I always monitor correlations before doing day trading or swing trading on more assets, at the same time.
Correlation is a measure that defines how different assets move in relation to one another. The more the correlation coefficient is, the more they are aligned closely.
My layout of correlations here.
US Dollar and SP500 as references at first row of each table. My list of tickets consists of several subsets: Indices, Commodities , Financials and Currencies.
My Layout is 1x5
Correlation Frame 1x1 --> Daily perspective (timeframe 4h, lenght for calculation of correlation = 6)
Correlation Frame 1x2 --> Weekly perspective (timeframe 4h, lenght for calculation of correlation = 30)
Correlation Frame 1x3 --> Monthly perspective (timeframe 1D, lenght for calculation of correlation = 20)
Correlation Frame 1x4 --> 2-Monthly perspective (timeframe 1D, lenght for calculation of correlation =40)
Correlation Frame 1x5 --> 3-Monthly perspective (timeframe 1D, lenght for calculation of correlation = 60)
You can find this indicator in Tradingview, Tab indicator & strategies, by typing gCorrelations
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