiz olarak kullanabilseniz de, kodu yeniden yayınlamanın Topluluk Kurallarımıza tabi olduğunu unutmayın.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, alım satım veya diğer türden tavsiye veya öneriler anlamına gelmez ve teşkil etmez. Kullanım Koşulları bölümünde daha fazlasını okuyun.